NATIONAL COLLEGE OF BUSINESS AND ARTS

Cubao-Fairview-Taytay
FIRST SEMESTER SY 2015-2016
FINAL DEPARTMENTAL EXAMINATIONS 2 HRS
TAXATION 2 TRANSFER & BUSINESS TAX

INSTRUCTIONS: Select the correct answer for each of the following questions. Mark only one answer for
each item by shading the corresponding letter of your choice on the answer sheet provided. STRICTLY NO
ERASURES ALLOWED. Use Pencil No. 2 only.

1. Properties owned before marriage and brought into the marriage are generally classified as:
I. Exclusive properties under conjugal partnership of gains.
II. Common properties under absolute community of properties.
A. Only I is correct C. Both I and II are correct
B. Only II is correct D. Both I and II are incorrect

2. A resident alien donor donated to a Philippine domestic corporation a property located abroad valued at
P500,000. The foreign donor's tax on the donation was P100,000. A donation earlier within the same
calendar year was made to a legitimate daughter, property valued at P300,000. The donor's tax due on
the last donation after credit for foreign donor's tax paid is:
A. P50,000 B. P52,500 C. P56,000 D. P58,500

3. The excess of allowable deductions over gross income of the business in a taxable year is known as
A. Net operating loss. B. Ordinary loss. C. Net deductible loss. D. NOLCO

4. The following data pertain to the estate of a married decedent:

Conjugal real properties P5,000,000
Conjugal family home 2,000,000
Exclusive properties 2,500,000
Conjugal ordinary deductions:
Funeral expenses 250,000
Other deductions 1,300,000 1,550,000
Medical expenses 500,000
The taxable net estate is:

A. P3,750,000 B. P3,350,000 C. P2,750,000 D. P2,200,000

5. Which of the following excess input tax cannot be refunded or converted into tax credit certificate?
A. Input tax associated with sale of goods to Asian Development Bank.
B. Input tax associated with sale of goods to International Rice Research Institute.
C. Input tax associated with export sales of VAT-registered taxpayers.
D. Input tax associated with exports of non-VAT exporter.

6. The following data pertain to the estate of an unmarried but head of the family decedent:
Real and personal properties P5,000,000
Family home 800,000
Ordinary deductions:
Funeral expenses 200,000
Other deductions 1,300,000 1,500,000
Medical expenses 300,000
The taxable net estate is:

A. P3,000,000 B. P2,200,000 C. P3,200,000 D. P1,500,000

7. The proceeds received under a life insurance endowment contract is NOT considered part of gross
income:
A. If it is so stated in the life insurance endowment policy.
B. If the price for the endowment policy was not fully paid.
C. Where payment is made as a result of the death of the insured.
D. Where the beneficiary was not the one who took out the endowment contract.
TAXATION 2 TRANSFER & BUSINESS TAX
8. What is the effect on the tax liability of a taxpayer who does not protest an assessment for deficiency
taxes?
A. The taxpayer may appeal his liability to the CTA since the assessment is a final decision of the
Commissioner on the matter.
B. The BIR could already enforce the collection of the taxpayer’s liability if it could secure authority
from the CTA.
C. The taxpayer's liability becomes fixed and subject to collection as the assessment becomes final and
collectible.
D. The taxpayer's liability remains suspended for 180 days from the expiration of the period to protest.

9. As a general rule, within what period must a taxpayer elevate to the Court of Tax Appeals a denial of
his application for refund of income tax overpayment?
A. Within 30 days from receipt of the Commissioner's denial of his application for refund.
B. Within 30 days from receipt of the denial which must not exceed 2 years frompayment of income
tax.
C. Within 2 years from payment of the income taxes sought to be refunded.
D. Within 30 days from receipt of the denial or within two years from payment.

10. Conrad died on July 31, 2014. His estate tax return should be filed within:
A. Six months from filing of the notice of death.
B. Sixty days from the appointment of an administrator.
C. Six months from the time he died on July 31, 2014.
D. Sixty days from the time he died on July 31, 2014.

