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CHAPTER 1
1. A
Subject to business tax is P6,000,000. Only sales within are subject to business tax. Subject to income tax: Total sales (P6,000,000 + P4,000,000) Total cost of sales (P2,000,000 + P1,500,000) Gross income Subject to transfer tax (P3,000,000 + P2,000,000) P10,000,000 ( 3,500,000) P 6,500,000 P 5,000,000
Since the donor is a citizen, all of his properties donated within and without is subject to donors tax.
2. B
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
Subject to business tax is P6,000,000. Only sales within are subject to business tax.
Subject to income tax: Sales within Cost of sales within Gross income Subject to transfer tax (P3,000,000 + P2,000,000)
Since the donor is a citizen, all of his properties donated within and without is subject to donors tax. Problem 15 1. B 2. O 3. O 4. O 5. O Problem 16 Within Sales Gross income 1. 3,000,000 600,000 Without 2,000,000 400,000 Res. Citizen 3,000,000 1,000,000 Taxable Amount Res. Alien 3,000,000 600,000 Non-Res. Alien 3,000,000 600,000 6. B 7. B 8. O 9. T 10. T
Taxpayer is a resident citizen a. P1,000,000 = [P5,000,000 (P5,000,000/1.25)] b. P3,000,000 2. a. b. Taxpayer is a resident alien P600,000 = [P3,000,000 (P3,000,000/1.25)] P3,000,000
3.
Problem 18 1. Tax returns: a. BIR Form 2551 for business tax b. BIR Form 1701Q for quarterly income tax return c. BIR Form 1701 for annual income tax return 2. b. Dates of filing and payments: April 15, August 15, and November 15 for the first 3 quarters and April 15 of the following year for the annual tax return