(Diagnostic Exam) Advanced Studies in Taxation
(Diagnostic Exam) Advanced Studies in Taxation
(Diagnostic Exam) Advanced Studies in Taxation
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
The following are the mandated information in a VAT invoice or VAT official * 1 point
receipt, except:
Total amount that the purchaser pays or is obligated to pay with the indication that
such amount includes the VAT
In case of mixed sale in the same invoice or receipt, it shall indicate the breakdown,
which is vatable, zero-rated and/or exempt. Seller should not issue separate invoices
for aforementioned components of the sale.
The purchaser in whose favor the VAT invoice/receipt was issued, shall be allowed
to claim input VAT thereon.
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
During the year 2020, Mr. Cole Bee, a Certified Public Accountant is * 1 point
engaged in the practice of his profession. He is not VAT registered. He had
the following gross receipts during 2020 (Net of any business tax)
VAT payable is:
P486,000
P477,000
P111,000
P120,000
Donative intent
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Donation in writing of a parcel of land whereby both the deed of donation and its
acceptance is made in public document.
Sale or importation of the following are exempt from the VAT and OPT * 1 point
Capital equipment, its spare parts and raw materials necessary for the production of
personal protective equipment components such as coveralls, gown, surgical cap,
surgical mask, N-95 mask, scrub suits, goggles, and face shield, double or surgical
gloves, dedicated shoes, and shoe covers, for COVID-19 prevention
All drugs, vaccines and medical devices specifically prescribed and directly used for
the treatment of COVID 19
Drugs for the treatment of COVID 19 approved by the FDA for use in clinical trials,
including raw materials directly necessary for the production of such drugs
Prescription drug and medicines for cancer, mental illness, tuberculosis and kidney
disease.
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
First Statement: Sale of precious metals to the BSP is exempt from the VAT. * 1 point
True; True
False; False
True; False
False; True
Gross estate within and outside of the Philippines of a decedent who was Chinese
and resident of the Philippines.
Net taxable estate within the Philippines of a decedent who was resident and citizen
of China.
Gross estate within the Philippines of a decedent who was resident and citizen of
China.
Net taxable estate within and outside of the Philippines of a decedent who was a
resident and citizen of China.
Resident of Japan and citizen of the United states of America, with reciprocity
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Which among the following lease of residential units is subject to the VAT * 1 point
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
A residential house and lot located in the City of Manila have the following * 1 point
fair market values:
The assessment levels are 20% for the lot and 50% on the house.
The real property taxes due and payable on the residential house and lot,
where the city of Manila is imposing the maximum basic real property tax
rate, is:
P 120,000
P 135,000
P 180,000
P 300,000
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Which of the following shall be allowed as deductions from gross sales? * 1 point
A. Sales returns and allowances for which a proper credit or refund was
made during the month or quarter to the buyer for sales previously recorded
as taxable sales
B. Discounts determined and granted at the time of sale, which are
previously indicated in the invoice, the amount thereof forming part of the
gross sales duly recorded in the books of accounts.
C. Sales discounts indicated in the invoice at the time of sale, the grant of
which is dependent upon the happening of a future event
A, B, and C
A and B
A and D
B and C
Ms. A operates a convenience store and also offers bookkeeping services * 1 point
to her clients. In 2018, her gross sales amounted to Php 1,200,000 and her
receipts from bookkeeping services amounted to Php 400,000. She
incurred cost of sales and operating expenses amounting to Php 700,000
and Php 300,000, respectively.
Her income tax liability for the year, if she signified her intention to be taxed
at 8% income tax rate in 1st quarter return is
Php 108,000
Php 128,000
Php 48,000
Php 28,000
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
If Ms. A opted to be taxed at 8% income tax rate of his gross sales of his
income from business, her tax due is
Php 292,800
Php 513,000
Php 293,000
Php 312,800
Which of the following government owned and controlled corporation shall * 1 point
pay such rate of tax upon their taxable income as imposed upon
corporations.
SSS
PAGCOR
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
ABC Corporation was dissolved and liquidating dividends were declared * 1 point
ABC Corporation should deduct a final tax of 10% from the dividends.
The stockholders should declare their gain from their investments and pay income
tax at ordinary rates.
MBG Corporation secured an income tax holiday for 5 years as a pioneer * 1 point
industry. On the fourth year of the tax holiday, MGC Corporation declared
and paid cash dividends to its stockholders, all of whom are individuals.
Are the dividends taxable?
The dividends are taxable if they exceeded 50% of MBG Corporation’s retained
earnings
The dividends are exempt if paid before the end of MGC Corporation fiscal year
The dividends are taxable, the tax exemption of MGC Corporation does not extend to
its stockholders
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Mr. Alas sells shoes in Makati through a retail store. He pays the VAT in his * 1 point
sales to the BIR and the municipal license tax based on the same gross
sales to the City of Makati. He comes to you for advice because he thinks
he is being subjected to double taxation. What advice will you give him?
Double taxation is allowed where one tax is imposed by the national government and
the other by the local government
Congress passed a sin tax law that increased the tax rates on cigarette by * 1 point
1,000%. The law was thought to be sufficient to drive many cigarettes
companies out of business, and was questioned in court by a cigarette
company that would go out of business because it would not be able to pay
the increased tax. The cigarette company is.
