QUIZ CORPO

1. Statement 1: Government owned and controlled corporation are taxable on their income as such

Statement 2: SSS, a GOCC, is tax exempt on its income as such

• a. Both Statements are true

  
  

• b. Both Statements are false

  
  

• c. Only Statement 1 is true 

  
  

• d. Only Statement 2 is true

2. Means all wealth which flows into the taxpayer other than as a mere return of capital

• a. Revenue

  
  

• b. Income

  
  

•  c. Gross Income

  
  

• d. All of the above

  
  

3. Which of the ff. may be an item of deduction from gross income but NOT as a regular itemized deduction?

• a. Transportation and communication expense

  
  

• b. Professional Fees

  
  

• c. Senior Citizen discount

  
  

• d. Amortization of Prepayments

4. How much entertainment, amusement and recreation expense should be allowed as deduction from gross income?

• a. Actual amount

• b. 1/2% of net sales or 1% of net revenue as the case may be

  
  

• c. Higher between a or b

  
  

• d. Lower between a or b

5. Under the law, a duly-registered cooperative is exempt from income tax but is taxable on unrelated activities. It is also mandated to appropriate certain portions of its net surplus for specific funds. In case a cooperative is taxable on its unrelated activities, which of the following appropriations may be deductible from its taxable gross income?

• a. Education & Training Fund

  
  

•  b. Community and development fund

  
  

• c. Reserve Fund

  
  

• d. Optional Land and Building Fund

  
  

6. An additional deduction of ½ of the value of labor training expenses incurred for skills development of enterprise-based trainees, with certain conditions, shall be allowed as deduction from gross income.

What is the maximum amount of additional deduction that can be claimed?

• a. ½ of the actual value of the labor training expenses

  
  

• b. The actual value of the labor training expenses

• c. 5% of the actual direct labor wage

• d. 10% of the actual direct labor wage

  
  

7. The OSD of corporations under the cash basis is based on

• a. Gross sales

• b. Gross receipts

• c. Gross income from operations

• d. Total gross income

1. Statement 1: Domestic Corporations are subject to either 20% or 25% regular corporate income tax.

Statement 2: The 20% corporate income tax cannot apply if the gross profit exceeds P 5,000,000

• a. Both Statements are true 

• b. Both Statements are false

• c. Only Statement 1 is true

• d. Only Statement 2 is true

2. Which of the ff. is filed on or before 10th of the ff. Month?

• a. 1601 C 

• b. 1604 E

• c. 1604 C

• d. 1702 Q

3. Which is considered Medium Group of Taxpayer under EOPT?

• a. Gross Sales of 3M

• b. Gross Sales of 3.1M

• c. Gross Sales of 20M

• d. Gross Sales of 1B