# Taxation Enhancement Exercises

13

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### EXERCISES

BASIC PRINCIPLES OF TAXATION

1. Which is not a characteristic of o!er of Ta"ation# a. Po!er co\$e"ists !ith the e"istence of the state %. It is a%so&'te&( &e)is&ati*e in character

c. It is s'%+ect to inherent &iitations

-. It is s'%+ect to &iitations fo'n- in the 1/0 Constit'tion

. Which of the fo&&o!in) stateents is correct#

a. Ta" &a! is sti&& *a&i- !hen its theor( 'roses an-%asis are

-isre)ar-e-%. There can %e ta" e"etion so&e&( on the )ro'n-of e2'it(

c. 3e*(in) or iosition of ta"es is 4no!n as ta" a-inistration

-. The o!er to ta" )enera&&( inc&'-es the o!er to -estro(

5. One is not aon) the canons of ta"ation6 a. 7isca& a-e2'ac(

%. Pro)ressi*e ta"ation s(ste c. A-inistrati*e feasi%i&it( -. E2'a&it( in ta"ation

8. As to s'%+ect atter, co'nit( ta" is6 a. Persona& ta" c. A-*a&ore ta" %. Direct ta" -. 3oca& ta"

9. One of the fo&&o!in) is not a *a&i- constit'tiona& &iitations on the o!er of ta"ation6

a. Non aroriation for re&i)io's 'roses

%. Non iairent of +'ris-iction of Co'rt of Ta" Aea&s in Ta" cases

c. Non irisonent for nona(ent of o&& ta" -. D'e rocess of &a! an- e2'a& rotection of &a! :. One of the fo&&o!in) *io&ates the inherent &iitation on

the o!er of ta"ation6

a. S'&ier of schoo&s s'&ies for Deartent of  E-'cation shifte- the ;AT a4in) the )o*ernent an in-irect ta"a(er of ;AT

%. A re*en'e re)'&ation !as iss'e- %( Deartent of  7inance to aen- ista4e in a ta" &a!

c. Incoe of <S )o*ernent in the Phi&iines is not s'%+ecte- to incoe ta"ation

-. Non\$resi-ent citi=en a%roa- are ta"a%&e fro !ithin on&(.

0. A. Co'rts can re*ie! or in2'ire in to the !is-o or a-*isa%i&it( of a ta" 'n-er Po!er of >'-icia& Re*ie! in Ta"ation.

?. O'r constit'tion -oes not contain an( ro*ision )rantin) ta" e"etion to the )o*ernent.

a. Tr'e6 Tr'e c. 7a&se@ Tr'e %. 7a&se@ 7a&se -. Tr'e@ 7a&se

/. 1st Stateent To %e e"et fro ta"ation 'n-er the

Constit'tion &  %'i&-in)s 'st %e e"c&'si*e&( an-act'a&&( 'se- for re&i)io's, e-'cationa& or charita%&e 'rose, e*en if not -irect&(.

n- Stateent E"etions of non\$rofit schoo&s are

on&( &iite- to re*en'e an- assets -eri*e- fro strict&( schoo& oerations.

a. Tr'e, Tr'e c. 7a&se, Tr'e %. 7a&se, 7a&se -. Tr'e, 7a&se

. O'r ta" &a!s are %oth6

a. Pro)ressi*e an- rosecti*e

%. Ci*i& an- rosecti*e c. Pena& an- re)'&ator( -. Persona& an- re)'&ator(

1B. 1st Stateent  Ta" iose- o'tsi-e the sit's of

Ta"ation is *oi-.

n- Stateent  Internationa& Coit( is an e"cetion

to the territoria&it( -octrine. a. Tr'e@ 7a&se

%. 7a&se@ Tr'e c. Tr'e@ Tr'e -. 7a&se@ 7a&se

11. Which is not a characteristic of states o!er of ta"# a. It is %ase- on the ta"a(ers a%i&it( to a( 

%enefits

recei*e-%. It is &e)is&ati*e in character c. It is an inherent o!er

-. It is &iite- %( constit'tiona& an- inherent &iitations

1. In case of conf&ict %et!een the ta" co-e an- )enera&&( accete- acco'ntin) rinci&es FAAPG6

a.?oth ta" co-es an- FAAP sha&& %e enforce-@ %.FAAP sha&& re*ai& o*er ta" co-e@

c. Ta" co-e sha&& re*ai& o*er FAAP@

-.The iss'e sha&& %e reso&*e- %( the co'rts. 15. Which of the fo&&o!in) stateents is not correct#

a. Ta"es a( %e iose- to raise re*en'es or to re)'&ate certain acti*ities !ithin the state@

%. The state can ha*e the o!er of ta"ation e*en if  the Constit'tion -oes not e"ress&( )i*e it the o!er to ta"@

c. 7or the e"ercise of the o!er of ta"ation, the state can ta" an(thin) at an( tie@

-. The ro*isions of ta"ation in the Phi&iines Constit'tion are )rants of o!er an- not &iitations on ta"in) o!ers.

18. 1st Stateent  Ta" e"etions are strict&(

constr'e-a)ainst the )o*ernent.

n-  Stateent  When the ta" &a! is not c&ear

an-there is -o'%t !hether he is ta"a%&e or not, the -o'%t sha&& %e sett&e- a)ainst the )o*ernent.

a. On&( the first stateent is correct. %. On&( the secon- stateent is correct. c. ?oth stateents are correct.

-. ?oth stateents are incorrect.

19. One of the is not an essentia& characteristic of ta"6 a. Fenera&&( a(a%&e in one(

%. Man-ator( in character c. Proortionate %'r-en

-. Iose- on ersons or roerties

1:. The resent Phi&iine ?'-)et -eficit is a *io&ation of  !hat rinci&e6

a. A-inistrati*e feasi%i&it( an- co&iance %. Theoretica& +'stice or e2'a&it(

c. 7isca& a-e2'ac(

-. Consistenc( !ith econoic )oo-s

INCOME TAXATION

10. Which is not a correct rinci&e of in-i*i-'a& incoe ta"ation#

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a. Resi-ent 7i&iino citi=ens are ta"a%&e on a&& incoe fro so'rces !ithin  !itho't

%. Non\$resi-ent citi=ens are ta"a%&e on&( on incoe fro so'rces !ithin

c. O*erseas contract !or4ers are ta"a%&e on&( on incoe fro so'rces !itho't the Phi&iines

-. An a&ien in-i*i-'a& !hether resi-ent or not of the Phi&iines is ta"a%&e on&( on incoe fro !ithin 1/. Which is not a correct rinci&e of cororate incoe

ta"ation

a. Doestic Cororations are ta"a%&e on a&& incoe fro !ithin  !itho't

%. Resi-ent Cororations an- non\$resi-ent cororations are ta"a%&e on a&& their incoe fro Phi&iine

c. 7orei)n Cor. are s'%+ect to 19 on their reittance to their hea- office

a%roa--. Non\$ resi-ent Cor. are not co*ere- %( the r'&e on MCIT

1. On No*e%er /, B1, Mr.  Mrs. To&entino so&- their rincia& resi-ence in Ma4ati for P1B, BBB,BBB. The fo&&o!in) 'st %e et in or-er that the caita& )ains res'e- to ha*e %een rea&i=e- fro s'ch sa&e a( not %e s'%+ect to caita& ) ains ta", e"cet6

a. The( 'st 'se the rocee-s of the sai- sa&e to ac2'ire or constr'ct a ne! rincia& resi-ence !ithin  (ears fro -ate of sa&e.

%. The( 'st infor the ?IR of that intention !ithin 5B -a(s fro the -ate of sa&e

c. The( can on&( a*ai& of the sai- ri*i&e)e once e*er( ten 1BG (ears.

-. The historica& cost or a-+'ste- %asis of the rea& roert( so&- sha&& %e carrie- to the ne! rincia& resi-ence %'i&t or

ac2'ire-B. Which is an incorrect rinci&e a%o't !ithho&-in) ta"es#

a. Ret'rna%&e incoe are incoe 's'a&&( s'%+ect to cre-ita%&e !ithho&-in) ta"

%. Passi*e incoe are s'%+ect to fina& non cre-ita%&e !ithho&-in) ta"

c. Secia& incoe &i4e incoe s'%+ect to CFT are a&so s'%+ect to fina& non cre-ita%&e !ithho&-in) ta" -. 7rin)e %enefits are s'%+ect to fina& non cre-ita%&e

!ithho&-in) ta"

1. The fo&&o!in) e"enses are not a&&o!e- as -e-'ctions fro )ross incoe e"cet6

a. Persona&, &i*in) or fai&( e"enses

%. Ao'nts ai- o't for ne! %'i&-in)s or for eranent iro*eents or %etterents a-e to increase the *a&'e of the roert(

c. Ao'nts e"an-e- in restorin) a roert(

-. Prei's ai- %( a cororation or an( &ife ins'rance o&ic( co*erin) the &ife of an( of its officers or e&o(ees

. 1st Stateent\$ Mr. Y', Chinese, is a resi-ent ana)er

of China Internationa& ?an4, a Chinese ?an4 !ith an offshore %an4in) 'nit in the Phi&iines. His sa&ar( in the Phi&iines fro the sai- 'nit is s'%+ect to 19 fina& ta". If 7i&iino is e&o(e- as a ana)er for the aforeentione- osition, he !i&& %e ta"e- %ase- on the 9\$5 sche-'&ar ta" rates a'toatica&&(.

n- Stateent\$ A forei)n cororation !ith a %ranch

office in the Phi&iines e&o(e- Mr. X, a ?ritish as its e"ec'ti*e to s'er*ise the coan(s oeration. He sta(e- in the Phi&iines for 8 onths in the (ear BB/. Then &eft a%roa-. His sa&ar( in the Phi&iines fro the sai- cororation !i&& %e ta"e- at 9. If a 7i&iino occ'ies the sai- osition, he !i&& %e ta"e-%ase- on the 9\$5, sche-'&ar ta" rates6

a. Tr'e@ Tr'e c. Tr'e@ 7a&se %. 7a&se@ 7a&se -. 7a&se@ Tr'e

5. RENO ha- the fo&&o!in) transactions6

B11\$ Ta"a%&e incoe fro her %'siness P B,BBB Di*i-en-s recei*e-6

7ro resi-ent cor. 5,BBB 7ro non\$resi-ent cor. 1,BBB Interest fro %an4 -eosits 1B.BBB Interest fro tra-e recei*a%&es 8,BBB Caita& )ains on assets he&- for /

os.

