AT 2601 DIY

1A 11 A 21 A 1D
2D 12 B 22 D 2B
3A 13 D 23 D 3C
4D 14 B 4C
5D 15 A 5D
6B 16 D 6D
7C 17 A
8B 18 A
9B 19 D
10 C 20 C

AT 2602 DIY
1C 11 D 21 B 31 D 41 A 51 D 1C 11 D
2C 12 D 22 D 32 D 42 C 52 D 2C 12 C
3B 13 D 23 D 33 C 43 A 53 A 3D 13 B
4D 14 D 24 D 34 A 44 C 54 D 4C 14 B
5D 15 B 25 C 35 A 45 C 55 B 5D 15 D
6D 16 D 26 B 36 C 46 B 6B
7D 17 D 27 A 37 C 47 C 7B
8A 18 D 28 D 38 B 48 A 8D
9C 19 D 29 C 39 B 49 A 9B
10 A 20 B 30 B 40 A 50 C 10 B

AT 2603 DIY 2603

1A 11 C 21 A 31 B 41 D 1C 11 C
2D 12 D 22 D 32 C 42 C 2D 12 A
3D 13 A 23 B 33 D 43 D 3D 13 A
4D 14 C 24 D 34 C 44 A 4C 14 B
5A 15 A 25 D 35 A 45 C 5A 15 B
6C 16 D 26 D 36 D 46 B 6D 16 A
7C 17 A 27 A 37 D 7D 17 B
8D 18 D 28 C 38 D 8D 18 D
9B 19 A 29 D 39 D 9B 19 C
10 C 20 C 30 A 40 D 10 C 20 C
TRUE OR FALSE
1T 11 T
2T 12 T
3T 13 F
4T 14 F
5T 15 F
6T
7F
8F
9F
10 F

PARTNERSHIP FORMATION
1 A=36%, b=34%, C=30%
2 A=639,270, B=603,370, C=532,735

4 A=710,300, B&C=532,725

6 Contribution is equal to interest given ratio

MC
1C
2C
3A

PARTNERSHIP OPERATIONS
MC
1A
2B
3D
4A
5B

PARTNERSHIP DISSOLUTION
MC
1C
2A
3D
4C
5D
6B

RETIREMENT OF A PARTNER
MC
1A
 2B
3D
4B

INCORPORATION
MC
1A
2D
3B

LUMP SUM
MC
1A
2 C Error 20,960; 8640
3C
4C

INSTALLMENT
MC
1D
2D
3C
4A
5B
6C
MAS 2601 Exercise 2
1 MA 11 MA 1C 11 C 21 C 31 A 41 A 51 B 61
2 FA 12 MA 2D 12 A 22 C 32 D 42 C 52 A 62
3 FA 13 FA 3A 13 B 23 B 33 C 43 D 53 C 63
4 MA 14 FA 4C 14 D 24 B 34 B 44 B 54 D 64
5 MA 15 MA 5B 15 C 25 C 35 D 45 C 55 C 65
6 MA 16 MA 6C 16 C 26 D 36 D 46 C 56 A 66
7 FA 17 MA 7D 17 D 27 A 37 A 47 D 57 C 67
8 FA 8B 18 D 28 A 38 C 48 B 58 C 68
9 FA 9A 19 B 29 D 39 A 49 A 59 C 69
10 MA 10 C 20 A 30 A 40 C 50 D 60 C 70

MAS 2602
EXERCISE 1
1 Avoidable; Direct
2 Unavoidable; Indirect
3 Unavoidable; Direct
4 Unavoidable; Indirect
5 Avoidable; Direct
6 Unavoidable; Indirect

Exercise 2
a 0.3
b y=390,000 + 0.3x
c 1. 417,000
2. 426,000

Exercise 3
a 2.7x; 7,760
b 21,260

Exercise 4
1 51.67x; (10,000)
2 Nov: FC=10,000 VC=35x
Dec: FC=20,000 VC=35x
3 76,000

Exercise 5
1 VC=7; FC=270,000
2 336,150

Exercise 6
1 a=3000 b=2000
2 cannot be determined
Exercise 7
a 38,000
b 5.75
c 66,750
d 0.85

Exercise 8
1 Recline Company
2 Relax Co.-P100,000
Recline Co.-P0.00
3 Relax Company