11. On March 30, 2010 Miguel Foods, Inc., received a notice of assessment and a letter of demand on its
April 15, 2007 final adjustment return from the BIR. Miguel Foods then filed a request for
reinvestigation together with the requisite supporting documents on April 25, 2010. On June 2, 2010,
the BIR issued a final assessment reducing the amount of the tax demanded. Since Miguel Foods was
satisfied with the reduction, it did not do anything anymore. On April 15, 2015 the BIR garnished the
corporation's bank deposits to answer for the tax liability. Was the BIR action proper?
A. Yes. The BIR has 5 years from the filing of the protest within which to collect.
B. Yes. The BIR has 5 years from the issuance of the final assessment within which to collect.
C. No. The taxpayer did not apply for a compromise.
D. No. Without the taxpayer's prior authority, the BIR action violated the Bank Deposit Secrecy Law.

12. Income is considered realized for tax purposes when:

A. It is recognized as revenue under accounting standards even if the law does not do so.
B. The taxpayer retires from the business without approval from the BIR.
C. The taxpayer has been paid and has received in cash or near cash the taxable income.
D. The earning process is complete or virtually complete and an exchange has takenplace.

13. Alain Descartes, a French citizen permanently residing in the Philippines, received several items during
the taxable year. Which among the following is NOT subject to Philippine income taxation?
A. Consultancy fees received for designing a computer program and installing the same in the
Shanghai facility of a Chinese firm.
B. Interests from his deposits in a local bank of foreign currency earned abroad converted to Philippine
pesos.
C. Dividends received from an American corporation which derived 60% of its annual gross receipts
from Philippine sources for the past 7 years.
D. Gains derived from the sale of his condominium unit located in The Fort, Taguig City, to another
resident alien.

14. Gian Carlo, a sole proprietor, buys and sells "kumot at kulambo" both of which are subject to value-
added tax. Since he is using the calendar year as his taxable year, his taxable quarters end on the last
day of March, June, September, and December. When should Gian Carlo file the VAT quarterly return
for his gross sales or receipts for the period of July 1 to September 30?
A. Within 25 days from September 30
B. Within 45 days from September 30
C. Within 15 days from September 30
D. Within 30 days from September 30

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15. What is the rule on the taxability of income that a government educational institution derives from its
school operations? Such income is:
A. Subject to 10% tax on its net taxable income as if it is a proprietary educational institution.
B. Exempt from income taxation if it is actually, directly, and exclusively used for educational
purposes.
C. Subject to the ordinary income tax rates with respect to incomes derived from educational activities.
D. Exempt from income taxation in the same manner as government-owned and controlled
corporations.

16. Exempted from donor's taxation are gifts made:

A. For the use of the barangay. C. To a school which is a stock corporation.
B. In consideration of marriage. D. To a for-profit government corporation.

17. In 2014, Juliet Vasquez earned P500,000 as income from her beauty parlor and received P250,000 as
Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000 for
the operation of her beauty parlor. For tax purposes, her gross income for 2014 is:
A. P750,000 B. P500,000 C. P350,000 D. P600,000

18. Passive income includes income derived from an activity in which the earner does not have any
substantial participation. This type of income is:
A. Usually subject to afinaltax. C. Taxable only if earned by a citizen.
B. Exempt from income taxation. D. Included in the income tax return.

19. On July 31, 2014, Esmeralda received a preliminary assessment notice from the BIR demanding that
she pays P180,000 deficiency income taxes on her 2012 income. How many days from July 31, 2014
should Esmeralda respond to the notice?
A. 180 days B. 30 days C. 60 days D. 15 days

20. Although the power of taxation is basically legislative in character, it is NOT the function of Congress
to:
A. Fix with certainty the amount of taxes. C. Identify who should collect the tax.
B. Collect the tax levied under the law. D. Determine who should be subject to the tax.

21. The actual effort exerted by the government to effect the exaction of what is due from the taxpayer is known
as:
A. Assessment B. Levy C. Payment D. Collection

22. Double taxation in its general sense means taxing the same subject twice during the same taxing
period. In this sense, double taxation:
A. Violates substantive due process.
B. Does not violate substantive due process.
C. Violates the right to equal protection.
D. Does not violate the right to equal protection.