58,BBB Caita& &oss on assets he&- for 1

os.

0B,BBB B1\$ Ta"a%&e incoe fro %'siness 18B,BBB

Caita& )ains on caita& assets he&- for 15 os.

5B,BBB Caita& &oss on assets he&- for 0

os.

:,BBB Ao'nt recei*e- as &i2'i-atin)

-i*i-en-s

19B,BBB Cost  1BB, BBBG he&- for 1

os.

The ta"a%&e Incoe %efore ersona& e"etion in B1 is6

a. P:, BBB c. P0, BBB %. P01, BBB -. P18:, BBB

8. If the ta"a(er is a cororation, the ta"a%&e incoe in B1B is6

a. P 0/, BBB c. P /:, BBB %. P 18,BBB -. P 8, BBB

9. The fo&&o!in) inforation are fro the recor- of  Centra& Min-anao <ni*ersit( Inc., a rorietar( e-'cationa& instit'tion, for fisca& (ear en-e- March 51, B16

Incoe6 T'ition fees P9,BBB,BBB Misce&&aneo's fees ,9BB,BBB Incoe fro renta& 19B,BBB Net Incoe, canteen 59B,BBB Intercororate -i*i-en-s 09B,BBB Interest on tie -eosit 1BB,BBB E"enses6 Fenera&  A-inistrati*e

e"enses

1, 9BB,BBB Interest e"enses, %an4

&oan

9B,BBB Dereciation, for the (ear of ne! %&-). costin) 1M

Co&ete- of : os. a)o est. 'sef'& &ife of B (rs.G 9B,BBB The incoe ta" -'e of the cororation for the fisca& (ear is if it ots to c&ai -ereciation e"ense fro the ne! %'i&-in) is6

a. P:8:, :BB c. P01, 8BB %. P:8:, 0BB -. P:89,/BB

:. The fo&&o!in) frin)e %enefits are not ta"a%&e e"cet6 a. Those !hich are a'thori=e- an- e"ete- 'n-er

secia& &a!s

%. Contri%'tions of the e&o(er for the %enefit of the e&o(ee to retireent, ins'rance, hosita&i=ation, %enefit &ans, ho&i-a( an- *acation e"enses

c. Those %enefits )i*en to ran4 an- fi&e e&o(ees -. De iniis %enefits

0. A&& of the fo&&o!in) frin)e %enefits are not ta"a%&e e"cet6

a. De iniis %enefits

%. ?enefits )i*en to c&er4 of the coan(

c. Those a'thori=e- an- e"ete- 'n-er contract'a& a)reeents

-. Contri%'tions of the e&o(er for the %enefit of the e&o(ee to retireent, ins'rance an-hosita&i=ation

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/. Tar=an Cororation a-e the fo&&o!in) a(ents for the 1st 2'arter of B1. In %eha&f of ;ice Presi-ent To E*er S'erar4et, )roceries cons'e- %( the officers fai&(JP1BB,BBB

To Ateneo -e Da*ao, t'ition of E;PS (o'n)est son one of Coan(s scho&ars chosen after assin) the Coan(s 2'a&if(in) e"ainationGJP9B,BBB

?ran- ne! car &ease- fro rent\$a\$car for 'se of the officer 2'arter&( renta&GJP89,BBB

The frin)e %enefit ta" for the 2'arter is6 a. P:B, 55: c. P/:, 18 %. P90, :80 -. P09, 11

. Mr. Masa(a,arrie-, s'ortin) his inor son has the fo&&o!in) -ata for the (ear B16

Fross rofessiona& incoe, net of 1B

!Kta" P:5B,BBB

?ro4ers Coission, net of 9 !ithho&-in) ta"

P 9,BBB Other Incoe, net of 1B !ithho&-in)

ta" B,BBB

De-'ctions c&aie-6

Sa&aries of staff, net P9, BBB

!ithho&-in) ta" 9B,BBB A-*ertisin) e"enses 5,BBB ?a- -e%t P, 9BB act'a&&( !ritten off G 8,BBB Cost of office e2'ient 'rchase- on

Ari& 1, B1 'sef'& &ife, 9(earsG

1B,BBB 7ire ins'rance rei' on office

e2'ient for One (ear ai- on

A')'st 1, B1 1,9BB Rent of office sace for  (rs. at

P1B,BBB er onth Pai- on 7e%r'ar(

1,B1 8B,BBB

Tra*e&in) e"ense %'siness tri 9B

on&(G 1BB,BBB

Charita%&e contri%'tion to re&i)io's

cor. 1BB,BBB

<sin) itei=e- -e-'ction, the ta"a%&e incoe is6 a. P8:B, /09 c. P55,0/0

%. P818, 0/0 -. P000, BBB

5B. <sin) otiona& stan-ar- -e-'ction, the ta"a%&e incoe is6

a. P P8:B, /09 c. P8:9,BBB %. P818, 0/0 -. P000, BBB 51. A&& are e"ete- fro IAE ta" e"cet6

a. ?an4s an- non\$%an4in) financia& instit'tions %. 3ife ins'rance coanies

c. Pri*ate e-'cationa& Instit'tions -. Ta"a%&e artnershi

5. A&& are e"et fro MCIT e"cet6

a. Hosita&s c. offshore %an4in) 'nits %. Internationa& Carriers -. resi-ent forei)n cors. 55. STARL Cor. ro*i-e- the fo&&o!in) -ata for ta"a%&e

(ear B16

Phi&iines A%roa-Fross Incoe P1M PM   A&&o!ance -e-'ctions PBB,BBB P5BB, BBB

Intercororate -i*i-en-s P1BB,BBB

Sa&e of rea& roert( in the Phi&iines he&- as caita& asset in the Phi&iines !as P1, BB,BBB costs P/BB, BBB %'t !ith a =ona& *a&'e P1, 5BB,BBB.

If the Cor. is a -oestic cororation, its tota& ta" &ia%i&it( is

a. P/0/, BBB c. P/BB, BBB %. P/, BBB -. P//,BBB

58. If the cororation is a resi-ent cororation an- it reitte- 9B of its net rofit to its hea- office a%roa-, tota& ta"es &ia%i&it( is6

a. P5/8, BBB c. P:, /BB %. P9:, BBB -. P85,BBB

59. If ho!e*er it is non\$ resi-ent cororation, its tota& ta" &ia%i&it( is6

a. P5/8, BBB c. P8:5, BBB %. P9:, BBB -. P859,BBB

5:. It is a contract for sa&e of shares of stoc4s, !hich the se&&er -oes not o!n (et an- s'%+ect to -e&i*er( on&( in the f't're. It is rohi%ite- sa&es 'n&ess a-e %( -ea&ers in sec'rities6

a. Wash sa&e c. Stoc4 sa&e %. Short sa&e -. Short ter sa&e

50. A sit'ation !herein e2'i*a&ent stoc4 is 'rchase-!ithin 5B -a(s %efore or thirt( -a(s after the -ate of  sa&e 4no!n as :B -a( erio-. 3osses are not -e-'cti%&e %'t )ains are ta"a%&e

a. Wash sa&e c. Stoc4 sa&e %. Short sa&e -. Short ter sa&e 5/. A&& are consi-ere- &ar)e ta"a(ers e"cet one6

a. ?'siness esta%&ishent !ith ;AT ai- or a(a%&e of  at &east P1BB, BBB for the rece-in) ta"a%&e 2'arter.

%. Cororate incoe ta" ai- or a(a%&e of at &east P1M for the rece-in) ta"a%&e (ear

c. E"cise ta" ai- or a(a%&e of at &east P1M for the rece-in) ta"a%&e (ear

-. Withho&-in) ta" a(ent or reittance !as &ess than P1M for the rece-in) ta"a%&e (ear.

5. Case 16 Mr. Raos inherite- fro his arents &ar)e arce&s of 'n-e*e&oe- &an- ac2'ire- %( the (ears a)o !ith tota& cost of P9BB,BBB. Mr. Raos no! se&&s a&& of these arce&s for PM. Ho! 'ch )ain sho'&- Mr. Raos reort for incoe ta" 'ro ses#

Case 2 6 S'ose that !hen Mr. Raos inherite- these arce&s of &an-, the( !ere a&rea-( -e*e&oe- rea& estate s'%-i*isions !ith sa&& &ots %ein) so&- on insta&&ent %ases. He no! se&&s a&& these arce&s for P8M. Ho! 'ch )ain sho'&- %e reorte- %( Mr. Raos for incoe ta" 'roses#

Answer to Case 16 None %eca'se the roerties are caita& assets an- the transaction is s'%+ect to caita& )ains ta" an- not %asic incoe ta".

