5 6255750622608360310

C C Gross Estate:
D D Family home 800,000

D Vacation house 5,500,000
B A Commercial land donated by father 2,000,000
B A Mustang car 500,000
D D Revocable life insurance proceeds 1,000,000
B A Shares of stock in AB Corp 100,000
B C Toy collection 1,000,000
D C Claims against insolvent persons 100,000 11,000,000
B A Allowable Deductions:
A C Accountant's fees 600,000
B Claims against the estate 310,000
B A Claims against insolvent persons 90,000 (1,000,000)
A A Special Deductions:
A A Family Home 800,000
A A Standard Deduction 5,000,000 (5,800,000)
A C Net Taxable Estate 4,200,000
A A Tax rate 6%
A B Estate Tax 252,000
B B
C B NRA
D B
C C Gross Estate:
Family home 800,000
Commercial land donated by father 2,000,000
Mustang car 500,000
Revocable life insurance proceeds 1,000,000
Shares of stock in AB Corp 100,000
Toy collection 1,000,000
Claims against insolvent persons 100,000 5,500,000
Allowable Deductions:
Accountant's fees 600,000
Claims against the estate 310,000
Claims against insolvent persons 90,000
Total ordinary deductions 1,000,000
Proration 50% (500,000)
Special Deductions:
Standard Deduction (500,000)
Net Taxable Estate 4,500,000
Tax rate 6%
Estate Tax 270,000
Original amount 50,000

Gross receipts net of VAT 44,643
VAT rate 12% (5,357)
Excise tax rate 5%
Excise tax (15) 2,232
Excise tax on use 1,000
Total excise tax (17) 3,232

Excise Tax 2,232
VAT 5,625
Less CWT (6,696)
Amount collected 45,804
Billings (VAT exempt) 20,000

Excise Tax 1,000 21,000
Professional fees net of VAT 44,643

Excise Tax 2,232
VAT 5,625 52,500
Amount collected 73,500
Residential property 4,000,000

Commercial property 6,000,000
Agricultural property 5,000,000
Total estate 15,000,000
Xavier
Share in estate 5,000,000
Value received (4,000,000)
Value foregone 1,000,000
Exemption (250,000)
Tax base 750,000
Tax rate 6%
Donor's tax 45,000
Selling price 10,000,000 Interest income, PH bank deposit (125000 x 20%)
Cost basis (5,000,000) Roaylty income (125000 x 20%)
Gain 5,000,000 Final taxes on passive income
CGT rate 15%
CGT rate 750,000 CGT on Makati property (10000000 x 6%)
Domestic shares as capital assets (100000 x 15%)
Gain 5,000,000 Capital gains tax
DST 200
DST base 25,000 Net sales
DST rate 1.50 Cost of sales
DST 37,500 Gross income from operations
Other taxable income
Assets 30,000,000 Net capital gains--liquidating dividend
Liabilities (5,000,000) Total gross income
Equity 25,000,000 Less itemized deductions:
Shares outstanding 10,000 Salary expense
Book value per share 2,500 Payroll deductions
Shares sold 5,000 Fringe benefits
FMV/book value 12,500,000 Rank and file
Selling price (10,000,000) Managerial
Gross gift 2,500,000 Fringe benefit tax
Exemption (250,000) Entertainment and representation - limit
Net gift 2,250,000 Rent expense
Tax rate 6% Depreciation expense
Donor's tax 135,000 Bad debt expense (1/3 charged off)
Deductible interest expense
FMV/book value 12,500,000 Interest arbitrage (125000 x 22.17%)
Exemption (250,000) Net taxable income
Tax base 12,250,000 RCIT
Tax rate 6% MCIT
Donor's tax 735,000
Tax due
Tax paid previous quarters
Creditable withholding taxes
Tax payable
Interest on loan - shareholder (100000 x 15%)

CWT on BPI loan (400000 x 2%)
Total creditable withholding taxes
Net taxable income

* Blended tax rate
Tax due
* (10% x 4/12) + (1% x 8/12)

Oct 2020
Output VAT (500000 x 12%)

Input Tax Credit:
ITC previous quarter
Purchase of goods (40000 x 12%)
Purchase of services (20000 x 12%)
Amortized ITC allocable to VATable (10000 x 7/14)
VAT payable
Nov 2020 (same computation for Nov 2021)

Input Tax Credit:
Amount refunded
VAT payable
Q4 2020
Output VAT (1000000 x 12%)

Input Tax Credit:
Amount refunded
VAT due
Credits
VAT payable, Oct
Vat payable, Nov
VAT payable
Oct 2021

Input Tax Credit:
Amortized ITC allocable to VATable (10000 x 1/1.4)
VAT due
Creditable VAT withheld (300000 x 12%)
VAT payable
Q4 2021
Output VAT (1400000 x 12%)

Input Tax Credit:
Amount refunded
VAT due
Credits
VAT payable, Oct
Vat payable, Nov
Creditable VAT withheld (400000 x 12%)
VAT payable
25,000
25,000
50,000
600,000
15,000
615,000
20,000,000
(5,000,000)
15,000,000
30,000
4,000 34,000
15,034,000
5,000,000
350,000 (5,350,000)
1,040,000
325,000 (1,365,000)
(175,000)
(100,000)
(1,200,000)
(700,000)
(35,000)
400,000
(27,713) (372,287)
5,736,713
1,481,793
175,898
1,481,793
30,000
68,000 (98,000)
1,383,793
15,000
8,000
23,000
3,000,000
4%
120,000
60,000
3,900
4,800
2,400
5,000 (16,100)
43,900
24,000
3,600
2,400
7,000
(2,000) (11,000)
13,000
120,000
3,900
14,400
4,800
21,111
(2,000) (42,211)
77,789
43,900
13,000 (56,900)
20,889
96,000
3,900
4,800
26,400
7,143 (42,243)
53,757
(36,000)
17,757
168,000
3,900
14,400
40,800
27,867
(2,000) (84,967)
83,033
17,757
13,000
48,000 (78,757)
4,276

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5 6255750622608360310

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C C Gross Estate:

D D Family home 800,000

Original amount 50,000

Gross receipts net of VAT 44,643

Billings (VAT exempt) 20,000

Professional fees net of VAT 44,643

Residential property 4,000,000

Interest on loan - shareholder (100000 x 15%)

Net taxable income

* (10% x 4/12) + (1% x 8/12)

Output VAT (500000 x 12%)

Nov 2020 (same computation for Nov 2021)

Output VAT (200000 x 12%)

Output VAT (1000000 x 12%)

Output VAT (800000 x 12%)

Output VAT (1400000 x 12%)

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