23. In 2013, Marilou Inc.'s net profit before tax was P35 million while its operating expenses was P31
million. In 2014, its net profit before tax was P40 million and its operating expenses was P38 million. It
did not declare dividends for 2013 and 2014. And it has no proposed capital expenditures for 2015 and
the immediate future. May Marilou be subject to the improperly accumulated tax on its retained profits
for 2013 and 2014?
A. Yes, since the accumulated amounts are reasonable for operations in relation to what it usually
needed annually.
B. Yes, since the accumulation is not reasonably necessary for the immediate needs of the business.
C. No, because there is no showing that the taxpayer's 2013 and 2014 net profit before tax exceeded
its paid- up capital.
D. No, because the taxpayer is not shown to be a publicly-listed corporation, a bank, or an insurance
company.

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24. Max Corporation is registered under the laws of the Virgin Islands. It has extensive operations in
Southeast Asia. In the Philippines, its products are imported and sold at a mark-up by its exclusive
distributor, Kim's Trading, Inc. The BIR compiled a record of all the imports of Kim from Max and
imposed a tax on Max net income derived from its exports to Kim. Is the BIR correct?
A. Yes. Max is a non-resident foreign corporation engaged in trade or business in the Philippines.
B. No. The tax should have been computed on the basis of gross revenues and not net income.
C. No. Max is a non-resident foreign corporation not engaged in trade or business in the Philippines.
D. Yes. Max is doing business in the Philippines through its exclusive distributor, Kim’s Trading. Inc.

25. Hannah, a compensation income earner, filed her income tax return for the taxable year 2010 on March
30, 2011. On May 20, 2014, Hannah received an assessment notice and letter of demand covering the
taxable year 2010 but the postmark on the envelope shows April 10, 2014. Her return is not a false and
fraudulent return. Can Hannah raise the defense of prescription?
A. No. The 3 year prescriptive period started to run on April 15, 2011, hence, it has not yet expired on
April 10,2014.
B. Yes. The 3 year prescriptive period started to run on April 15, 2011, hence, it had already expired
by May 20, 2014.
C. No. The prescriptive period started to run on March 30, 2011, hence, the 3 year period expired on
April 10, 2014.
D. Yes. Since the 3-year prescriptive period started to run on March 30, 2011, it already expired by
May 20, 2014.

26. Spouses Helena and Federico wanted to donate a parcel of land to their son Dondon who is getting
married in December, 2014. The parcel of land has a zonal valuation of P420,000. What is the most
efficient mode of donating the property?
A. The spouses should first donate in 2014 a portion of the property valued at P20,000 then spread
the P400,000 equally for 2015, 2016, 2017 and 2018.
B. Spread the donation over a period of 5 years by the spouses donating P100,000 each year from
2014 to 2018.
C. The spouses should each donate a P110,000 portion of the value of the property in 2014 then each
should donate P100,000 in 2015.
D. The spouses should each donate a P100,000 portion of the value of the property in 2014, and
another P100,000 each in 2015. Then, in 2016, Helena should donate the remaining P20,000.

27. 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?
A. Power to destroy theory
B. Lifeblood theory
C. Sumptuary theory
D. Symbiotic doctrine

28. There is no taxable income until such income is recognized. Taxable income is recognized when the:
A. Taxpayer fails to include the income in his income tax return.
B. Income has been actually received in money or its equivalent.
C. Income has been received, either actually or constructively.
D. Transaction that is the source of the income is consummated.

29. As regards a revenue bill, which of the following is not correct?

A. The Senate may propose amendments if the bill originates from the House of Representatives.
B. The House of Representatives may propose amendments if the bill originates from the Senate.
C. The President may recommend a revenue bill to Congress.
D. A House of Representative version and a Senate version approved separately and then consolidated
with both houses approving the consolidated version.

30. The payor of passive income subject to final tax is required to withhold the tax from the payment due
the recipient. The withholding of the tax has the effect of:
A. A final settlement of the tax liability on the income.
B. A credit from the recipient's income tax liability.
C. Consummating the transaction resulting in an income.
D. A deduction in the recipient's income tax return.