Answer to Case 26 Mr. Raos sho'&- reort )ains fro the sa&e ao'ntin) to P5.9M %eca'se the roerties so&- are or-inar( assets. The transaction is s'%+ect to incoe ta".

a. ?oth ans!ers are correct %. ?oth ans!ers are !ron)

c. Ans!er to Case 1 !ron), ans!er to Case  correct -. Ans!er to Case 1 correct, ans!er to Case  !ron) 8B. RICO, an officia& of A?C Cororation as4e- for an

ear&ier retireent %eca'se he !as ei)ratin) to Cana-a, he !as ai- PM searation a( in reco)nition of his *a&'a%&e ser*ices to the cororation &'s PBB, BBB 15th onth a(. >e44(, another officia& !as

searate- for his fai&in) e(esi)ht. He !as )i*en P1M searation a(. >'an !as searate- for occ'(in) a re-'n-ant osition. He !as )i*en P9BB, BBB searation a(. ?en+ie ote- to retire at 99 (ears o&-. After !or4in) for 1B (ears in the sae coan(. He recei*e- P1M. A&& of the e"cet ?en+ie !ere not 2'a&ifie- to retire 'n-er the ?IR aro*e- ension &an.

The tota& incoe s'%+ect to !ithho&-in) ta" on the a%o*e a(ent is6

a. P, BB,BBB c. P5, BBB,BBB %. P, 10B,BBB -. P8, BBB,BBB

(5)

81. On >an'ar( 1, B1B, &essor &ease- a &ot !ith a %'i&-in) thereon for a erio- of 1B (ears. It !as a)ree- that the &essee !i&& a( the fo&&o!in)6

a. Rent of P8B,BBB er (ear

%. 7ire ins'rance rei' in the %'i&-in) of   P1:,BBBK(ear

c. Rea& roert( ta" of P1B,BBBK(ear

3essee !i&& a&so constr'ct a !areho'se on the &an-at a cost of P5,:BB,BBB !ith a 'sef'& &ife of 1B (ears co&ete- on >'ne 5B, B1, !hich sha&& %e&on) to the &essor at the en- of the &ease.

The &essor sha&& reort for (ear B1 as incoe fro &ease the tota& ao'nt of6

a. P55:,BBB c. P5:,BBB %. P5::,BBB -. P1,:,BBB

8. ?ase- on the a%o*e ro%&e the &essee can -e-'ct the tota& renta& e"enses of6

a. P91:,BBB c. P:5:,BBB %. P9B:,BBB -. P90:,BBB

85. A?S Coan(, a s'%contractor, so&- one of its achines in insta&&ent, the -etai&s of !hich are6

Date of sa&e March B11 Cost P:B,BBB Acc''&ate- Dereciation 90:,BBB Ters of Sa&e6 Do!na(ent P1/B,BBB D'e on6 Ma( B11 1/B,BBB A')'st B1 5BB,BBB Dece%er B1 5BB,BBB D'rin) the (ear, 'n-er the insta&&ent etho-, the coan( !i&& reort incoe fro the sa&e in the ao'nt of6

a. P188,BBB c. P90:,BBB %. P1:,BBB -. P1/B,BBB

88. ?'t ass'in) that the coan( is a -ea&er of the sai-ersona& roert(, it !i&& reort in (ear B11 incoe fro the sa&e in the ao'nt of6

a. P1/B,BBB c. P1:,BBB %. P188,BBB -. P90:,BBB

89. Mr. A%'-a, non\$resi-ent a&ien stoc4ho&-er recei*e--i*i-en- incoe of P:BB,BBB in BB/ fro a resi-ent forei)n cororation. The resi-ent cororations )ross incoe fro !ithin an- !itho't the Phi&iines for three (ears rece-in) BB/ are as f o&&o!s6

Fross Incoe BB9 BB: BB0 Phi&iines P5M P8M P/M A%roa- P5:M P/M P5M Mr. A%'-as -i*i-en- incoe ta"a%&e in the Phi&iines is6

a. P5BB,BBB c. P:BB,BBB %. PB -. P98B,BBB

8:. Pio, arrie-, !ith fi*e inor chi&-ren an- Pia, sin)&e, !ith  &e)a&&( a-ote- chi&-ren are artners, sharin) rofits an- &osses into 86:. The fo&&o!in) -ata ertain to the artnershi acco'nt an- the acco'nts of the in-i*i-'a& artners in their o!n %'siness.

Partnershi Pio Pia Fross Incoe P90B,BBB P/B,BBB P1B,BBB A&&o!a%&e De-'ctions 9B,BBB 19B,BBB 0B,BBB Dra!in) Acco'nts 5B,BBB B,BBB 1B,BBB Other Incoe B,BBB 1B,BBB Charita%&e artnershi contri%'tion6 not inc&'-e-a%o*eG

To6 <P PB,BBB To6 Ma&ate Ch'rch 9B,BBB

If the artnershi is a FPP, the ta"a%&e incoe of Pio is6

a. P18,BBB c. P11,BBB

%. P1/0,BBB -. P1BB,BBB

80. If the artnershi is an or-inar( artnershi, the ta"a%&e incoe of the artnershi is6

a. P/8,BBB c. P9B,BBB %. P5B,BBB -. P/B,BBB

8/. A ta"a(er so&- his stoc4 in*estents in B1 as fo&&o!s6

1. Se&&in) rice  A Co. shares, not tra-e- in the stoc4 e"chan)eG P5BB,BBB

Cost 1B,BBB Net Fain P1/B,BBB

. Se&&in) rice ? Co. shares, not tra-e- in the stoc4 e"chan)eG P8BB,BBB

Cost 58B,BBB Net )ain P :B,BBB

5. Se&&in) rice C Co. shares, tra-e- in the stoc4 e"chan)eG P19B,BBB

Cost 5B,BBB Net &oss P /B,BBB

The tota& fina& !ithho&-in) ta" -'e on the sa&es is6 a. P1,BBB c. P1:,BBB

%. P1,509 -. P1:,09B

8. A ta"a(er, arrie-, !ith fi*e inor chi&-ren, three of  the are )ainf'&&( e&o(e-, ro*i-e- the fo&&o!in) -ata6

Coensation Incoe P19B,BBB

)ross of 1B SSS, <nion -'es, Pa)\$I?IF  Phi&hea&th, net of P89t 15th o. Pa(

an- )ross of P1Bt "as %on'sG 19B,BBB Fross sa&es 9BB,BBB Cost of Sa&es 5B,BBB Other incoe, /B reresents

incoe fro %an4 -eosits, Phi&s. B,BBB E"enses 19 reresents ersona&

e"enses an- hea&th ins'rance

of P,BBB inc&'-e- in the 19G 9B,BBB   9B,BBB

Incoe treas'r( %i&&s 8B,BBB A--itiona& inforation6

 of %'siness incoe an- -e-'cti%&e %'siness e"enses is fro o'tsi-e the Phi&iines.

If the ta"a(er is a resi-ent citi=en, the ta"a%&e incoe is6

a. P/,9BB c. P5,BBB %. P5:,9BB -. P1/:,9BB

9B. Mr. >'an -e&a Cr'= transferre- his coercia& &an-!ith a cost of P9BB,BBB %'t &an-!ith a fair ar4et *a&'e of  P09B,BBB to >DC Cor. in e"chan)e of the stoc4s of the cororation !ith ar *a&'e of P1,BBB,BBB. As a res'&t of the transfer he %ecae the a+orit( stoc4ho&-er of  the cororation. As a res'&t of the transfer6

a. The reco)ni=e- )ain is the -ifference %et!een the fair ar4et *a&'e of the shares of stoc4s an- the cost of the &an-.

%. The reco)ni=e- )ain is the -ifference %et!een the ar *a&'e of the stoc4s an- the fair ar4et *a&'e of  the &an-.

c. No reco)ni=e- )ain %eca'se the &an- !as in e"chan)e of 're&( stoc4s an- Mr. -e&a Cr'= %ecae the a+orit( stoc4ho&-er.

-. No reco)ni=e- )ain %eca'se the &an- !as in e"chan)e of stoc4s of the cororation.

91. Mr. Pa'& Herce is an A'stra&ian citi=en e&o(e- as an a'-itor in a Cana-ian\$%ase- rofessiona& ser*ices fir contracte- %( the Phi&iine Fo*ernent to fin- o't

(6)

the e"tent of corr'tion in a s'secte- )o*ernent a)enc(. He recei*e- coensation incoe of P5:9,BBB for his ser*ices fro that Cana-ian fir for 5:9 -a(s, 9B -a(s of !hich !as sent in the Phi&iines an- the rest in In-onesia. ?ase- on these inforation !hat ao'nt of Mr. Herces coensation sho'&- %e consi-ere- as earne- !ithin the Phi&iines#

a. P5:9,BBB c. P9BB,BBB %. P9B,BBB -. P1/,BBB

9. Which of the fo&&o!in) is a etho- of acco'ntin) for incoe -eterination in farin)#

a. Cash %asis c. Cro %asis %. Accr'a& %asis -. A&& of the a%o*e

95. In co'tin) )ain or &oss fro sa&e or other -isosition of roert( ac2'ire- %( )ift or -onation, the %asis or cost of the -onee is6

a. 7air ar4et *a&'e, tie of -onation

%. P'rchase rice &'s e"enses of ac2'isition inc&'-in) ;AT

c. 7air ar4et *a&'e, !hen

'rchase--. The %asis as if it is in the han-s of the -onor

98. 1st stateent\$ O*ertie an- ho&i-a( a( are

inc&'-e-in co'tinc&'-e-in) the Minc&'-e-ini' !a)e.

n-  stateent\$ Dea&ers of rea& roert( nee- not %e

o%ser*e the 9 r'&e to 2'a&if( 'n-er insta&&ent etho-.

a. Tr'e6 Tr'e c. Tr'e@ 7a&se %. 7a&se@ 7a&se -. 7a&se@ Tr'e

99. 1ststateent\$ Net oeratin) &oss in the rece-in) (ear

sha&& %e a--e- in the net incoe in the s'ccee-in) (ear for 'roses of co'tin) the IAET.

n- stateent\$ In co'tin) the net oeratin) &oss,

caita& asset transactions CATG, if an( is inc&'-e-. a. Tr'e6 Tr'e c. 7a&se@ Tr'e

%. 7a&se@ 7a&se -. Tr'e@ 7a&se

9:. The fo&&o!in) in-i*i-'a&s are not re2'ire- to fi&e their ITR e"cet6

a. Mini' !a)e earner !ho has %'siness an- other incoe

%. One !hose on&( incoe is s'%+ect to fina& ta". c. One !hose )ross coensation incoe in one (ear

-oes not e"cee- P:B, BBB

-. One !hose incoe is e"et 'n-er a treat( or secia& &a!.