Wrong because the law recognizes that the power to tax is the power to destroy
The power of taxation may be exercised by the government, its political subdivision
and public utilities
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
The Philippines adopted the semi – global tax system, which means that * 1 point
All taxable incomes, regardless of the nature of income, are added together to
arrived at gross income, and all allowable deductions are deducted from the gross
income to arrive at the taxable income.
All income subject to final withholding taxes are liable to income tax under the
schedular tax system, while all ordinary income as well as income not subject to
final withholding taxes are liable to income tax under the global tax system
All taxable incomes are subject to final withholding taxes under the scheduler tax
system
All the taxable incomes from sources within is a resident of the Philippines are liable
to income tax
Which among the following taxpayers is required to used only the calendar * 1 point
year for tax purposes
Joint – stock company formed for the purpose of undertaking construction projects
Business partnership engaged in energy operations under a service contract with the
government
The proceeds received under a life insurance endowment contract is not * 1 point
considered part of gross income
Where the beneficiary was not the one who took out the endowment contract
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Which among the following concepts of taxation is the basis for the situs of * 1 point
income taxation
The ordinance is a “class legislation” since he it does not subject to occupation tax
the other accountants
The ordinance is valid exercise of the council’s power to enact laws to raise revenue
under the Local Government Code since the ordinance conforms to the uniformity
clause.
The government is said to be exempt from taxation. Which of the following * 1 point
is an exemption to this rule?
A contract entered into by the AFP and SM where SM furnishes the AFP with combat
boots
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Bad debt which have been ascertained to be worthless as it is very difficult collect
and the debtor has no more leviable properties
Cemetery company owned and operate exclusively for the benefit of its members
Contribution of the employer for the benefit of the employee to retirement, insurance
and hospitalization benefit plan
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Which of the following is not a condition imposed by the Constitution for * 1 point
the exercise of the power of eminent domain?
The consent of the owner of the private property to sell the same to the government.
A Filipino decedent died single (but head of family), leaving a family home
which consists of a piece of land that he inherited 3-1/2 years ago (with a
value at that time of P6,000,000) with a fair market value of P8,000,000 at
the time of his death, and a house thereon which he built at a cost of
P6,500,000, and a fair market value at the time of his death of P4,500,000.
Other properties in his gross estate have a fair market value of P5,500,000.
Unpaid obligations at the time of his death amounted to P3,000,000.
P2,000,000
P5,000,000
P4,000,000
P2,250,000
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
P4,500,000
P5,500,000
P10,000,000
P12,500,000
One of the following statements is correct. The donor’s tax return: * 1 point
Must be filed within thirty days after the end of the calendar year.
In the case of husband and wife making donations, one donor’s tax return shall be
filed and signed by either the husband or the wife.
On March 6, 2022, a Filipino citizen donated house and lot with fair market * 1 point
value of P500,000 to his illegitimate child on account of marriage on
January 1, 2022. Gift tax return was filed and tax paid on July 5, 2022.
The donor’s tax due, including increments, as of July 5, 2022 is
P15,000
P15,750
P19,500
P 23,250
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
P 580,000
P1,080,000
P1,450,000
P980,000
Taxpayer died February 2, 2021. No judicial proceedings were instituted for * 1 point
the settlement of his estate. Return was filed and tax of P60,000 was paid
May 2, 2022.
The estate tax due, including increments, as of May 2, 2022 is:
P78,000
P78,750
P93,000
P94,500
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
The tax credit for foreign donor’s tax paid is: * 1 point
P14,000
P25,000
P36,000
P39,000
Which of the following is not a sale and therefore is not subject to the * 1 point
value-added tax?
Consignment sales.
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
The value-added tax payable for Wonder Corp.’s calendar month ended * 1 point
January 31, 2022 is:
P50,500
P60,000
P64,900
P74,400
P84,000
P72,000
P60,000
P48,000
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
P12,000
P24,000
P26,000
None
P190,400
P192,000
P204,000
P260,400
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
P60,000
P50,000
P75,000
P54,000
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
Gloria invested P500,000 in the shares of stock of Tabako Corp. The * 1 point
corporation’s shares are listed and are traded in the local stock exchange.
Gloria sold the shares for P350,000 through the local stock exchange. The
percentage tax on the sale is:
P6,000
P3,500
P2,100
P1,750
First statement: The monthly percentage tax returns of taxpayers shall be * 1 point
filed, and taxes paid, not later than the 20th day following the end of the
month.
Second statement: With respect to taxpayers enrolled with EFPS, the
deadline for e-filing the monthly percentage tax return and e-paying the tax
thereon shall be 5 days later than that set in the first statement.
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
The income tax return of a parent includes the income of an unmarried * 1 point
child:
If the child is minor and the income was derived from property inherited by the child,
where the estate tax was paid.
If the child is minor and the income was derived from property received as gift from
a living parent, where the donor’s tax was not paid.
If the child is minor and the income was derived from property received as gift from
the living parent, where the donor’s tax was paid.
If the child is minor and the income was derived from his labor.
Aside from the ordinary corporate income tax of 30% (effective January 1, * 1 point
2022), what other tax may be imposed on corporations under the income
tax law?
All of these
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
A B
C D
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1/26/23, 5:20 PM [Diagnostic Exam] Advanced Studies in Taxation
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