Items not deductible

1. The following are examples of corporate expenses deductible from gross income, except
one:
Contributions to drum up business like contribution of soft drinks to barrio fiestas.
2. One is not a deductible loss
Loss due to removal of building or real estate purchased when the purchase was for the
acquisition of the land and without intending to use the building.
3. Losses from the following transactions are transactions between related parties and
hence not allowed as deductible for tax purposes, except?
Losses incurred by a controlling (owning more than 50%) individual to a controlled
corporation
4. Which of the following losses cannot be initially deducted upon the happening of the
event?

Yes Yes Yes

5. A building was partially destroyed by fire in 2015. It had a book value of P4,000,000. The
insurance company was willing to pay P3,000,000 which was refused by the owner of
the building. Finally, the claim was settled in 2017 for P3,500,000. The P3,500,000
proceeds is
Exempt
6. Which cannot be a deductible as tax expense?

Yes Yes No
7. Generally, sales of real property are subject to tax. Which of the following sales of land is
not allowed by the law to be subjected to tax?
Land foreclosed by the bank
8. One is not a deductible loss
Loss due to removal of building or real estate purchased when the purchase was for the
acquisition of the land and without intending to use the building.
9. Generally, sales of real property are subject to tax. Which of the following sales of land is
not allowed by the law to be subjected to tax?
Land foreclosed by the bank
10. Losses from the following transactions are transactions between related parties and
hence not allowed as deductible for tax purposes, except?
Losses incurred by a controlling (owning more than 50%) individual to a controlled
corporation
11. Which is a non-deductible expense?
 Tuition fee of the dependents of the taxpayer
12.