90. A ta" a(er ro*i-e- the fo&&o!in) -ata

Sa&es net of P1M -isco'nts an- ret'rnsG P 1BM

COFS P 8M

Oeratin) e"enses P M Ro(a&t( incoe P 1M <sin) OSD, the ta"a%&e net incoe the ta"a(er is a cororation is

a. P 5,:BB,BBB c. P 9,BB,BBB %. P 8,BB,BBB -. P :,89B,BBB

9/. <sin) OSD, the ta"a%&e net incoe the ta"a(er is an in-i*i-'a&, arrie- !K 9 inor chi&-ren is

a. P 9,BB,BBB c. P 5,:BB,BBB %. P 9,/9B,BBB -. P 9,89B,BBB ESTATE AND DONOR’S TAX

9. H an- W arrie- !itho't a arria)e sett&eent. H -ie- on A')'st B, B1. The estate reorte- the fo&&o!in) assets an- -e-'ctions of H an- W6

Con+')a& Proerties of H an- W6

7ishon-, ?'&acan P1,9BB,BBB Aartent ho'ses, Ma4ati 1,9BB,BBB Cash in %an4 :9B,BBB

Others 1BB,BBB

E"c&'si*e Proerties of H6

3an-, inherite- fro father !ho

-ie- on A')'st B, BB/.

;a&'e of &an- !hen inherite- !as P1B,BBB. The &an-

ha-a ort)ha-a)e of P5B,BBB !hen inherite- of !hich P1B,BBB

!as ai- %( H %efore he -ie-. P8BB,BBB 3an-, -onate- on 7e%r'ar( 18,BB %( his other !ho

-ie-on No*e%er ,B1B. ;a&'e of &an- !hen -onate- !as P9BB,BBB. :BB,BBB E"c&'si*e Proerties of W6

7ar in 3a)'na,

ac2'ire-%efore arria)e ,BBB,BBB De-'ctions c&aie-6

7'nera& e"enses 9B,BBB 7ire &oss of aartent

occ'rre- 8 onths after -eathG /B,BBB ?a- -e%t reresents 'nai- recei*a%&e fro ?ert, an inso&*entG 1BB,BBB Mort)a)e on inherite- &an- 5B,BBB ;anishin) -e-'ction on

inherite- &an- 8B,BBB ;anishin) -e-'ction on

-onate- &an- B,BBB Stan-ar- -e-'ction ,BBB,BBB Death %enefits R.A 810G 19B,BBB The )ross estate of H is6

a. P8,BB,BBB c. P:,BB,BBB %. P9,BBB,BBB -. P8,9BB,BBB :B. The tota& con+')a& an- secia& -e-'ction is6

a. P1,9:8,BBB c. P1,5/B,BBB %. P1,95B,BBB -. P85B,BBB :1. The tota& -e-'ction e"c&'si*e -e-'ction is6

a. P00,:BB c. P05,:BB %. P5,:BB -. P/B,BBB

:. A resi-ent -ece-ent arrie- an- 'n-er a%so&'te co'nit( of roerties, -ie- on >an'ar( 19, B1. He &eft the fo&&o!in) roerties, e"enses an- o%&i)ations6 Co'nit( roerties, Phi&iines inc&'-in) fai&(

Hoe *a&'e- at P5, BBB, BBBG P9,BBB,BBB Co'nit( roerties, >aan ,9BB,BBB E"c&'si*e roerties, Phi&iines ,BBB,BBB Act'a& f'nera& e"enses 5BB,BBB >'-icia& e"enses BB,BBB Me-ica& e"enses -oc'ente- !Kin

1(r. %efore -eathG :BB,BBB Transfer for '%&ic 'rose Nationa& Fo*tG 9B,BBB 3e)ac( to 3oca& Fo*tG 0B,BBB Death %enefits recei*e fro e&o(er

inc&'-e- a%o*eG 9BB,BBB The ta"a%&e net estate is6

a. P,:/B,BBB c. P1, 85B, BBB %. P5,:/B,BBB -. P8, 5/B, BBB :5. Which of the fo&&o!in) is incorrect6

a. The a&&o!a%&e -e-'ction for f'nera& e"enses can ne*er %e ore than the act'a& f'nera& e"enses ai-.

%. ;anishin) -e-'ction -iinishes the estate h(sica&&(

c. Ta"es in or-er to %e -e-'cti%&e 'st accr'e %efore the -ece-ents -eath

-. C&ais a)ainst the estate e*en for e2'ita%&e reasons is not a&&o!e- as -e-'ction if not notari=e-.

:8. A&& of the fo&&o!in) are incorrect e"cet6

a. Re*oca%&e transfer are on&( inc&'-i%&e if the )ross estate if the re*ocation !as act'a&&( e"ercise-.

(7)

%. A transfer ortis ca'se of a rea& roert( in the Phi&iines he&- as caita& asset is not s'%+ect to estate ta"

c. Procee-s of &ife ins'rance o&ic( !here the %eneficiar( is the e"ec'tor are inc&'-i%&e in the estate in a&& cases

-. On&( arrie- -ece-ent can c&ai the -e-'ction for fai&( hoe

:9. Mr. ANACONDA -ie- &ea*in) the fo&&o!in) roerties6 E"c&'si*e rea& roert(, 7M;\$P9BB,BBB !hen inherite- 5  (rs. a)o an- s'%+ect to a ort)a)e of P:9,BBB at that tie. 7M; at the tie of -eath is P0BB,BBB.

Other -ata are6

Con+')a& roerties P 1,0BB,BBB <nai- ort)a)e on the

inherite- roert( 19,BBB >'-icia& e"enses /9,9BB 7'nera& e"enses P 19,BBB

ai- %( frien-sG 09,BBB Other o%&i)ations 1,9BB The net estate s'%+ect to ta" is6

a. P :,9BB c. P /9B,BBB %. P /:,BBB -. P /09,BBB

::. The fo&&o!in) are oti*es of ta"a(er that rec&'-e transfer in conte&ation of -eath, e"cet one6

a. To re&ie*e the ta"a(er of the %'r-en of   ana)eent

%. To sa*e incoe an- roert( ta"es c. To a*oi- a(ent of estate ta".

-. To a4e -een-ents financia&&( -een-ent

:0. 1st Stateent\$ 3ife Ins'rance rocee-s if the

%eneficiar( is the e"ec'tor is inc&'-i%&e in the )ross incoe re)ar-&ess of the -esi)nation.

n- Stateent\$ 3ife Ins'rance rocee-s if the

%eneficiar( is a thir- erson is inc&'-i%&e in the )ross estate if it is re*oca%&e.

a. Tr'e@ Tr'e c. 7a&se@ Tr'e %. 7a&se@ 7a&se -. Tr'e@ 7a&se

:/. 1st stateent6 Do!ries a-e %( non\$resi-ent a&ien

arents to their chi&-ren %efore arria)e are e"et fro )ift ta" ' to P 1B,BBB.

n- stateent6 Donors can a&!a(s c&ai a ta" cre-it for

-onors ta"es ai- to a forei)n co'ntr(. a. Tr'e, Tr'e c. 7a&se, Tr'e %. 7a&se, 7a&se -. Tr'e, 7a&se : to 0 are %ase- on the fo&&o!in) -ata6

On 7e%r'ar( 9, B1, Mr. an- Mrs. ?a(a%as -onate- their con+')a& &an- !orth P9BB, BBB to their three sons, %'t on acco'nt of arria)e to one of the !ho )ot arrie- 9 onths a)o. On >'ne , B1, the( a&so -onate- to the chi&- of Mrs. ?a(a%as %( first arria)e, +e!e&r( !orth P09, BBB on acco'nt of arria)e ore than a onth after the -onation. 7ina&&( on Dece%er 9, B1, the( -onate- to the nehe! of Mr. ?a(a%as a %'i&-in) !orth P09B, BBB, 8B of !hich !as co\$o!ne- %( their L'are !ho a)ree-to the -onation an- e"ec'te- the necessar( -oc'ents -onatin) his share

:. The -onors ta"es -'e on the 7e%r'ar( 9, B1 -onation sho'&- %e6

a. P18, BBB for Mr.  Mrs. %. P5, :BB each for Mr.  Mrs. c. P8, BBB each for Mr.  Mrs. -. P9, 09B each for Mr.  Mrs.