Exercise 9
1 x=30
2 7.5/Dlhrs
3 x=6000

Multiple Choice
1B 11 C 21 D
2D 12 D 22 C
3D 13 C 23 D
4A 14 C 24 B
5C 15 A 25 C
6D 16 A
7C 17 C
8B 18 A
9D 19 D
10 B 20 C

MAS 2603 PAGE 4 OF 4 MAS 2604 MULTIPLE CHOICE PAGE 4 OF 6

1C 1B 11 B 1C 11 D
2C 2A 12 A 2C 12 D
3D 3D 13 D 3A
4B 4A 14 B 4D
5D 15 B 5A
6A 6A
7A 7B
8A 8C
9B 9B
10 A 10 D
D 71 B
A 72 A
C 73 B
B 74 B
C 75 D
B 76 E
D 77 E
C 78 D
B 79 C
B 80 A
TAX 2601
1C 11 C 21 A 31 C 41 A 51 B 61 B 71 C
2D 12 A 22 D 32 D 42 B 52 C 62 A 72 B
3B 13 B 23 D 33 C 43 D 53 C 63 D 73 A
4B 14 A 24 C 34 A 44 D 54 B 64 B 74 C
5C 15 B 25 C 35 C 45 C 55 A 65 C 75 B
6C 16 D 26 C 36 D 46 A 56 A 66 A 76 D
7D 17 A 27 B 37 D 47 D 57 B 67 A 77 B
8D 18 D 28 A 38 A 48 C 58 D 68 C 78 B
9C 19 D 29 A 39 B 49 A 59 B 69 C 79 A
10 C 20 C 30 D 40 B 50 C 60 D 70 C 80 D

TAX 2602
1C 11 D 21 B 31 D 41 C 51 C 61 D 71 D 81
2A 12 B 22 A 32 B 42 D 52 D 62 D 72 C 82
3B 13 A 23 B 33 D 43 D 53 D 63 A 73 D 83
4D 14 B 24 C 34 A 44 D 54 C 64 B 74 B 84
5B 15 B 25 B 35 D 45 D 55 B 65 C 75 B 85
6B 16 A 26 B 36 B 46 C 56 D 66 A 76 B 86
7A 17 D 27 C 37 C 47 B 57 C 67 D 77 D 87
8B 18 B 28 A 38 C 48 D 58 C 68 A 78 A 88
9B 19 C 29 C 39 A 49 D 59 A 69 D 79 B 89
10 C 20 A 30 D 40 A 50 D 60 D 70 C 80 C 90

No.45 Vanishing Deduction P1,300,000 No.45-CPG

Value to take/Initial basis Exclusive Common
Proportionate deduction Net Estate b4 Sspecial
(P1.3/P26) x 2.2 (110,000) Deductions & SSS P7,848,000 P15,000,000
Final Basis P1,190,000 Share of the SS
rate 80% Standard Deduction
Vanishing Deduction P950,000 Family Home
TAXABLE NET ESTATE

SOLUTION NO. 83 SOLUTION NO. 85 SOLUTION NO. 77

GROSS ESTATE p18,600,000 Gross Estate P2,725,000
Allowable Deductions (8,600,000) Allowable Deductions (1,975,000) GROSS ESTATE
Standard Deduction (5,000,000) Taxable Net Estate P750,000 Funeral expenses
TAXABLE NET ESTATE P5,000,000 ESTATE TAX DUE P35,000 Judicial expenses
Less: Estate Tax Credit Claims against insolve
ESTATE TAX DUE P300,000 CHINA: Limit: 150/750x35,000= P7,000 Claims against the est
Less Estate Tas Credit Actual: P3,750 Losses
Limit: P2.2/P5x P300,000 = P132,000 USA: Limit=375/750x35,000= P17,500 TFPU-Makati
ActualI P150,000 Actual: P18,000 Net estate b4 Special
Allowed (132,000) TOTAL LIMIT 1 SSS(18.2M)/2
ESTATE TAX PAYABLE P168,000 Family Home
LIMIT 2: 450/750Xp35,000= P21,000 Standard deduction
Actual= P21,750 Taxable Net Estate
TOTAL LIMIT 2 P21,000
 ESTATE TAX PAYABLE

