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WorksheetsTaxation on Real Estate Developer, Real Estate Broker and Agents
Total questions: 15
Worksheet time: 5mins
1. ______________________ provides for the ff. withholding taxes on fees/income received by real estate service practitioners (i.e., real estate consultants, appraisers, and brokers).
a. Revenue Regulations No. 10-2013
b. Revenue Regulations No. 13-2010
c. Revenue Regulations No. 10-2010
d. Revenue Regulations No. 13-2013
2. _______% on professional fees of licensed real estate service practitioners if their gross income for the current year exceeds P720,000; otherwise ______%.
a. 10% and 15%
b. 15% and 12%
c. 12% and 15%
d. 15% and 10%
3. Republic Act 9649 is otherwise known as
a. Real Estate Service Action
b. Real Estate Service Accountability
c. Real Estate Service Act
d. Real Estate Service Amendment
4. Real Property Tax or RPT is imposed by the _________________
a. Local Government Unit
b. The Bureau of Internal Revenue
c. The Land Registration Authority
d. The Registry of Deeds
5. The Documentary Stamp Tax or DST is _________% or P_____, for every P1,000.00 of the property’s selling price, zonal value, or fair market value, whichever is higher.
a. 1.5% or P150.00
b. 1.5% or P15.00
c. 15% or P1,500.00
d. 15% or P1,000.00
6. The Capital Gains Tax Return (BIR Form No. 1706) shall be filed and paid within _________ days following the sale, exchange or disposition of real property, with any Authorized Agent Bank (AAB) or Revenue Collection Officer (RCO) of the Revenue District Office (RDO) having jurisdiction over the place where the property being transferred is located
a. 45 days
b. 30 days
c. 60 days
d. 120 days
7. Filing and payment of CGT, EWT and DST may also be made using the electronic filing and payment facilities or the BIR (i.e., EFPS/eBIRForms and G-cash, credit, debit card/prepaid card).
a. True
b. False
8. The form to be used in filing capital gain tax is _______. It should be in ______\copies.
a. 1706 ; 3 copies
b. 1707 ; 3 copies
c. 1706 ; 4 copies
d. 1707 ; 4 copies
9. Who are considered habitually engaged in the real estate business?
a. Real estate dealers or real estate developers who are registered with the Housing and Land Use Regulatory Board (HLURB) or HUDCC
b. During the preceding year of at least six (6) taxable real estate sale transactions are made
c. All of the Above
10. What is the basis in the valuation of real property?
a. The value of the real property will be based on the selling price, fair market value or zonal value as determined by the Commissioner of Internal Revenue or the fair market value as shown in the schedule of values of the Provincial or City Assessor, whichever is lower
b. The value of the real property will be based on the selling price, fair market value or zonal value as determined by the Commissioner of Internal Revenue or the fair market value as shown in the schedule of values of the Provincial or City Assessor, whichever is higher
c. The value of the real property will be based on the selling price, fair market value or zonal value as determined by the Commissioner of Internal Revenue or the fair market value as shown in the schedule of values of the Provincial or City Assessor, the average of three values
d. None of the Above
11. Ordinary assets shall refer to all real properties specially excluded from the
a. Stock in the trade of a taxpayer or other real property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year
b. Real property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business
c. Real property used in trade or business
d. All of the Above
12. It refer to any person engaged in the business of buying and selling or exchanging real properties on his own account as a principal and holding himself out as a full or part-time dealer in real estate.
a. Real Estate Dealer
b. Real Estate Developer
c. Real Estate Lessor
d. Real Estate Agent
13. It shall refer to any person engaged in the business of developing real properties into subdivisions, or building houses on subdivided lots, or constructing residential or commercial units for his own account and offering them for sale or lease.
a. Real Estate Dealer
b. Real Estate Developer
c. Real Estate Lessor
d. Real Estate Agent
14. It shall refer to any person engaged in the business of leasing or renting real properties on his own account as a principal and holding himself out as a lessor of real properties being rented our or offered for rent.
a. Real Estate Dealer
b. Real Estate Developer
c. Real Estate Lessor
d. Real Estate Agent
14. In the case of subsequent non-operation by taxpayers originally registered to be engaged in the real estate business, all real properties originally acquired by it shall continue to be treated as ordinary assets.
a. True
b. False