0B. The -onors ta" -'e on the >'ne , B1 -onation is6 a. Mr.  B@ Mrs.  P1, /09

%. Mr.  11, 9B@ Mrs.  P8, 0BB c. Mr.  11, 9B@ Mrs.  P1, 1BB -. Mr.  11, 9B@ Mrs.  P1, /09

01. The -onors ta" -'e on the Dece%er 9, B1 for Mr.  Mrs. are6

a. Mr.  , /09@ Mrs.  P15, 9BB %. Mr.  :0, 9BB@ Mrs.  P:0, 9BB c. Mr.  , BBB@ Mrs.  P15, 9BB -. Mr.  , BBB@ Mrs.  P:0, 9BB

0. The -onors ta" -'e on the Dece%er 9, B1 for their L'are is6

a. PB, BBB c. PB

%. P:, BBB -. P5B, BBB

05. Mat'%o Cor. -onate- P1BB,BBB for the 'rose of  ceentin) a ?aran)a( roa- !here its factor( is &ocate-.

1st stateent6 The -onation is e"et fro -onors

ta".

n-stateent6 The cororation a( c&ai a f'&&

-e-'ction for incoe ta" 'roses. a. ?oth stateents are incorrect %. On&( 1st stateent is correct

c. ?oth stateents are correct -. On&( n- stateent is correct

08. A -onor )a*e the fo&&o!in) -onations in (ear B1 >an. 8\$ 3an- &ocate- in the Phi&iines *a&'e- at

P,BBB,BBB to her 'nc&e s'%+ect to the con-ition that 'nc&e !i&& a( the -onors ta" -'e an- ort)a)e to !hich she a)ree- to a( the ort)a)e ao'ntin) to P9BB,BBB.

No*.5B\$?'i&-in) in <S *a&'e- at P8,9BB,BBB to her sister. Donors ta" ai- in <S !as P8BB,BBB.

The -onors ta" on the )ift on >an. 8 is6 a. P/8,BBB c. P89B,BBB %. P,BBB -. P8/B,BBB

09. The -onors ta" -'e on the No*. 5B -onation is6 a. P151,BBB c. P80,BBB

%. P98,BBB -. P18,BBB VAT AND OPT

0:. MY ?A?Y Sa&es Cororation ro*i-e- the fo&&o!in) -ata for the first 2'arter of B1 first (ear as ;AT re)istere-erson6

Cash sa&es, tota& *a&'e P55:, BBB Oen acco'nt sa&es 11,BBB Consi)nent a-e

E"c&'si*e of ;ATG >an. 1\$ PBB, BBB 7e%. 19\$ 19B, BBB P'rchase- of caita& )oo-s,

;AT e"c&'-e- 9B,BBB P'rchase- of ateria&s, net of ;AT 8B,BBB ;a&'e of in*entor( as of >an .1 of the (ear

P'rchase- fro ;AT Re)istere- Person P8B,BBB P'rchase- fro non\$;at

Re)istere-Person 9B,BBB

P'rchase- of ;AT E"et )oo-s 1B,BBB ;AT ai- on the a%o*e in*entor(G 8,BBB E2'ient 'rchase-, March B1

'sef'& &ife 1B (rs.G PM The ;AT -'e is6

a. P50, BBB c. P91, 8BB %. P5/, BBB -. P99,BB

00. One of the fo&&o!in) acti*ities is not s'%+ect to ;AT6 a. Mo*ie ho'se oerators

%. Pa!nsho c. Dr')stores

-. Par4in) &ot oerators

0/. A %'i&-in) contractor ro*i-e- the fo&&o!in) -ata a&& fi)'res are net of ;ATG

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Ao'nt recei*e- fro %'i&-in)

\$1 P/BB, BBB A-*ances recei*e- fro

%'i&-in)

\$ 8BB, BBB Ao'nt recei*e- fro

%'i&-in) net of PBBt retention costG

\$5 /BB, BBB

Recei*a%&e fro %'i&-in) \$8 1,BBB,BBB Dis%'rseent6

Ser*ices of S'%contractors 9BB,BBB Materia&s for constr'ction 0BB,BBB Iorte- ateria&s,

&an-e-cost

BB,BBB Other )enera&  oeratin)

e"enses

1BB,BBB Note6 The iorte- ateria& !as a&so s'%+ecte- to PB, BBB e"cise ta"es6

The ;AT -'e is6

a. P9/, BBB c. P5, :BB %. PB, BBB -. P:, :BB

0. 1st  stateent6 The in't ta" on 'rchases of caita&

)oo-s is srea- o't !hen the ac2'isition cost e"cee-e- P1.9M.

n- stateent6 The res'ti*e in't ta" is a&so

ca&&e-;AT act'a&&(

ai-a. Tr'e, Tr'e c. Tr'e, 7a&se %. 7a&se, 7a&se -. 7a&se, Tr'e

/B. 1st  Stateent\$ a erson !hose ann'a& )ross sa&es or

receits -o not e"cee- P1BB, BBB is not consi-ere-en)a)e- in tra-e or %'siness.

n- Stateent\$ A ;AT re)istere- erson is s'%+ect to

;AT re)ar-&ess of his ann'a& )ross sa&es or receits ro*i-e- he -oes not  a( the 5 OPT.

a. Tr'e@ Tr'e c. 7a&se@ Tr'e %. 7a&se@ 7a&se -. Tr'e@ 7a&se

/1. CROCODI3E TRANS is a coon carrier %( &an-. D'rin) a artic'&ar 2'arter its receits consists of the fo&&o!in)6 7i)'res are net of an( %'siness ta"esG

Transort of assen)ers P8, BBB,BBB Transort of )oo-s 9, BBB,BBB Transort of car)oes :, BBB,BBB The tota& %'siness ta"es a(a%&e is6

a. P1,9BB,BBB c. P1,/BB,BBB %. P98B,BBB -. P1,88B,BBB

/. Which is incorrect

a. A ta"a(er !hose ann'a& )ross receitsKsa&es e"cee- P 1,1,9BB sha&& a( ;AT e*en if not ;AT

re)istere-%. A ta"a(er !hose ann'a& receitsKsa&es -o not e"cee- P 1,1,9BB %'t !ho is ;AT re)istere- sha&& a( ;at.

c. The sae transaction a( %e s'%+ecte- to %oth incoe ta" an- ;AT

-. Mar)ina& incoe earners are %oth e"et fro ;AT an- incoe ta".

/5. IMIC Cor. iorte- an artic&e fro <SA. The in*oice *a&'e of the iorte- artic&es !as 0,BBB 1\$P9BG. The fo&&o!in) are inc'rre- in connection !ith the iortation6 Ins'rance 7rei)ht Posta)e Wharfa)e Arrastre char)es ?ro4era)e fee 7aci&itation fee

The iorte- artic&e !as s'%+ecte- to P19B,BBB c'stos -'t( an- P5B,BBB e"cise ta".

IMIC Cor. sent P9B,BBB or-inar( receitG for tr'c4in) fro the c'stos !areho'se to not on its !areho'se in Q'e=on Cit(. The iorte- artic&e !as &ater so&- for PBB,BBB, !Ko't ;AT

The ;AT -'e is6

a. P8/,5:B c. P5B,BBB %. P8/,BBB -. P5:,BBB /8. LATRINA in*este- P9BB, BBB in the shares of stoc4 of

Mani&a Tra-in) Cor. 3ater she so&- the sai- shares for on&( P59B, BBB. The cororations shares are &iste- an-are tra-e- in the &oca& stoc4 e"chan)e. The ercenta)e ta" on the sa&e is6

a. None c. P1, 09B %. P, 9BB -. P9B, BBB

/9. S!eetie Pie Refinin) Coan( an'fact'res refine-s')ar. It ha- the fo&&o!in) -ata -'rin) the first 2'arter of BB6

Sa&e of refine- s')ar, net of ;AT

P,BBB,BBB P'rchases of s')ar cane fro farers

'se- in the an'fact're of

refine-s')ar 9BB,BBB

P'rchase of ac4a)in) ateria&s,

)ross of ;AT 0/8,BBB P'rchase of &a%e&s, )ross of ;AT 11,BBB The ;AT a(a%&e is6

a. P18,BBB c. P188,BBB %. P11,9BB -. P :,BBB

/:. >. Sha))( ;AT\$re)istere-, a-e the fo&&o!in) 'rchases -'rin) the onth of >an'ar(, BBA6

Foo-s for sa&e, inc&'si*e of ;AT P 8:,8BB S'&ies, e"c&'si*e of ;AT B,BBB Office air con-itioners, tota& in*oice

ao'nt 9:,BBB

Hoe a&iances for resi-ence,

)ross of ;AT 10,B

Office achine, / (ears 'sef'& &ife, net of ;AT

,BBB,BBB

Reair of store ao'nte- to PB,BBB e*i-ence- %( or-inar( receit of contractor

Cre-ita%&e In't ta"es are6

a. P5/,/BB c. P50,88B %. P58,/BB -. P59,9B

/0. A ta"a(er re)istere- 'n-er the ;AT s(ste on >an'ar( 1, BB?. His recor-s -'rin) the onth sho!6 ;a&'e of in*entor( as of Dece%er 51,

BBA 'rchase fro ;AT\$re)istere-ersons

P1BB,BBB ;AT ai- on in*entor( as of Dece%er 51,

BBA 9,BBB

;a&'e of in*entor( as of Dece%er 51,

BBA 'rchase-, fro non\$;AT ersons BB,BBB Sa&es, net of ;AT 18B,BBB Sa&es, )ross of ;AT 89,B P'rchases, net of ;AT 0B,BBB P'rchases of ;AT e"et )oo-s 9B,BBB ;AT a(a%&e is6

a. P/,5B c. P 0,5B %. P15,5B -. P15,8BB REMEDIES

Which of the fo&&o!in) stateents is not tr'e#

a. A ta" assessent is necessar( to a criina& rosec'tion for !i&&f'& attet to -efeat an- e*a-e a(ent of ta"es.

