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    Problem 8 - 1 Deductible or Nondeductible From Gross Income

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    riza147
    This document contains several problems related to deductions from gross income under Philippine tax law. Problem 8-1 and 8-2 list items as either deductible or nondeductible from gross income. Problem 8-3 contains true/false statements about deductions. Problem 8-4 also contains true/false statements. The remaining problems 8-5 through 8-8 are multiple choice questions testing knowledge of deductions.

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    Problem 8 - 1 Deductible or Nondeductible From Gross Income

    Uploaded by

    riza147
    41 views2 pages
    This document contains several problems related to deductions from gross income under Philippine tax law. Problem 8-1 and 8-2 list items as either deductible or nondeductible from gross income. Problem 8-3 contains true/false statements about deductions. Problem 8-4 also contains true/false statements. The remaining problems 8-5 through 8-8 are multiple choice questions testing knowledge of deductions.

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    tax

    Original Title

    Chapt-8 Deduct From Gi

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    This document contains several problems related to deductions from gross income under Philippine tax law. Problem 8-1 and 8-2 list items as either deductible or nondeductible from gross income. Problem 8-3 contains true/false statements about deductions. Problem 8-4 also contains true/false statements. The remaining problems 8-5 through 8-8 are multiple choice questions testing knowledge of deductions.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    41 views2 pages

    Problem 8 - 1 Deductible or Nondeductible From Gross Income

    Uploaded by

    riza147
    This document contains several problems related to deductions from gross income under Philippine tax law. Problem 8-1 and 8-2 list items as either deductible or nondeductible from gross income. Problem 8-3 contains true/false statements about deductions. Problem 8-4 also contains true/false statements. The remaining problems 8-5 through 8-8 are multiple choice questions testing knowledge of deductions.

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    CHAPTER 8

    DEDUCTIONS FROM GROSS INCOME


    Problem 8 – 1 DEDUCTIBLE OR NONDEDUCTIBLE FROM GROSS INCOME
    1. Nondeductible
    2. Deductible
    3. Deductible
    4. Deductible
    5. Nondeductible
    6. Nondeductible
    7. Nondeductible
    8. Nondeductible
    9. Nondeductible
    10. Nondeductible
    11. Nondeductible
    12. Deductible
    13. Deductible
    14. Deductible
    15. Deductible
    16. Deductible
    17. Deductible
    18. Deductible – “beyond the control”
    19. Deductible
    20. Nondeductible

    Problem 8 – 2 DEDUCTIBLE OR NONDEDUCTIBLE FROM GROSS INCOME


    1. Deductible
    2. Nondeductible
    3. Nondeductible
    4. Nondeductible
    5. Deductible
    6. Deductible
    7. Deductible
    8. Nondeductible
    9. Nondeductible
    10. Deductible, in lieu of tax credit
    (Sec. 34C3, NIRC)
    11. Deductible
    12. Deductible
    13. Nondeductible
    14. Nondeductible
    15. Nondeductible
    16. Deductible
    17. Deductible
    18. Nondeductible
    19. Nondeductible
    20. Nondeductible

    Problem 8 – 3 TRUE OR FALSE


    1. True
    2. True
    3. True
    4. False – Business expenses related to business income outside the Philippines is deductible also by domestic
    corporations and resident Filipino.
    5. False – Business expense is deductible from gross income.
    6. True
    7. False – 40% based on sales or gross receipts.
    8. False – only one vehicle is allowed for each employee.
    9. False – allowed to deduct depreciation because the vehicle is used in the main line of business.
    10. False – there are limitations in some of the business expense and some are nondeductible as provided by law.
    11. True
    12. False – OSD is deductible only from business income.
    13. False – NOLCO is a special deduction.
    14. True
    15. False – ½ of 1%
    Problem 8 – 4 TRUE OR FALSE
    1. False – donations to political parties are not deductible from gross income.
    2. True
    3. False – limited to 20% of the gross sales or gross receipts, net of VAT.
    4. False – senior citizen’s discount are not allowed to be deducted from gross income, so much so that OSD is used
    as deduction.
    5. True
    6. True
    7. False – only 50% special deduction.
    8. False - PPHHI is allowed to be deducted from individual taxpayer only whose family income does not exceed
    P250,000 per year.
    9. False – the tax differential is 33%.
    10. False – declining method of depreciation is better than straight-line method for tax savings purposes.
    11. True
    12. True
    13. False – only income within are taxable in the Philippines; hence, the allowed deduction must also within.

    Problem 8 – 5 Problem 8 – 6 Problem 8 – 7 Problem 8 – 8


    1. C 1. A 1. A 1. D
    2. B 2. C 2. D 2. C
    3. C 3. C 3. C 3. C
    4. A 4. D 4. A 4. C
    5. C 5. D 5. C 5. A
    6. C 6. B 6. C 6. C
    7. A 7. B 7. A 7. B
    8. D 8. C 8. B 8. C
    9. A 9. A 9. A 9. C
    10. B 10. D 10. C 10. D
    11. A

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