NAME: CALIMLIM, MARGIE E.

DATE: 09/08/23

SECTION: UP-FA1-MM3-01

ACTIVITY:

I. Identify if the transaction is Income Tax or Transfer. (Use Check sign)

Transaction Income Tax Transfer Tax
1. Barter of properties ✓
2. Sale of goods ✓
3. Rendering of services ✓
4. Donation of properties ✓
5. Transfer of properties from ✓
a decedent to his heirs
upon death
6. Transfer for less than full and ✓ ✓
adequate consideration
II. Identify if the transaction Taxable or Exempt. (Use Check sign)
Item Taxable Exempt
1. Winnings from gambling ✓
2. Income from swindling ✓
3. Indemnity for moral damages ✓
4. Harvest of fruits from an orchard ✓
5. Compensation income ✓
6. Interest income ✓
7. Amount received by the insured in excess of ✓
insurance premiums paid
8. Proceeds of life insurance received by the heirs of ✓
the insured
9. Gain on sale of goods by the home office to its ✓
branch
10. Gain on sale of goods and services between ✓
relatives
11. Gain on sale of goods by a parent ✓
corporation to a subsidiary corporation

12. Appreciation in the value of land ✓

13. Birth of animal offspring ✓
14. Income of a registered Barangay Micro-Business ✓
 Enterprise
15. Cancellation of debt out of gratuity of the creditor ✓
16. Cancellation of debt by the creditor in exchange of ✓
services rendered by the debtor
17. Matured interest from coupon bonds ✓
18. Receipt of bank loan ✓
19. Salaries of a minimum wage earner ✓
20. PCSO or lotto winnings ✓
21. Benefits from GSIS, SSS, Pag-Ibig or PhilHealth ✓
22. Discovery of hidden treasure ✓

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