WorksheetsPrelim Exam - Taxation
Total questions: 25
Worksheet time: 8mins
(a) may take effect at the
time of death of the donor or during the lifetime of both
the donor and the donce.
Which theory in taxation states that without taxes, a government
would be paralyzed for lack of power to activate and operate it,
resulting in its destruction?
Power to destroy theory
Sumptuary theory
Lifeblood theory
Symbiotic doctrine
This amount shall be allowed as an additional deduction without need of substantiation.
(a)
An example of a tax where the concept of progressivity finds
application is the
Amusement tax on boxing exhibitions.
Income tax on individuals.
Excise tax on petroleum products.
Value-added tax on certain articles.
(a) refers to expenses of testamentary or intestate proceeding for the beneficiary of the estate, incurred in the inventory of taking assets comprising the gross estate.
Which of the following statements relative to donor’s tax is
false?
The spouses shall file separate donor’s tax returns where
the thing donated is common property.
Each parent shall be entitled to the P10,000 exemption on account of marriage of a child.
Exemptions and deductions cannot be claimed where the 30%
tax rate on stranger is applicable.
None of the foregoing.
(a) The tax code excludes "Intangible" personal property with sirus in the Philippines from the gross estate of a non-resident alien.
Which of the following is not a part of the gross estate?
Conjugal property
Community property
Exclusive property of the decedent
Exclusive property of the surviving spouse
(a) refers to the right to designate the person or persons who will succeed to the property of the prior decedent, and it may be general or specific.
When the payment of estate tax will cause undue hardship upon the
heirs or the estate which is undergoing judicial settlement before
the court, the BIR Commissioner may grant an extension for a
period not exceeding:
1 year
2 years
3 years
4 years
5 years
(a) One entirely written dated and signed in the very handwriting of the testator himself and is subject to no required form, and may be made in or out of the Philippines, and be made without a witness.
A subdivision developer sold five (5) residential house and lots,
each to different vendees, for P3,000,000 per lot, or a total
sales of P15,000,000 for the taxable period. These sales shall be classified as:
12% VAT transactions
0% VAT transactions
VAT exempt transactions
None of the foregoing
(a) those who succeed by force of law to some portion of the inheritance, in an amount predetermined by law, known as the legitime. They succeed whether the testator likes it or not. They cannot be deprived by the testator of their legitime except by disinheritance properly effected.
What institution is required to deduct and withhold a final VAT of
5% on the purchase of goods or services subject to VAT?
National government or any political subdivision thereof
Government-owned or controlled corporations
Both (a) and (b)
Neither (a) nor (b)
Passive income includes income derived from an activity in which
the earner does not have any substantial participation. This type
of income is
Usually subject to a final tax.
Exempt from income taxation.
Taxable only if earned by a citizen.
Included in the income tax return.
(a) those who succeed together with the primary or secondary
compulsory heirs; e.g. illegitimate children and descendants and surviving
spouse
Who among the following taxpayers may not claim a tax credit or
deduction on income tax paid to foreign countries?
Resident citizens
Domestic corporations
Resident aliens
General Co-Partnerships
is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
(a)
Which of the following assets shall be subject to depletion?
Machinery
Land containing ore deposit
Commercial
Goodwill
is an expense of a business (cash outflow) levied by the government that represents a country's main source of income
(a)
(a) are immovable properties such as land, building, or any structure or even equipment permanently attached to the land.
Taxation could be exercise by the following except one. Which one?
Judiciary
Legislative
Local government unit
President of the Philippines, in certain cases.
The following are among the constitutional limitation on the power
of taxation. Which one is not?
Due process clause
Non-impairment clause
Equal protection clause
No imprisonment for non-payment of tax
Which of the following is not a direct tax?
Immigration tax
Transfer tax
Income tax
Contractor’s tax (Now VAT)
Who makes revenue regulations?
Secretary of Finance
Commissioner of BIR
Board of Accountancy
House of Reperesentatives