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%. A con*iction for ta" e*asion is not a %ar for co&&ection of 'nai- ta"es.

c. Criina& rocee-in)s 'n-er the Ta" Co-e is no! a o-e of co&&ection of interna& re*en'e ta"es, fees an- char)es.

-. If the ta"a(er is ac2'itte- in a criina& *io&ation of the Ta" Co-e, this ac2'itta& -oes not e"onerate hi fro his ci*i& &ia%i&it( to a( the ta"es.

/. The r'nnin) of the rescriti*e erio- for assessent an- co&&ection of ta"es is s'sen-e- 'n-er the fo&&o!in) circ'stances, e"cet one6

a. When ta"a(er is o't of the co'ntr(

%. When the ?IR Coissioner is rohi%ite- fro assessin) or co&&ectin) the ta"

c. When the ta"a(er re2'ests for a rein*esti)ation -. When the !arrant of -istraint an- &e*( is -'&(

ser*e-B. 1st stateent\$ The ?IR Coissioner a( a%ate or

cance& the a(ent of interest re*en'e ta" !hen6 a. A reasona%&e -o'%t as to *a&i-it( of the c&ai

a)ainst ta"a(er e"ists, or

%. The financia& osition of the ta"a(er -eonstrates a c&ear ina%i&it( to  a( the ta" assesse-.

n- stateent\$ The ?IR Coissioner a(

coroise the a(ent of ta" !hen6

a. The ta" or an( ortion thereof aears to %e 'n+'st&( or e"cessi*e&(

assesse-%. The a-inistration an- co&&ection costs in*o&*e- -o not +'stif( the co&&ection of the ao'nt -'e.

a. Tr'e@ Tr'e c. Tr'e@ 7a&se

%. 7a&se@ 7a&se -. 7a&se@ Tr'e

1. Which of the fo&&o!in) is not 'n-er the o!er of ?IR Coissioner as ro*i-e- in the Ta" Co-e#

a. A'thorit( to terinate ta"a%&e (ear an- a4e assessent.

%. A'thorit( to in2'ire into the ta"a(ers %an4 -eosits if there is a reasona%&e )ro'n- to in*esti)ate -'e to ta" e*asion.

c. A'thorit( to o%tain inforation, e"aines, s'on an- ta4e testion(.

-. A'thorit( to rescri%e 7M; of rea& roert(

. Which of the fo&&o!in) stateents a%o't assessent is incorrect#

a. It is an officia& action of an officer a'thori=e- %( &a! in ascertainin) the ao'nt of ta" -'e fro a ta"a(er.

%. If not conteste- %( the ta"a(er !ithin 5B -a(s fro receit, it %ecoes fina& an- e"ec'tor(.

c. It is an action for co&&ection of ta"es.

-. It fi"es an- -eterines the ta" &ia%i&it( of the ta"a(er.

5. Where a ret'rn is fi&e-, as a )enera& r'&e, the rescriti*e erio- for assessent after the -ate ret'rn fi&e- or -'e !hiche*er is &ater, !ithin6

a. t!o (ears c. three (ears %. fi*e (ears -. ten (ears

8. The sei='re %( the )o*ernent of ersona& roert( to enforce the a(ent of ta"es to %e fo&&o!e- %( its '%&ic sa&e if the ta"es are not *o&'ntar( ai-6

a. 7orfeit're c. 3e*(

%. Distraint -. Farnishent

9. X fi&e- his ITR an- ai- the ta" sho!n thereon in f'&& on Ari& 19, B11. On Ari& 19, B1, X recei*e- an assessent notice an- -ean- fro ?IR to a( a -eficienc( ta" of PB, BBB e"c&'-in) s'rchar)e an-interest on or %efore Ari& 5B, B1. Ho! 'ch is the

tota& ao'nt of ta" a(a%&e as sho!n in the assessent notice if ?IR fo'n- o't fra'-#

a. P, BBB c. P58, BBB %. P9, BBB -. PB, BBB

:. ?ar%( fi&e- her B1B ITR an- ai- the ta" sho!n thereon on Ari& 1B, B11. <on in*esti)ation the ?IR fo'n- o't a -eficienc( incoe ta" of PB, BBB. The ta" a(er a)ree- !ith the sai- fin-in)s an- on >'&( 19 , B11, assessent notice !as sent to her )i*in) her ' to >'&( 5B, B11, to a( the ao'nt sho!n thereon &'s ena&t( an- interest. ?ar%( ho!e*er fai&e- to a( the ta" as !e&& as the ena&t( an- interest on the -'e -ate. She !as on&( a%&e to a( on Dece%er 19, B11. The tota& correct ao'nt of ta" to %e ai- is6

a. P59,B/ c. P/,85/ %. P58,:01 -. P58,::0 0. Which stateent is !ron)# A re*en'e %i&&

a. M'st ori)inate fro the Ho'se of Reresentati*es an- on !hich sae %i&& the Senate a( roose aen-ents.

%. Ma( ori)inate fro the Senate an- on !hich sae %i&& the Ho'se of Reresentati*es a( roose aen-ents.

c. Ma( ha*e a ho'se *ersion an- a senate *ersion aro*e- searate&( an- then conso&i-ate- !ith %oth ho'ses aro*in) the conso&i-ation *ersion. -. Ma( %e recoen-e- %( the Presi-ent to

Con)ress.

/. Stateent 16 The o!er of Coissioner of Interna& Re*en'e to recoen- the ro'&)ation of r'&es an-re)'&ations %( the Secretar( of 7inance a( not %e -e&e)ate-.

Stateent 6 The o!er of Coissioner of Interna& Re*en'e to iss'e r'&in) of first iression or to re*erse, re*o4e, or o-if( an( e"istin) r'&es of the ?'rea' of Interna& Re*en'e a( not %e -e&e)ate-. a. ?oth are Tr'e

%. ?oth are 7a&se

c. 7irst stateent is Tr'e, secon- stateent is 7a&se -. 7irst stateent is 7a&se, secon- stateent is Tr'e . Stateent 16 The Coissioner of Interna& Re*en'e

has a'thorit( to terinate the ta" erio- of a ta"a(er !ho is retirin) fro a %'siness s'%+ect to ta", or is inten-in) to &ea*e the Phi&iines or to reo*e his roert( or to hi-e or concea& his roert(, or to erfor an act ten-in) to o%str'ct the co&&ection of  ta"es.

Stateent 6 When a ta" erio- is terinate-, an( 'nai- ta" is -'e ie-iate&(.

a. 7irst stateent is Tr'e, secon- stateent is 7a&se %. 7irst stateent is 7a&se, secon- stateent is Tr'e c. ?oth are Tr'e

-. ?oth are 7a&se

1BB. Which of the fo&&o!in) *io&ations cannot %e s'%+ecte-to coroise ena&ties#

a. 7ai&'re to 4eeKreser*e %oo4s of acco'nts an-acco'ntin) recor-s.

%. 7ai&'re to 4ee %oo4s of acco'nts or recor-s in nati*e &an)'a)e or En)&ish.

c. 7ai&'re to ha*e %oo4s of acco'nts a'-ite- an- ha*e a financia& stateents attache- to incoe ta" ret'rn certifie- %( in-een-ent CPA.

-. Leein) t!o sets of %oo4s of acco'nts or recor-s. 1B1. The acco'ntin) erio- of Cororation A is fisca& (ear

en-in) on Octo%er 51. 7or the (ear B1, Cororation A fi&e- its ann'a& incoe ta" ret'rn on March 19, B15. The &ast -a( of ?IR assess is on6

a. 7e%r'ar( 1:, B1: c. March 19, B1: %. March 18, B1: -. Ari& 1:, B1:

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1B. If in the a%o*e ro%&e, the ta" a(er is an in-i*i-'a& ta"a(er, the &ast -a( of ?IR assess is on6

a. March 19, B1: c. March 19, B10 %. Ari& 19, B1: -. Ari& 18, B1/ 1B5. It is a fai&'re to a( the correct ao'nt of ta".

a. De&in2'enc( c. Defa'&t %. Deficienc( -. De&a(

1B8. Mr. X fi&e- his ITR on Ari& 19, B11. He recei*e- an assessent fro the ?IR on >'ne 5B, BB1. His &ast -a( to fi&e a rotest is on6

a. >'&( 5B, B1 c. Ari& 19, B15 %. >'ne 5B, B19 -. Ari& 19, B19

1B9. If his rotest a%o*e !as -enie- %( the ?IR Coissioner an- he recei*e- the sai- -ecision on A')'st 51, B1, his ree-( is6

a. Aea& to the Co'rt of Ta" Aea&s on or %efore Sete%er 5B, B1.

%. Aea& to the Co'rt of Aea&s on or %efore Sete%er 19, B1.

c. Aea& to the Office of the Presi-ent on or %efore Sete%er 5B, B1.

-. Aea& to the 7inance Secretar( on or %efore Sete%er 5B, B1.

