1/6/22, 12:08 PM Submissions - B-BTAX211 BSA22 1st Sem ( 2021-2022 ) - Enabling Assessment: Dealings in Properties and the Withholding

holding Tax …

Question 1
The following are the transactions of Pablo pertaining to sale of real properties for the current year:

> Sale of vacant lot used in his trading business, P500,000. This was acquired 2 years ago at P200,000.

> Sale of his residential lot for P1,000,000, the zonal value at the date of sale is P1,200,000. This was purchased
3 years ago at P400,000.

What would be the final tax fr these real estate transactions?

Response: P72,000

Score: 2 out of 2 Yes

Question 2
Which of the following is a capital asset?

Response: Investment property

Score: 2 out of 2 Yes

Question 3
What is the tax rate of stock transaction tax?

Response: 60% of 1%

Score: 2 out of 2 Yes

Question 4
Which of the following does not describe the importance of the withholding tax system?

Response: Allows room for tax delinquencies.

Score: 2 out of 2 Yes

Question 5
Which of the following statement is correct?

Response: Sale of residence located in the Philippines is exempt from capital gains tax if the proceeds from the
sale is fully utilized to acquire another residence within 18 months from date of sale.

Score: 0 out of 2 No

Question 6
It is a system of tax collection wherein payors required to deduct the full tax on certain income payments.

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1/6/22, 12:08 PM Submissions - B-BTAX211 BSA22 1st Sem ( 2021-2022 ) - Enabling Assessment: Dealings in Properties and the Withholding Tax …

Response: Final withholding tax

Score: 2 out of 2 Yes

Question 7
Jonathan has taxable income was P200,000 exclusive of capital gains and losses for 2021. Jonathan had a net
long term loss of P8,000 in 2020. There was no capital gain or loss in 2021. What amount of this capital loss can
Jonathan offset against the 2021 ordinary income?

Response: P0

Score: 2 out of 2 Yes

Question 8
Which statement is wrong? The rule that capital losses are deductible only to the extent of capital gains is
applicable:

Response: To a corporation

Score: 0 out of 2 No

Question 9
Earl owns a 20-door apartment with a monthly rental of P15,000 each residential unit. He sold this property to
Clifford. Which is false?

Response: The apartment is a capital asset.

Score: 2 out of 2 Yes

Question 10
Statement 1: Capital losses can be deducted only from capital gains.
Statement 2: Ordinary losses can be deducted from any gross income

Response: Statement 1 is true but statement 2 is false

Score: 0 out of 2 No

Question 11
Which of the following is incorrect?

Response: An asset used in business which is subject to amortization is an ordinary asset.

Score: 0 out of 2 No

Question 12
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1/6/22, 12:08 PM Submissions - B-BTAX211 BSA22 1st Sem ( 2021-2022 ) - Enabling Assessment: Dealings in Properties and the Withholding Tax …

A feature of ordinary gains as distinguished from capital gains:

Response: No holding period.

Score: 2 out of 2 Yes

Question 13
Peter operates a retail store and owns the following properties. Which of the following is considered as a capital
asset?

Response: Fixtures used in the retail store

Score: 0 out of 2 No

Question 14
The following describes the creditable withholding tax system, except:

Response: Income tax withheld is only a portion of the total tax.

Score: 0 out of 2 No

Question 15
A net capital loss means:

Response: Losses over the gains on sales and exchanges of capital assets.

Score: 2 out of 2 

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