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31. Statement 1 - The levying, imposition and collection of tax are legislative in character.
Statement 2 - The aspects of taxation are shared by the legislative and executive branches of the
government.
A. True, true B. True, false C. False, true D. False, false

32. This is an inherent limitation on the power of taxation:

A. The rule on taxation shall be uniform and equitable.
B. No law impairing the obligations of contracts shall be enacted.
C. Charitable institutions, churches, personages or convents appurtenants thereto, mosque and non-
profits cemeteries and all kinds of lands, buildings and improvements actually, directly and
exclusively used for religious or charitable purposes shall be exempt from taxation.
D. The tax laws cannot apply to the property of foreign governments.

33. Which of the following transactions is exempt from value-added-tax?

A. Sale of services subject to other percentage tax
B. Sale of work of art.
C. Sale of literary works.
D. Sale of musical composition.

34. An excise tax imposed on gratuitous transfers inter vivos:

A. Donor’s tax B. Estate tax C. Percentage tax D. VAT

35. Transfer tax is a tax imposed on the privilege to transfer property ownership
A. Through a will C. Inter vivos
B. Mortis causa D. Gratuitously

36. First Statement: No deduction shall be allowed in the case of non-resident decedent who is not a citizen
of the Philippines, unless the executor, administrator, or anyone of the heirs, as the case may be,
includes in the return required to be filed under the Tax code, the value at the time of the decedent’s
death of that part of his gross estate not situated in the Philippines.
Second Statement: Special deductions such as family home, standard deduction and medical expenses
shall not be allowed as deduction from the gross estate of non-resident aliens decedents.
A. Both statements are correct C. Only the first statement is correct
B. Bothe statements are incorrect D. Only the second statement is correct

37. Which statement is wrong? The donor’s tax:

A. is computed on the basis of the net gifts of a calendar year.
B. becomes proportionately bigger on later donations.
C. is computed separately for each spouse in case of a joint donation.
D. is computed and paid within thirty (30) days from the date of donation.

38. Ms. Marilyn Fractor made the following gifts in the year 2011:
_ Date__ ___ Donations______________
June 6, 2011 P50,000 to Jaimee, purely illegitimate daughter
celebrated on June 8, 2010. __________

August 11, 2011 A piece of jewelry purchased by Ms. Fractor

for P100,000 (but with a fair market value of
P150,000 at the time of donation) given to
her husband. _______________________

October 12, 2011 P50,000 to Maritz, her legitimate daughter,

on account of her marriage on
December 25, 2010. _________________

December 25, 2011 P20,000 cash donation to a non-profit

philanthropic organization. ___________

The total taxable net gifts of Ms. Fractor as of December 25, 2011 were:
A. P 200,000 C. P 90,000
B. P 140,000 D. Zero.

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39. On January 5, 2011, Marie Baltazar, resident donor, made the following donations:
a. To Dianne, recognized natural child, land in the Philippines valued at P310,000, on account of her
forthcoming marriage;
b. To Francisco, legitimate son, car in San Diego, California, USA valued at P500,000 (donor’s tax paid
in USA, P20,000).

For Philippine donor’s tax purposes, the donor’s tax due after tax credit shall be:
A. P 32,000. C. P 12,000
B. P 20,000. D. none.

40. Who of the following shall file a separate return?

I- Each spouse donating conjugal/community property
II- Co-owners donating co-ownership property
a. I only c. Neither I nor II
b. II only d. Both I and II

41. A resident citizen of the Philippines made the following donations on one date:
Donations on account of marriage:
To legitimate son P 100,000
To legitimate daughter and her
husband-to-be, on account of marriage 15,000
To a recognized natural son 30,000
To an adopted child 60,000
To an illegitimate daughter 40,000
To a sister 12,000
To a charitable institution 20,000
The deductions from gross estate is:
A. P67,500. C. P57,500.
B. P60,000. D. P30,000.

