This final exam for Tax Review (2019-2020) covers estate taxes, donation taxes, and property transfer rules, assessing knowledge in tax law application and estate management.
Fiscal adequacy
Equality of taxation
Administrative feasibility
Theoretical justice
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Input tax on raw materials.
Input tax on importation of suppliers.
Input tax on zero-rated sales of goods and services
Standard Input VAT.
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P400,000
P320,000
P170,000
P120,000
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2% of the gross receipts
3% of the gross receipts
4% of the gross receipts
5% of the gross receipts
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Transfer, use, or consumption in the course of business of goods or properties originally intended for sale or for use in the course of business
Goods distributed by virtue of dacion en pago
Consignment of goods if actual sale is not made within 60 days from the date of consignment
Property dividends constituting stocks primarily held for sale
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Nonstock non-profit educational institution
Government educational institution
Nonprofit hospitals
Cemetery company owned and operated exclusively for the benefit of its members
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Only the first statement is true
Only the first statement is false
Both statements are true
Both statements are false
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Only the first statement is true.
Only the first statement is false
Both statements are true.
Both statements are false.
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40% based on gross income
40% based on gross sales or gross receipts
40% based on net sales or net receipts
40% based on total expenses
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I, II, and III
I and II
I and III
II and III
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P360,000
P90,000
P100,000
0
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Subject to 12% VAT
Subject to 3% international carriers tax
Subject to 0% VAT
VAT-exempt
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3 years from the date of filing of the tax return or from the date of the deadline of its filing, whichever comes earlier
3 years from the date of filing of the tax return or from the date of the deadline of its filing, whichever comes later
5 years from the date of filing of the tax return or from the date of the deadline of its filing, whichever comes later
5 years from the date of filing of the tax return or from the date of the deadline of its filing, whichever comes earlier
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P582,200
P513,000
P164,800
P184,800
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6% capital gains tax on the gain
6% capital gains tax on the gross selling price or fair market value, whichever is higher
Ordinary income tax at the graduated rates of net taxable income
Ordinary income tax at the graduated rates of the gross taxable income
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P2,365,000
P1,995,000
P1,943,000
P2,500,000
Registrar of Deeds and Notaries Public.
Court and Sheriffs.
Bureau of Internal Revenue.
Local chief executive.
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(45,000)
(20,000)
(70,000)
5,000
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60 days within which to file a petition for review with the Court of Tax Appeals.
30 days within which to file a petition for review with the Court of Tax Appeal.
60 days within which to file a motion for reconsideration before appealing the decision to the Court of Tax Appeals.
30 days within which to file a motion for reconsideration before appealing the decision to the Court of Tax Appeals.
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465,000
565,000
645,000
500,000
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Levying
Assessment
Collection
Payment
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P292,800
P513,000
P505,000
P312,800
Only the first statement is true
Only the first statement is false
Both statements are true
Both statements are false
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The 10th day from the end of each quarter.
The 15th day from the end of each quarter.
The 20th day from the end of each quarter.
The 25th day from the end of each quarter.
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The international carrier Is subject to VAT on its sale to the domestic carrier.
The domestic carrier is considered an importer of the fuel purchased.
The importation and sale made by the international carrier is VAT-exempt.
The importation and sale made by the international carrier is VATable.
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Is not required to register as a VAT taxpayer
Is required to register as a VAT taxpayer
Is not subject to other percentage tax of 3%
Should pay the output tax for the lease of apartment houses only
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2,250
3,000
7,500
6,500
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Diplomatic officials
Consular representatives
Transient visitors whose stay does not exceed 3 months
President of the Philippines
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Files a fraudulent return
Offers to compromise the assessed tax based on erroneous assessment.
Offers to compromise the assessed tax based on financial incapacity to pay and he authorizes the Commissioner in writing to do so.
Failed to file his income tax return.
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60% - Davao City; 40% - Bunawan
40% - Davao City; 60% - Bunawan
70% - Davao City; 30% - Bunawan
30% - Davao City; 70% - Bunawan
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The collection of a deficiency tax by distraint and levy may be repeated, if necessary, until the full amount due, including all expenses is collected.
The collection of a deficiency tax by distraint and levy must be done successively, first by distraint and then by levy.
The collection of a deficiency tax by distraint and levy automatically covers bank deposits of a delinquent taxpayer.
The collection of a deficiency tax by distraint and levy may be done only once during the taxable year.
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Net operating loss
Ordinary loss
Net deductible loss
NOLCO
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108,000
90,000
54,000
36,000
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The transfer to Bruno is subject to donor's tax.
The transfer to Bruno is subject to estate tax.
The transfer is both an inclusion and deduction from the gross estate of Carmilla.
The transfer is a tax-exempt transfer.
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Within 6 months from the date of death of the decedent.
Within 6 months from the submission of the notice of death of the decedent.
Within 1 year from the date of death of the decedent.
Within 1 year from the date of submission of the notice of death of the decedent.
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The first P10,000 is part of the taxable income and the remaining is subject to 20% final tax.
The whole amount is part of the taxable income.
The whole amount is subject to 20% final tax.
The first P10,000 shall be exempt, the remaining is subject to 20% final tax.
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30,000
90,000
60,000
120,000
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Only the first statement is true
Only the first statement is false
Both statements are true
Both statements are false
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Only the first statement is true
Only the first statement is false
Both statements are true
Both statements are false
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3% franchise tax to be paid by the service provider
10% overseas communications tax to be paid by the service provider
10% overseas communications tax to be paid by the person availing the service
3% franchise tax to be paid by the person availing the service
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Conjugal property.
Community property.
Share of the surviving spouse.
Exclusive property of the surviving spouse.
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P2,330,000
P2,245,000
P1,845,000
P1,823,000
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229,600
209,600
201,600
206,600
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9000
6,600
3,000
0
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Only the first statement is true.
Only the first statement is false.
Both statements are true.
Both statements are false.
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P30,000
P90,000
P100,000
0
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12,000
30,000
106,000
84,000
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A motion for reconsideration
A request for reconsideration
A request for reinvestigation
An extension to file a protest
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