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1. Statement Statement 1: The primordia primordiall consideration consideration is, is, every time, time, the legislative legislative intent, intent, but where where doubts doubts exist in determining that intent, the doubt must be resolved strictly against the tax payer and liberally against the ta authority.
Statement 2: It bears stressing that tax burdens are not to be imposed, nor presumed to be imposed beyo what the statute expressly and clearly imports, tax statutes being construed stritissimi juris against the tax . !. #. %.
True, trtrue True, "alse $alse, tru true $alse, "al "alse
2. Statement Statement 1: &o person person shall shall be deprived deprived o" li"e, li"e, liberty liberty or penalty penalty without without due due process process o" law 'rt 'rt III, Sec The implication is that one may be deprived o" property as long as the re)uirement o" due process * notice hearing * has been complied with.
Statement 2: %ue process re)uires that the property subject to tax or the amount to be raised should be determined by judicial in)uiry and notice and hearing as to the amount o" the tax and the manner in which i be apportioned are generally necessary to due process o" law. . !. #. %.
True, trtrue True, "alse $alse, tru true $alse, "al "alse
+. Statement Statement 1: The grant grant o" tax tax amnesty amnesty must be construed construed against against the the taxpayer taxpayer and liberal liberally ly in "avor "avor the ta authority.
Statement 2: !I ruling issued by a #ommissioner o" Internal evenue which grants tax exemption woul create a perpetual exemption in "avor o" the tax payer.
Master your semester with Scribd . TrueYork , trtrue & The New Times . True, "aOnly lse $4.99/month. Special offer for!students: #. $alse, tru true
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/. Statement 1: revenue regulation can expand the provision o" law by imposing a penalty even i" the law th implements does not impose penalty. Statement 2: In case o" con"lict between a tax law and a revenue regulation, the later shall prevail. . !. #. %.
True, true True, "alse $alse, true $alse, "alse
0. Statement1: enerally, business expenses incurred within and wout the 3hil. by a non*resident citi4en are deductible "rom ross income i" they satis"y the condition prescribed by the Tax #ode.
Statement 2: $or a person bene"it to be non* taxable, the retiring employee must be in service o" the sam employer "or at least 15 uninterrupted years. a. Statement 1 is $alse, Statement 2 is true. b. !oth statements are $alse c. Statement 1 is true, Statement 2 is $alse d. !oth statements are true 6. Statement 1: 7ag resigned "rom his employment and received +5,555 separation pay. The separation pay You're Reading a Preview received is taxable. Unlock full access with a free trial.
Statement 2: 8elly received /5,555 as her terminal pay due to retrenchment. The amount received is not t
Download With he Free Statement +: 8arlo received +/,555 termination pay when wasTrial dismissed due to gross negligence. The +/,555 is taxable. a. 9nly statement 2 is correct b. ll statements are true c. ll statements are "alse d. Statement 1 and 2 are correct
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful . Statement 1: I" the advance payment is a prepaid rental, such payment is a taxable income o" the lessor Special offer for students: Only $4.99/month.
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deductible expense o" the lessee in the year the lessor received the payment regardless o" the method use reporting income and expense.
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bus. The court decided that =8> would pay < goody the "". damages: ctual damages "or injuries su""ered
+5,555 65,555 -5,555 155,555 /5,555 2/,555
Statement 1: The non* taxable damages amount to 2;5,555 Statement 2: The taxable damages is 2/,555 a. 9nly statement 1 is true b. 9nly statement 2 is true c. !oth statements are "alse d. !oth statements are true 15. @8 is real property lessor. $or the current year, total rent collection are the "": >ast yearAs rent: &ov.* %ec. #urrent yearAs rent: @an.* &ov.
+5,555
You're Reading a Preview 10/,555 Unlock full access with a free trial.
The rent income "or %ecember o" current year is proven noncollectible. Bow much is the deductible expens @8C
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a.1/,555 b.+5,555 c.15,555 d.5
Master your semester with Scribd 11. Statement 1: Income tax returns should be "iled in duplicate setting "orth speci"ically the gross amount o" in Read Free Foron 30this Days Sign up to vote title all sources. $or corporations, a true and accurate )uarterly income tax returnNot a cumulative basis a & The New"rom York Times Useful on useful "inal return are re)uired to be "iled. Special offer for students: Only $4.99/month.
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Statement 2 I" there is a con"lict between the sales "igure re"lected in the boos o" accounts and the amou
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only statement 1 is true only statement 2 is true both statements are true neither o" the statements is true
Statement 1: The withholding tax return, whether creditable or "inal shall be "iled and paid within ten day end o" month except "or taxes withheld in %ecember which shall be "iled on or be"ore @anuary 2/ o" the "ollowing year. $or large taxpayers the "iling and payment shall be made within 2/ days a"ter the end o" e month.
Statement 2: business establishment with ET paid or payable o" at least one hundred thousand peso '155,555( "or any )uarter o" the preceding taxable year is already considered as a large taxpayer. a. only statement 1 is "alse b. only statement 2 is "alse c. both statements are "alse d. neither o" the statements is "alse 1-.