42. Since donation to a charitable institution has no ceiling as a deduction for donor’s tax purposes,
1st statement: The net gift will be zero, so that in computing the donor’s tax, the donation may be
omitted in deductions.
2nd statement: The gross gifts shall be reported and the deduction shall be claimed.
A. Both statements are true
B. Both statements are false
C. First statement is true while second statements is false
D. First statement is false while second statement is true

43. Karl sold his car to Liam for P200,000. Karl car cost P500,000, and had a fair value of P400,000 at the
time of sale. What was the tax consequence of the sale?
A. There was a taxable gift of P300,000
B. There was a taxable gift of P200,000
C. The transfer was for insufficient consideration, hence, not subject to donor’s tax
D. The transfer involved a personal property, hence, not subject to donor’s tax

44. Every donation or grant of gratuitous advantage, direct and indirect, between the spouses during the
marriage, shall be void, except;
A. moderate gifts which the spouses may give each other on the occasion of any family rejoicing.
B. donation mortis causa.
C. donation propter nuptias which are given before the marriage.
D. all the choices are correct exceptions.

45. Estate tax is:

A. A property tax.
B. A local tax.
C. An excise tax.
D. An indirect tax.

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46. “Bea”, at the time of retirement, had 1,000 pieces of merchandise which was deemed sold at a value of
P20,000.00 with an output tax of P2,400,00. After retirement, “Bea” sold to “Carol” 500 pieces of these
for P12,000.00. In the contract of sale or invoice, “Bea” stated the sales invoice number wherein the
output tax on “deemed sale” was imposed and the corresponding tax paid on the 500 pieces.
He prepared the following invoice:
Gross selling price P 10,800
VAT previously paid on “deemed sale”: 1,200
Total P 12,000
How much is the input tax of “Carol”?
A. P 2,400 C. P 1,000
B. P 1,200 D. None of the choices

47. For VAT purposes, the term “taxable quarter” shall mean:
A. calendar quarter whether the taxpayer uses fiscal or calendar quarter for income tax purposes.
B. fiscal quarter whether the taxpayer uses fiscal or calendar quarter for income tax purposes.
C. the quarter that is synchronized to the income tax quarter of the taxpayer.
D. none of the choices.

48. A VAT-registered trader made the following sales of goods during the second calendar quarter of the
current year:
Cash sales P 200,000
Open account sales 100,000
Installment sales (receipts, P40,000) 100,000
Consignment sales (not yet sold as of end of the
quarter):
June 15 100,000
May 15 100,000
April 15 100,000
How much is the output tax for the quarter using 12% VAT rate?
A. P60, 000 C. P40, 800
B. P48, 000 D. P24, 000

49. Hitachi Corporation is a Value-Added Tax registered dealer of appliances. The following data are for the
last quarter of the current year:
Sales, total invoice value P 6,921,600
Purchases, net of input taxes 5,500,000
Sales returns (based on total invoice value) 224,000
Purchases returns, net of input taxes 300,000
Deferred input taxes (carried over from the
third quarter of the current year) 9,500
How much is the value-added tax due for the last quarter of the current year using 12% VAT rate?
A. P 170,212.00
B. P 150,956.94
C. P 84,100.00
D. P72,100.00

50. The deductible funeral expenses shall be actual funeral expenses (whether paid or unpaid) up to the
time of interment, or an amount equal to 5% of the gross estate, whichever is lower, but in no case to
exceed:
A. P 100,000. C. P 500,000.
B. P 200,000. D. P 1,000,000.

51. The following are the requisites in order for claims against the decedent’s estate to be deductible,
except which one?
A. They must be existing against the estate.
B. They must be reasonably certain as to amount.
C. They must have been prescribed.
D. They must be enforced by the claimant.

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52. A VAT registered public works contractor has the following data for the second quarter of 2014 (VAT
exclusive):
Contract price (private sector clients) P5,000,000
Contract price (Government) 3,000,000
Collections from Government contracts subjected to 5% final withholding VAT 950,000
Collections from private sector clients 2,000,000
Purchases during the quarter (used on private sector clients contracts) 800,000
Payments for services of a VAT-registered sub-contractor (used in Government 400,000
contracts)
Purchases during the quarter (used in both private sector clients and Government 300,000
contracts)
The value-added taxes payable for the quarter on sales to the Government and sales to the private
sector clients are, respectively:

Government Private sector Government Private sector

A. P50,000 P120,000 C. P60,000 P120,000
B. P50,000 P121,500 D. P50,400 P121,500

53. A VAT-registered taxpayer engaged in the supply of services has the following data taken from its
books for the month of January 2011:
Accounts receivable, January 1, 2011 P 560,000
Sales on account for the month of January 1,000,000
Cash sales for the month of January 300,000
Accounts receivable, January 31, 2011 784,000
How much is the output tax for the month of January, 2011 using 12% VAT rate?
A. P 156,000 C. P 129,120
B. P 132,000 D. P 110,000

