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    Pw

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    34 views12 pages

    CP AR

    Uploaded by

    Andrew Benedict Pardillo
    Pw

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    Download as pdf
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    TAX.Preweek Excel Professional Services, Inc. Management Firm cf Professional Review and Training Center (PRTC) (Luzon) Manila 7339344/7347902 * Galamba, Laguna (049) 5453807 ayes) Bacolod City (034) 4348214 * Cebu Cy ne Wr ~ Siindlaisos €Sgayon Be'Gro tity (388) 3085073 Daves Cay Lose SBEOBEE TAXATION ; GPA REVIEW sta ‘since 1977 <_MAY 2014 NCIP! non 4.” Which ofthe following statements is true?) 2. Powerto tax involves power to destioy b. In ‘taxpayer's. suit, the government can me fexpavers not demanding receipts from ousiness Dovtle taxation is resurted to by taxng autherity to increase tay collection 4d. Power of taxation is absolute or withoyt limitations 2. Why tax credit Is alowed to Be aval taxpayers? . 2. To pfovide incentive thus inducing these taxpayers to report income derived ‘rom abread b. To provide relief from she burden of taxation In compliance with commitment to inte:national agreement 4d. For citizen doing business outside the Philippines to become competitive 1d of by certain 3. The Taguig City intentionsily made. its local taxes iower than that of Makati City In order to attract investors, Which of the following statements is correct? 2. This 16 not violative on the rule on uniformity in taxation; ‘ b. This is violative of the equal protection clause of {the Philippine Const.tution ; i c. This is violative of the delegated power of taxation under the Local Government Code; d. This will be subject to review by Congress of the Philippines. 4, One of the following is not a corstitutionat imitation on taxing power: a. That the money cultected on a tax’ levied for a public purpose shall Le paid out for such purpose only; 'b. Exemption from taxes of the income and assets of, educational institutions includes grants, ‘endowments or donations; i ‘c.Nonsimprisonment for non-payment of a debt or poll tax; - 4d, Non-impairment of she Supréme Court jurisdiction In tax cases. : 5. The following, except ore, are basic. principles of & sound tax system: 1a, It should be capable of being effectively enforces; b. It should be progressive; c. Sources of revenue must be sufficient*to meet government expenditures and other public needs; d, It should be exercised to pimote public welfare. 6 Theasturedeowtax tomaiver de or iy in nature e benal nature B. Poficain nature, Pefalin ebpracter Tax exemption is made different from tax amnesty: 2, It isa privilege or freedom from tax burden; b. It allows immunity from all criminal, i ational Government ; to, be used f€r public purpose. 100,000 11/15/2013 To his brother _ on ' account of marriage fon 11/18/2012 $,000 'ba3.000 The gift tax payable on 11/15/2013 donation is: a, P1,909 ‘e. 1,800 b. Pigo <. P800 ‘ESTATETAX : 32, Which of the following is not a part.of the gross estate? ‘a. Conjugal property ‘ ‘ b. Community property . ExCusive property cf the decedent di. Exclusive property cf the surviving spouse 34, Which ‘of the following ropéities is exempt from estate tax because of. nciprocity? { a. Patent of a non-resicent alien-decedent exercised ‘i the Philippines b. Forpign shares of stock of @ non-resident alien decedent (60% of business in the Philipoines). €. Bank deposit of @ non-resident alien devedert in a 35. Which Sf the following préperties shall be excluded from the gross estate of a decedent? a. Proceeds of life insurance policy on the Mfe of the decedent payable to his youngest daughter The transmission of the inheritance from the decedent to the fiduclary heir . Both (3) and (b) J. Neither (a) nor (b) . 36. Who among the following transferors is not liable for estate ‘tax on the property transferred during Nis 1a. The testator who bequesths p-operty to hs heirs in a last will and testament executed and probated during his lifetime b. The donor who reserves his right to amend or evoke tne donation of property in favor of the donee The sone of an apipointes' property who is required, under a power of appointment to transfer such property upon deat’ to his eldest child d. The transferor of personel property who sold it for Ingurticient consideration Which of the following properties constitutes the common property of the spouses under a regime of Conjuget Partnership of Gains? 2. Land inherited during the marrage Di Fruits of land inherited Jewelry inherited during the marriage J. Building donated before marriage 38.Kim Pang, a Chinese billionaire and a Canadian resident, cied and left assets in China valued at P80 bilicn ard in the Philippines assets valued at P20 lon. For Prilippine estate tax purposes the allowable deductions for expenses, losses, indebtedness, and + taxes, property previously taved, transters for public use, and the share of his surviving spouse in: ther conjugal partnership amounted to PIS billion. Pang's ‘gies estate for Philippine estate tax purposes is 2. P20 bilo, ‘. P100 billion. b. PS billion

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