1B:. Miraars incoe ta" for B1B !as P09, BBB, as sho!n in her incoe ta" ret'rn ITRG. She fi&e- her ret'rn on&( on >'&( 19, B1 an- ai- the tota& ao'nt 'on fi&in) the ret'rn. The tota& ao'nt a(a%&e ass'in) there !as fra'- sho'&- %e6

a. P151, 9B c. P/, 09B %. P11, 9BB -. P0, 9BB

1B0. Ta"a(er !as assesse- -eficienc( incoe ta" of  PBB, BBB a(a%&e on or %efore >'ne 19, B1. Within the erio- ho!e*er, he !as on&( a%&e to a( P1BB, BBB an- the %a&ance on&( on A')'st 5B, B1. The tota& ta" -'e that he is &ia%&e sho'&- %e6

a. P1, 199 c. P9/, 555.55 %. P19, BBB -. P 9B, BBB MISCELLANEOUS

1B/. 7&o(- an officia& of A?S Cororation as4e-for an ear&ier retireent %eca'se he !as ei)ratin) to Cana-a, he !as ai- PM searation a( in reco)nition of his *a&'a%&e ser*ices to the cororation &'s P1BB,BBB 15th onth a(, Ne&son another officia& !as searate- for his fai&in) e(esi)ht. He !as )i*en P1M searation a( &'s P19B,BBB 'nai- sa&aries. Rico !as searate- for *io&atin) coan( r'&es %'t !as )i*en P5BB,BBB searation a(. ?en ote- to retire at 99 (ears o&-after !or4in) for 1B (ears in the sae coan(. He recei*e- P1M. A&& of the fore)oin) are not co*ere- %( ?IR aro*e- Retireent P&an e"cet for ?en. The tota& incoe s'%+ect to !ithho&-in) ta" on the a%o*e a(ent is6

a. P ,9B,BBB c. P 5,8BB,BBB %. P ,50B,BBB -. P 5,89B,BBB

1B. A %'i&-in) contractor ro*i-e- the fo&&o!in) -ata a&& fi)'res are net of ;ATG

Ao'nt recei*e- fro ?'i&-in) 1 P /BB,BBB A-*ances recei*e- fro ?'i&-in)  8BB,BBB Ao'nt recei*e- fro ?'i&-in) 5

net of P8BBT retention costG /BB,BBB Recei*a%&e fro ?'i&-in) 8 1,BBB,BBB Dis%'rseents6

Ser*ices of contractors 9BB,BBB Materia&s for constr'ction 0BB,BBB Iorte- ateria&, &an-e- cost BB,BBB Other )enera& an- oeratin) e"enses 1BB,BBB

Note6 The iorte- ateria& !as a&so s'%+ecte- to PB,BBB e"cise ta"es.

The ;AT -'e is6

a. P9/,BBB c. P:,:BB %. PB,BBB -. P110,:BB

11B. D')on) Trans, is a coon carrier %( sea. D'rin) a artic'&ar 2'arter its receits consist of  the fo&&o!in)6 7i)'res are net of an( %'siness ta"esG

Transort of assen)ers P 8,BBB,BBB Transort of )oo-s 9,BBB,BBB Transort of car)oes :,BBB,BBB The tota& %'siness ta"es a(a%&e is6

a. P1, 9BB,BBB c. P1,/BB,BBB %. P89B,BBB -. P1,88B,BBB

111. TONY, 7 i&iino, sin)&e, has the fo&&o!in) transactions in B16

?'siness )ross incoe PBB,BBB ?'siness e"enses :B,BBB Wa)erin) )ains 1B,BBB Wa)erin) &osses 9,BBB Se&&in) rice, artnershi interest 1BB,BBB In*estent in artnershi in BB1 B,BBB Fain in sa&e of caita& asset he&- for

8 (ears

1B,BBB 3oss on sa&e of caita& asset

he&-for /onths 1,BBB

3oss on acco'nt of fai&'re to e"ercise

 onth otion to %'( roert( ,BBB 3i2'i-atin) -i*i-en- fro  Co. 19B,BBB Cost of in*estent in  Co. in BB1 :B,BBB Note6 In B11, Ton( ha- a net incoe of P:9,BBB an- a net caita& &oss of P,BBB.

The ta"a(ers ta"a%&e net incoe is6 a. P1:,BBB c. P1B:,BBB %. P181,BBB -. P 191,BBB

11. Mr. Cor's, arrie- !ith  inor chi&-ren, has the fo&&o!in) transactions in B16 Coensation Incoe P BB,BBB Sa&es 1,88B,BBB Cost of )oo-s so&- ::B,BBB De-'ctions6

Oeratin) E"enses 88B,BBB 3oss -'e to theft roer&( reorte-G :B,BBB Contri%'tions6 To a )o*ernent riorit( ro+ect in e-'cation 1,BBB To St. >'-e ch'rch 8,BBB Other incoe6 Rent 5:,BBB

Caita& )ain fro sa&e of ersona&

car he&- for  (ears :,BBB The ta"a(er !i&& reort a ta"a%&e net incoe of6 a. P80,BBB c. P8B,8BB

%. P8/B,8BB -. P9BB,8BB

Qu!t"o#! \$\$%&\$\$' are %ase- on the fo&&o!in) inforation6

Cororation A has the fo&&o!in) transactions -'rin) the (ear B116

Fross Incoe, Phi&iine %'siness P,8BB,BBB Fross Incoe, >aan %'siness :BB,BBB ?'siness e"enses, Phi&iines 1,59B,BBB ?'siness e"enses, >aan 19B,BBB Other e"enses connecte- !ith the

Phi&iine %'siness B,BBB Other e"enses connecte- !ith the

>aan %'siness :B,BBB Other e"enses connecte- !ith the

(11)

Other %'siness e"enses !hich

cannot %e a&&ocate- 1/B,BBB Intercororate -i*i-en-s fro P3DT 1BB,BBB 115. If the ta"a(er is a -oestic cororation,

its incoe ta" -'e is6

a. P5B:,BBB c. P5:,8BB %. P590,BBB -. P8B5,BB

118. If the ta"a(er is a resi-ent forei)n cororation, an- it reitte- 8B of its rofit to <SA Hea- OfficeG the tota& ta" &ia%i&it( is6

a. P,0B c. P5/,B5 %. P88,1// -. P91,110

119. Ta"a(er, in-i*i-'a&, arrie- !ith 5 inor chi&-ren, one is )ainf'&&( e&o(e-, has the fo&&o!in) transactions in B16

Sa&es P,BBB,BBB Cost of sa&es 1,19B,BBB Oeratin) e"enses 9:B,BBB Other transactions6

c. Sa&e of office e2'ient he&- for  (ears6 Se&&in) rice 1BB,BBB

Cost 1B,BBB

Acc''&ate- -ereciation /B,BBB %. Sa&e of fai&( *an he&- for 8 (ears6

Se&&in) rice 5BB,BBB

Cost 1B,BBB

c. Sa&e of fai&( car he&- for 19 onths6 Se&&in) rice 8/B,BBB

Cost 9BB,BBB

Ta"a(er !i&& reort a ta"a%&e incoe of6 a. P559,BBB c. P5:B,BBB %. P59,BBB -. P/9,BBB

11:. RA\$A\$A Cororation, a -oestic cororation no! on its 9th (ear of oeration ro*i-e- the fo&&o!in) -ata6

Fross sa&es P1,1BB,BBB Sa&es ret'rns an- a&&o!ances BB,BBB Cost of )oo-s so&- 5BB,BBB Fain on sa&e of caita& assets

he&-for 11 onths 1B,BBB 3oss on sa&e of caita& assets

he&-for B onths 9,BBB Ro(a&t( incoe 9B,BBB A&&o!a%&e %'siness e"enses 9/B,BBB Incoe ta" -'e is6

a. P/,/BB c. P1,BBB %. P1B,9BB -. 0,9BB

110. On Octo%er 1, B1, Dra)on Fir& Co. &ease- a resi-entia& ho'se for the 'se of one of its e"ec'ti*es, Mr. L'r'4'r', a secia& a&ien e&o(ee. The rent a)ree- 'on !as P10B,BBB er onth. The 7?T for the 2'arter is6

a. P98,8BB c. P89,BBB %. P98,BBB -. P19,BBB

11/. Ta"a(er so&- caita& assets as fo&&o!s6 3ot 1 3ot  Se&&in) Price P:,BBB,BBB P1B,BBB,BBB Cost ,9BB,BBB 1,BBB,BBB Fain &ossG P5,9BB,BBB P,BBB,BBB Ters of Sa&e6 Do!n a(ent 1K19KBB/ P9BB,BBB P1,9BB,BBB Pai- on :K19KBB/ 9BB,BBB 1,BBB,BBB Pai- on K19KBB/ 9BB,BBB 1,BBB,BBB Insta&&ent -'e 1K19KBB ,BBB,BBB ,BBB,BBB Insta&&ent -'e 9K19KBB ,9BB,BBB 5,BBB,BBB Mort)a)e ass'e-%( the %'(er 1,9BB,BBB The fina& ta" a(a%&e 'n-er the insta&&ent etho- for BB/ for &ot 1 is6

a. P5:B,BBB c. P,9BB %. PB,BBB -. P5,9BB

Qu!t"o#! \$\$( )#* \$+, are %ase- on the fo&&o!in) inforation6

Eon) )a*e the fo&&o!in) -onations6

9K1BKB1 To &e)itiate son on acco'nt of  /K19KB1 !ith P1BB,BBB ass'e- %( the -onee.