The )uarterly income tax return o" a corporation "or any o" the "irst, second or third )uarters should be "i
a. 9n or be"ore the "i"teenth day o" the "ourth month "ollowing the close o" the taxable year. b. 9n or be"ore the 2/th day o" the month "ollowing the month in which withholding was made. c. 9n or be"ore pril 1/ "or the "irst )uarter, on or be"ore ugust 1/ "or the second )uarter and on or be"o Reading a Preview &ovember 1/ "or theYou're third )uarter d. Fithin 05 days a"ter the close o" the )uarter "or the "irst three )uarters Unlock full access with a free trial.
1/.
eturns "or each sale or exchange on stoc not listed or traded through a local exchange should be Download With Free Trial paid a. within 1/ days a"ter each sale b. within +5 days a"ter each sale c. within 05 days a"ter each sale d. within ;5 days a"ter each sale
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title 10. Statement 1: Times The power to interpret provisions o" the &ational Internal #ode and other tax law & The New York useful Usefulevenue Not be under the exclusive and original jurisdiction o" the #ommissioner o" Internal evenue, subject to Special offer for students: Only $4.99/month.
the Secretary o" $inance.
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Statement 2. tax credit certi"icate, which shall remain unutili4ed a"ter "ive years "rom the date o" issue unless revalidated, be considered invalid, and shall not be allowed as payment o" any internal revenu liabilities o" the taxpayer.
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Statement 1 Statement 2
. True True
!. True $alse
#. $alse True
%. $alse $alse
1. n internal revenue o""icer, having been reliably in"ormed "rom unimpeachable source that articles sub excise taxes were ept in the house o" =, entered said house to loo "or and to sei4e the a"orementioned a over the objection o" =. Since said o""icer was not armed with a search warrant, = invoed the sanctity home. Is the internal revenue o""icerAs actuation described above, sanctioned by law or notC . !. #. %.
=es, because o" primary jurisdiction o" the !I over excisable goods pursuant to the li"eblood doctrine. =es, the I9 is exempted "rom obtaining a search and sei4ure warrant &o, violative o" search and sei4ure clause o" the #onstitution. &o, violative o" the right to privacy and abode.
1;. The 3resident o" the 3hilippines and the 3rime
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. !. #. %.
=es, non*taxability o" the government Unlock full access with a free trial. =es, based on international comity =es, based on international treaties and agreement Download With Free Trial &o, violation o" the essential characteristics o" taxation
25. Statement 1: The "iling o" )uarterly income tax returns and payment o" )uarterly income tax by corporatio mere installments and there"ore, not the basis in computing the two*year prescriptive period "or re"und.
Statement 2: I" the taxpayer believesScribd that the assessment is erroneous or it has no legal basis,he shoul Master your semester with Read Free Foron 30this Days Sign up to vote title written protest within thirty '+5( woring days "rom the receipt thereo". & The New York Times Useful Not useful True, $alse Special offer for.students: Only $4.99/month. !. $alse, True
#. $alse, $alse %. True, True
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Statement no. 2: 3eter and Beidi #ompany entered into a call option to buy copra at a price o" 12 per ilo paid +5,555 "or the option to be used in the last day o" pril. 9n pril +5, the current price o" copra in the m is 15 per ilo opting 3eter and Beidi to disregard the option. The loss on option shall be considered as loss. . $alse, $alse !. True, $alse
#. $alse, True %. True, True
2+. %upee nd 3ulgas, a wholesaler o" corn sold its wharehouse with a cost o" 55,555 "or 1,555,555. %uri year, Sales and cost o" Sales amounted to 6,/55,555 and /,555,555 respectively. Its operating exp amounted /5,555. The wharehouse was sold to &ational $ood uthority to be used as a storage "acility " bags. The di""erence in income tax due and payable between the option to pay $inal capital gains tax a option o" using normal tax will be: . 05,555 !. //,555
#. 2;,655 %. ++,+55
2-. !anco %e !lan, a ban, ac)uired a land "oreclosed "rom
#. 6,555
You're Reading a Preview %. 62,555 Unlock full access with a free trial.
2/.
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The gain 'loss( "rom the exchange o" property is . '05,555( !. -5,555
#. /5,555 %. ;5,555
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3125,555 and 15,555, respectively.
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Statement 2. I" the taxpayer dies during the taxable year, his estate may claim the personal exemption a died at the close o" such year.
a. True, true b. True, "alse c. $alse, true d. $alse, "alse
2. #hamp, an employee o" Bale $inance #orporation, borrowed money "rom the company amounting to 3 The companyDs policy is to charge +K per annum to its employees instead o" its regular interest rate o" 1./ month.
Statement 1: I" #hamp is a ran*and*"ile employee, the "ringe bene"it tax on the interest bene"its is 3+,6-Statement 2: I" #hamp is a managerial employee, the "ringe bene"it tax on the interest bene"its is 35.
a. True, true b. True, "alse c. $alse, true d. $alse, "alse
You're Reading a Preview 2;. Statement 1: $ringe bene"it tax includes additional help granted by the employer to the employees Unlock full access with a free trial. addition to the basic salary.
With Freeincome Trial tax on the employee that shall be Statement 2: $ringe bene"it tax shallDownload be treated as a "inal withheld and paid by the employer on a )uarterly basis.
a. True, true b. True, "alse c. $alse, true d. $alse, "alse
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3aramore $oundation wherein her "ather wors as the E3 "or 9perations. Bow much is the "ringe
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