NO. 45 - CPG
Exclusive Common Total
FH - Lot P4,000,000
FH - House P10,000,000
Other Properties 6,000,000
Jewelry 2,500,000
Property in US 2,300,000
Rental income on above property 1,200,000
GROSS ESTATE P8,800,000 P17,200,000 P26,000,000
Claims against the estate (1,600,000)
Casualty Losses (600,000)
Vanishing 952,000
Net Estate b4 Special Deductions P7,848,000 P15,000,000 P22,848,000
& SSS

SOLUTION NO. 82 SOLUTION NO. 81

TFPU P300,000 GROSS ESTATE P8,000,000
House and Lot in Makati (Family Home) 1,500,000 ELIT (400,000)
Personal properties 1,500,000 TFPU (300,000)
Farm Lot 825,000 Vanishing Deduction (438,000)
Claim against insolvent person 225,000 Standard Deduction (5,000,000)
Transfer in contemplation of death 1,500,000 Family Home (2,000,000)
DEDUCTIONS: Medical Expenses -
Funeral expenses (200,000) TAXABLE NET ESTATE (138,000)
Judicial expenses (67,500)
TFPU (300,000)
Claim against insolvent person (225,000)
Unpaid mortgage on farm lot (75,000)
Standard deduction (1,000,000)
Medical expenses (225,000)
Family Home (1,000,000)
TAXABLE NET ESTATE P2,757,500
 91 B
C 92 C
A 93 B
B 94 D
C 95 A
A
C
A
D
D

Common Total

P15,000,000 P22,848,000
(7,500,000)
(5,000,000)
(9,000,000)
1,348,000

SOLUTION NO. 77
Exclusive Common Total
GROSS ESTATE P5,600,000 P22,400,000 P28,000,000
Funeral expenses 0
Judicial expenses 0
Claims against insolvent person (1,000,000) (1,000,000)
Claims against the estate (1,500,000) (1,500,000)
(1,700,000) (1,700,000)
TFPU-Makati (1,800,000) (1,800,000)
Net estate b4 Special D & SSS P3,800,000 P18,200,000 P22,000,000
SSS(18.2M)/2 (9,100,000)
Family Home 0
Standard deduction (5,000,000)
Taxable Net Estate P7,900,000
FAR 2601 DIY
1A 11 D 21 A 31 D 1D
2D 12 A 22 D 32 D 2C
3A 13 A 23 A 33 B 3A
4D 14 B 24 D 34 D 4A
5D 15 D 25 D 35 D 5D
6D 16 D 26 D 36 D 6C
7A 17 C 27 A 7B
8D 18 D 28 B 8C
9D 19 D 29 D
10 D 20 D 30 D

FAR 2602 DIY

1A 11 B 21 D 31 D 1D 11 B
2A 12 B 22 A 32 C 2C 12 C
3D 13 B 23 D 33 C 3C 13 D
4A 14 D 24 A 34 C 4C 14 D
5D 15 D 25 A 35 B 5A 15 A
6D 16 A 26 B 36 C 6B
7D 17 C 27 D 37 D 7A
8D 18 B 28 A 38 D 8C
9D 19 D 29 B 9B
10 D 20 A 30 A 10 C

FAR 2603 DIY

1C 11 B 1C
2D 12 A 2D
3D 13 C 3A
4D 14 A 4C
5D 15 D
6B 16 B
7C 17 A
8C 18 D
9D
10 D

FAR 2604 DIY

1A 11 A 21 D 31 A 1D 11 D
2A 12 C 22 A 32 C 2D 12 D
3C 13 D 23 D 33 D 3B 13 C
4A 14 C 24 A 34 C 4B 14 D
5D 15 C 25 A 35 B 5D
6D 16 C 26 D 36 A 6B
7D 17 D 27 B 37 C 7B
8D 18 D 28 A 38 D 8B
 9D 19 D 29 D 39 C 9A
10 D 20 A 30 B 40 C 10 B
41 D

FAR 2605 DIY

1D 11 C 21 C 1D 11 D
2A 12 B 22 D 2C 12 B
3D 13 B 23 D 3D 13 A
4D 14 D 24 C 4B 14 B
5D 15 B 25 C 5D
6C 16 A 26 B 6C
7C 17 C 27 C 7A
8D 18 D 28 A 8B
9A 19 B 29 A 9B
10 C 20 D 30 D 10 B

FAR 2606
1A
2A
3C
4D
5A