54. Which of the following transactions in the course of trade or business requires actual payment of VAT
before an input tax is allowed as tax credit from the output tax?
A. Purchase of services
B. Transactions deemed sale
C. Domestic purchase of goods for use as raw materials supplied in the sale of services
D. Domestic purchase of goods for use in trade or business for which deduction for depreciation or
amortization is allowed under the Tax Code

55. Which of the following input taxes shall not be credited against output taxes arising from sales to non-
government entities?
A. Input tax on purchase of real properties for which VAT has actually been paid
B. Input tax on purchase of service in which VAT has actually been paid
C. Transitional and presumptive input taxes
D. Input taxes that can be directly attributable to VAT taxable sales of goods and services to the
government or any of its political subdivisions, instrumentalities or agencies, including GOCCs

56. Presumptive input tax is equivalent to:

A. ten percent (10%) of the gross value in money of the purchases of primary agricultural products
used as inputs to the production.
B. five percent (5%) of the gross value in money of the purchases of primary agricultural products
used as inputs to the production.
C. four percent (4%) of the gross value in money of the purchases of primary agricultural products
used as inputs to the production.
D. two percent (2%) of the gross value in money of the purchases of primary agricultural products
used as input to the production.

57. When is the time for filling of the estate tax return?
A. Thirty (30) days from the decedent’s death
B. Two (2) months from the decedent’s death
C. Six (6) months from the decedent’s death
D. Two (2) years from the decedent’s death

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58. The following selected data were taken from the Estate of Eduard Santos:
Claim against an insolvent person (fully uncollectible) P 500,000
Claim against a person who absconded (fully uncollectible) 300,000
Claim against an insolvent person (20% collectible) 100,000

How much should be included in and deducted from the gross estate?
Amount to be included Amount to be deducted
A. P900, 000 P580,000
B. P900, 000 P880,000
C. P400, 000 P100,000
D. P100, 000 P 80,000

59. An unmarried decedent died leaving properties he inherited 4 ½ years ago which had fair market value
of P800,000 at the time of his death (P650,000 at the time of inheritance, and unpaid mortgage of
P50,000 paid by the present decedent). Other properties in his gross estate had fair market value of
P1,000,000. The total expenses, losses, indebtedness, taxes and transfer for public purpose amounted
to P300,000.
How much was the vanishing deduction?
A. P 500, 000 C. P 200,000
B. P 225, 000 D. P 100,000

60. The decedent is a married man with a surviving spouse with the following data:
Conjugal real properties P 5,000,000
Conjugal family home 1,500,000
Exclusive properties 2,500,000
Conjugal ordinary deductions
Funeral expenses P 200,000
Other deductions 1,000,000 1,200,000
Medical expenses 500,000
Additional information:
a. 20% of the funeral expenses were borne by the estate.
b. Other deductions includes P200,000 judicial expenses incurred to settle the conflicting claims of
the heirs
The taxable net estate is:
A. P 3,400,000. C. P 3,080,000.
B. P 3,200,000. D. P 2,750,000.

Estate Tax Table

Over But not over The tax shall be Plus over Of the excess
-0- 200,000 Exempt -0- -0-
200,000 500,000 -0- 5% 200,000
500,000 2,000,000 15,000 8% 500,000
2,000,000 5,000,000 135,000 11% 2,000,000
5,000,000 10,000,000 465,000 15% 5,000,000
10,000,000 And over 1,215,000 20% 10,000,000

Donor’s Tax Table

Over But not over The tax shall be Plus Of the Excess Over
- P100,000 Exempt
P100,000 200,000 0 2% P 100,000
200,000 500,000 2,000 4% 200,000
500,000 1,000,000 14,000 6% 500,000
1,000,000 3,000,000 44,000 8% 1,000,000
3,000,000 5,000,000 204,000 10% 3,000,000
5,000,000 10,000,000 404,000 12% 5,000,000
10,000,000 1,004,000 15% 10,000,000

- END -
God Bless!

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