NAME: CHRISTINE MAE B.

SUICON
SECTION: SBAC 3B

MIDTERMS SOL PAD IN TAXATION

DOUBLE RULE YOUR FINAL ANSWERS AND RESUBMIT THIS PAD TO YOUR PROFESSOR.

PROBLEM 8:

Output VAT (120,000 x 0.12) ₱ 14,400.00

Input VAT:
Inventory beginning (5,000 x 12%);
(5,000 x 2%) higher -₱ 600.00
Purchases (40,000 x 12%) -₱ 4,800.00
VAT Payable ₱ 9,000.00

PROBLEM 9:

Inventory beginning -₱ 600.00

(5,000 x 12%); (5,000 x 2%) higher

PROBLEM 14:

Output VAT ₱ 600,000.00

Input VAT: -₱ 288,000.00
2,400,000 x 12%
VAT Withheld by Government -₱ 100,000.00
(2,000,000 x 5%)
VAT Payable ₱ 212,000.00

PROBLEM 15:
Nil or Php. 0.00

PROBLEM 16:

Input VAT (2,400,000 x 12%) ₱ 288,000.00

PROBLEM 18:

2,400,000 x 0.07 ₱ 140,000.00

PROBLEM 19:

VAT Payable ₱ 212,000.00

VAT Withheld by Government ₱ 100,000.00
Total VAT Payable ₱ 312,000.00

PROBLEM 20:

Purchases (300K x 12%) ₱ 36,000.00

Less: Input in export sales -₱ 9,000.00
allocable to domestic sales ₱ 27,000.00

PROBLEM 21:

Export sales, net ₱ 200,000.00

Divide: domestic sales, net ₱ 800,000.00
Allocable to export sales 25%

Input vat on export sales (36,000 x

25%) ₱ 9,000.00

PROBLEM 22:

Sales export (200,000 x 0%) ₱ -

Input (200k/800Kx36,000) -₱ 9,000.00
VAT refundable -₱ 9,000.00

PROBLEM 23:

Domestic sales ₱ 700,000.00

domestic sales - SC, discounted ₱ 40,000.00
domestic sales - PWD, discounted ₱ 40,000.00
Net sales ₱ 780,000.00
x 12%
Output VAT ₱ 93,600.00
Less: Input VAT -₱ 27,000.00
VAT Payable ₱ 66,600.00
PROBLEM 25:

FMV ₱ 2,000,000.00
Less: Selling Price -₱ 1,200,000.00
Taxable ₱ 800,000.00

PROBLEM 33:

Construction Cost ₱ 570,000.00

Scrap Value -₱ 70,000.00
Depreciation Cost ₱ 500,000.00

Less: Depreciation from January

2013 to January 2018 (500,000/16 x 5) -₱ 156,250.00
Book Value ₱ 343,750.00
Capital Expenditure ₱ 50,000.00
New Depreciation Base ₱ 393,750.00
Depreciation - 2018 (393,750 / 11) ₱ 35,795.45

PROBLEM 35:

Net Taxable Estate, PH ₱ 2,000,000.00

Net Taxable Estate, CA ₱ 3,000,000.00
Net Taxable Estate, TH ₱ 1,000,000.00
TOTAL ₱ 6,000,000.00
Multiply by Estate Tax Rate 6%
Estate Tax Due ₱ 360,000.00
Estate Tax Credit -₱ 230,000.00
Estate Tax Payable ₱ 130,000.00
PROBLEM 36:

LIMIT 1 ACTUAL ALLOWED

Canada ₱ 180,000.00 ₱ 200,000.00 ₱ 180,000.00
[(3,000,000/6,000,000) x
360,000]
Philippines
Thailand ₱ 60,000.00 ₱ 50,000.00 ₱ 50,000.00
[(1,000,000/6,000,000) x
360,000]
₱ 230,000.00
LIMIT 2
[(4,000,000/6,000,000) x
60,000] ₱ 40,000.00

PROBLEM 37 AND 39:

EXCLUSIVE COMMON TOTAL

Exclusive Property:
Real Property ₱ 4,000,000.00
Personal Property ₱ 900,000.00
Conjugal Property:
Family Home ₱ 22,000,000.00
Personal Property ₱ 1,200,000.00
Gross Estate ₱ 4,900,000.00 ₱ 23,200,000.00 ₱ 28,100,000.00
Ordinary Deductions:
Claims Against the Estate -₱ 200,000.00 -₱ 400,000.00 -₱ 600,000.00
Net Estate before Special
Deductions ₱ 4,700,000.00 ₱ 22,800,000.00
Special Deductions:
Standard Deduction -₱ 5,000,000.00
Family Home -₱ 10,000,000.00
Net Estate before Surviving
Spouse ₱ 12,500,000.00
1/2 Share of Surviving Spouse -₱ 11,400,000.00
Net Taxable Estate ₱ 1,100,000.00
PROBLEM 40:

Net Taxable Estate ₱ 1,100,000.00

Multiply by Estate Tax Rate 6%
Estate Tax Due ₱ 66,000.00