/K19KB1 To his &e)itiate -a')hter on arria)e on /K19KB1

1BKBKB1 3ot -onate- to the Nationa& Fo* %e 'se- for '%&ic 'rose. ;a&

11K1 9KB1 To his %rother on acco'nt of  11K19KB1

11. The tota& e"etion or -e-'ctions fro the tota& )ross )ift is6

a. P1B,BBB c. P11/,BBB %. P1/,BBB -. P1B,BBB

1B. The )ift ta" a(a%&e on 11K19KB1B -onation is6 a. P1,BB c. P1,/BB

%. P1BB -. P/BB

Qu!t"o#! \$+\$ )#* \$++ are %ase- on the fo&&o!in) inforation6

3an- &ocate- in the Phi&iines *a&'e- at P,BBB,BBB to her 'nc&e s'%+ect to

>an. 8 \$ the con-ition that 'nc&e !i&& a( the -onors ta" -'e an- ort)a)e to !hich her 'nc&e a)ree-an- a( the ort)a)e ao'ntin) to P9BB,BBB. No*. 5B \$ ?'i&-in) in <SA *a&'e- at P8,9BB,BBB to her

sister. Donors ta" ai- in <SA !as P8BB,BBB.

11. The -onors ta" -'e on the )ift on >an. 8 is6 a. P/8,BBB c. P89B,BBB

%. P,BBB -. P8/B,BBB

1. The -onors ta" -'e on No*e%er 5B -onation is6 a. P151,BBB c. P80,BBB

%. P98,BBB -. P18,BBB

15. Which of the fo&&o!in) is correct a%o't estate ta"# a. The a(ent of estate ta" is a ersona&

o%&i)ation of the heirs.

%. Estate is a ta"a(er create- %( the -eath of a erson.

c. A resi-ent a&ien -ece-ents sit's of ta"ation is !ithin the Phi&iines on&( +'st &i4e in incoe ta". -. Co'rts a( a&&o! the -istri%'tion of the estate to the heirs in the interest of +'stice an- e2'it( %efore estate ta" is ai-.

18. Which is fa&se a%o't estate ta"#

a. The a&&o!a%&e f'nera& e"ense can ne*er %e ore than the act'a& e"enses ai-.

%. Death %enefit as a -e-'ction 'st %e inc&'-e- in the )ross estate first.

(12)

-. 7ai&( hoe a( %e )rante- to a arrie- non\$ resi-ent a&ien.

19. Which sha&& not for art of the )ross estate of a -ece-ent6

a. Intan)i%&e ersona& roert( of non\$resi-ent a&ien -ece-ent !itho't recirocit( &a!

%. Re*oca%&e transfer

c. Transfer assin) secia& o!er of aointent. -. 3ife ins'rance !here the e"ec'tor is the

%eneficiar( an- it is irre*oca%&e

1:. Which of the fo&&o!in) stateents is correct# a. Act'a& -aa)es ai- to the *icti are not

ta"a%&e inc&'-in) a(ent for &ost sa&ar( or incoe.

%. Mora& an- e"e&ar( -aa)es ai- to the *icti o't of a *ehic'&ar acci-ent are not ta"a%&e.

c. Mora& an- e"e&ar( -aa)es ai- -'e to %reach of contract in %a- faith are a&so not ta"a%&e.

-. Ao'nt recei*e- as ret'rn of ins'rance rei's is not ta"a%&e re)ar-&ess of the ao'nt ai- %( the ins'rance.

10. 1st Case6 Mr. X so&- his 9 \$ -oor aartent

for P1B,BBB,BBB. The onth&( renta& er 'nit is PB,BBB. This sa&e is s'%+ect to caita& )ains ta". n- Case6 Mr. Na-a& %o')ht a &ot for P,BBB,BBB

!hich he inten-e- to %e 'se- as fai&( hoe. After 9 (ears, he a%an-one- his &an an- so&- it for P5,BBB,BBB. This sa&e is s'%+ect to caita& )ains ta". a. On&( the first stateent is correct.

%. On&( the secon- stateent is correct. c. ?oth stateents are correct.

-. ?oth stateents are incorrect.

1/. Which of the fo&&o!in) incoe fro Phi&iine so'rce of a resi-ent in-i*i-'a& is not s'%+ect to the rates in Sect. 8 A of the Ta" Co-e#

a. Fain fro sa&e of his ersona& otor *ehic&e. %. Fain fro sa&e of resi-entia& ho'se an- &ot.

c. Sa&ar( recei*e- %( a ana)in) artner of a artnershi.

-. Passi*e incoe fro ri=es !on in a raff&e ao'ntin) to P/,BBB.

1. In >an'ar( B1, Dino an- >i+i !ere searate- %( co'rt or-er. Dino !as a!ar-e- the c'sto-( of their  (ear o&- -a')hter Dina an- >i+i !as a!ar-e- the c'sto-( of their 9 (ear o&- son >o+o. To reser*e the ties aon) the the co'rt or-ere- Dino to sho'&-er 0B of the financia& s'ort for >o+o an- >i+i to sho'&-er 0B of the financia& s'ort for Dina. The( co&ie- !ith the a%o*e or-er.

The ao'nt of ersona& e"etions %asic an-a--itiona&G Dino an- >i+i co'&- c&ai each in their resecti*e incoe ta" ret'rns is6

a. P9B,BBB c. P1BB,BBB %. P09,BBB -. PB

15B. A<STIN, sin)&e, 7i&iino, ro*i-e- the fo&&o!in) -ata for B16

Coensation incoe P9B,BBB 3oss fro stoc4s %ecoin) !orth&ess 1BB,BBB Transortation e"ense 9B,BBB Hea&th Ins'rance Prei's : onths

P9BBKo.G 5,BBB

The ao'nt he can -e-'ct fro his incoe for ITR 'rose is#

a. P9B,BBB c. P91,BB %. P9,8BB -. P105,9BB

151. The fo&&o!in) are not a&&o!e- as -e-'ctions fro )ross incoe e"cet6

a. Persona&, fai&(  &i*in) e"enses s'orte- %( -oc'ent  notari=e-.

%. E"enses inc'rre- to increase 'sef'& &ife of an asset.

c. Charita%&e -onation to a riest.

-. Schoo& ?'i&-in) erecte- %( a <ni*ersit(.

15. The !i-o! of (o'r %est frien- has +'st %een ai-P1,BBB.BBB on acco'nt of the &ife ins'rance o&ic( of  the -ecease- h's%an-. She as4s (o' !hether she sho'&- -ec&are the ao'nt for incoe ta" 'roses or for estate ta" 'roses.

1st a-*ice6 The rocee-s of &ife ins'rance ai- to the %eneficiar( 'on the -eath of the ins're- are e"et fro incoe ta" an- nee- not %e -ec&are- for incoe ta" 'roses.

n- a-*ice6 The rocee-s of &ife ins'rance !o'&-ha*e to %e -ec&are- for estate ta" 'roses if the -esi)nation of the %eneficiar( !as irre*oca%&e, other!ise it nee- not %e -ec&are-.

a. ?oth a-*ices are correct.

%. 1st a-*ice correct@ n- a-*ice !ron)@

c. ?oth a-*ices are !ron).

-. 1st a-*ice !ron), n- a-*ice correct

155. 3ai&a too4 o't a &ife ins'rance o&ic( for P9BB,BBB nain) her niece, Saantha, as %eneficiar(. <n-er the ters of the o&ic(, the ins'rer, Parao'nt Ins'rance Cor., !i&& a( 3ai&a the ao'nt of  P9BB,BBB after the 9th (ear of the o&ic(, an- her %eneficiar(, sho'&- she -ie %efore that -ate. 3ai&a o't&i*e- the o&ic( an- recei*e- the rocee-s of  P9BB,BBB. The rei's ai- on the o&ic( !ere P8BB,BBB. The rocee-s fro the &ife ins'rance o&ic( of 3ai&a is6

a. e"et fro incoe ta"

%. ta"a%&e to the e"tent of P1BB,BBB c. the entire rocee-s is ta"a%&e

-. ta"a%&e to the e"tent of PI BB,BBB &ess c'rrent rate of interest

158. Which of the fo&&o!in) incoe of an in-i*i-'a& ta"a(er is s'%+ect to fina& ta"#

a. P1B,BBB ri=e in Mani&a !on %( a resi-ent citi=en. %. Di*i-en- recei*e- %( a resi-ent citi=en fro a

resi-ent cororation.

c. Shares in the net incoe of a )enera& rofessiona& artnershi recei*e- %( a resi-ent a&ien.

-. Di*i-en- recei*e- %( a non\$resi-ent a&ien fro a -oestic cororation.

159. 1st   Statement: If an estate is not the o%+ect

of +'-icia& or intestate rocee-in), an estate is not the incoe ta"a(er %'t the -irect %eneficiaries. 2nd Statement: If an estate is the o%+ect of +'-icia& or intestate rocee-in), an estate eer)es as ta"a%&e erson. The ersona& reresentati*e 'st fi&e an ann'a& ret'rn for the estate ' to fina& sett&eent.

a. Tr'e, Tr'e c. 7a&se, Tr'e %. 7a&se, 7a&se -. Tr'e, 7a&se

15:. One of the fo&&o!in) is e"et fro %oth MCIT Mini' Cororate Incoe Ta"G an- IAET Iroer&( Acc''&ate- Earnin)s Ta"G

a. Pri*ate E-'cationa& Instit'tions %. Internationa& Carriers

c. P'%&ic&( he&- cororations

-. Cororations re)istere- !ith EPA or PEA

150. The acco'ntin) erio- of Cororation A is .fisca& (ear en-in) on Octo%er 51. 7or the (ear B1B, Cororation A fi&e- its ann'a& ta" ret'rn on March 19, B11. The &ast -a( for ?IR to assess is on6

a. 7e%r'ar( 1:, B18 c. March 19, B18 %. March 18, B18 -. Ari& 1:, B18 15/. Miraars incoe ta" for B1B !as

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## References

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