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CPAR

I

I

CPA Review Sch,c** <lf tlte Phrlippines

FINAL PRE-BOARD

Business Law and

Taxation EXAMINATIOT{

Saturdag September 14,2013

l0:30AM

10:30AM to

to

12:30Noon

rrffincdons,Choose the BEST answer fur each of the ferliowing items. Mark only one answer for each item on the Speciat

Ansv*er $hed pnovided. Strictly rssasure dlowd.

 

1. Which one ofthe

fotlowing is nnt a. requtsite to rnake an initnment negoti.able?

a.

c.

If addressed to a drawee, he rnust tre named or otherwise inclicated therein with reasonable certaintv

b., JI grgst sO$-af*a*pnEqudt-tjpgf,I

SES!LI$g o'r qr.dgf rfi Sr.{r}

A

S!-jI} s.6rf +}t! tp.E,.gf-Ky

Where the instrument is payable i;o

tx*rcr, the payoe rrrr,ir.

!r ,iemed or otherwise indicated

tirerein vrrrth reasonable

certainty

d.

Where the instrument is parvable to order, the palee must be nam.eC or otherwise indicated therein with reasonable certainty

  • 2. M, makes a negotiable promissory note payable to the orCer ot'i'. P made a special indorsement to A. A

made a qualified indorsement to B, a minor. Subsequent in<.iryrsrments are ftom B to C, C to D and D to

E,. all by speoial indorsement, then E made a qualified indorsennent to F. Which of the following

 

staternents is correct?

i:).

The inriorsement made by B transfers titls to C, herce i3 is llabls as an indorser F can hoid E liable ifM dishonors the urstnrrnrrr:

In case M dishonors the instrument, F can hold alt itdroi'sers liabie except B

d.

The qualified indorsers A ancl E and miuor B are not liable to F

  • 3. His warranty extends in favor

a.

Qualified

indorser

only of the irrme 1i;fs transferee and to no other holder

r,. Fe'r'son negoriating

b-'r delivery

b.

General

indorser

nt. Person

uegotiating by biank indorsement

  • 4. which of the fc,llov,ing sta.tenents r:e'.r"t'lidrg tr freffir.rri, ohares il corect?

a.

Treaslly

shares are not

part

of

r:su ,d

ca.p,ital

s:tcc"l:

b.

Treasury shares may not be d.sposed of at a price lowor thur thv par or jssued price even if it is

reasonabtre and approved by the toarcl of<hrectors

c.

Treasury shares are entitled to vote

,J. Treasury shares, onco disposer! cf, entitle the purchaser or transfore,e he right to dividends

-u 5. Which of the frillowing is not a negotrabie instrurnent?

a.

'?ay

to B or order P1,000 in 4 equal monthly installinellts."

To: X

Sgd. A

b.

'?ay fti B or order Pl,000 and debit

rny

a*eo,xrt thercafter"

To: X

Sge{. ,1"

c- '?ay

To:

to

X

the older of B within 6 mon'ths from dete tire sum,rf P1,000 at 12% per annum"

..

,\

"Fay to B or 1iearerP1,000 ons ye,ar afie r .{ate. df rtt paiC v,rhe*. due, I agree to pay collection and

d.

Sgd

attorney's fees"

To: X

'q,gd. r\

6. Holder H altered the amount of a n*gotiat leinote froru Fld),,{i00 to P1 1C,000 then negotiated the note to P. As a result,

a.

If P is a holder in due course. tie can

1eq,rdr,,

fl.:"r ntl,,&.er;c,Ila) PJ l,J JOa

b.

If P is not a holder in ciue sourse, he qaR

*"e,{uir*g tlr.* maker io pa}'only the original sgm of

P10,000

l

o.

P cannot require the maker to pa1.

trc,oaui,e *t siferalrrrt ,vhetlrer or not he is a holder in due

coursD

d.

l-f.P is a Lotrder for value, he can cir'[Iqm F I tii"ul)e

ficm ]i.

i

7. M issued to p, accommodatd party, a nego{iabrle pr:omissory note for P10,000. P endorsed it to A' A to

B and B to C. Which one of the fotlowing is incorrecti

  • a. M can collect from P, if M will Pay C

  • b. P maydirectlypay C

  • c. Between M and P, M is not liabte ufuilr P is principally liable

  • d. P can collect from lvI,

if P \^rill pay C

{.

A is maker and H is payee of a negotiabl* promissory note payable to order. There is no valuable

consideration for the note-. B delivers the ins*:rment to C,

otherwise would have made C a holder in due course

without indorsement, under circumstances that

such es, that C did uot know of the absence

of

consideration. May C recover from A?

  • a. Yes, because A's personal defense oalnot be used agai.nst C

  • b. Yes, bos.atis the promissory rme is rlsgotiable

c- No, because A hai a real deferse iryhich can be used even against

  • d. No, because C acquires only B's nghts and A can set up consideration

a holder in due course

agarnst B the defense of absence of

  • 9. A is the drarvsr "of

a shak B is tk

snd X is tlrri drauv-e bank. Y fraudulently gets hold of the

check and forges the signature of the pay*e, ts" Y theo deposits it io C bank. C bank indorses the check

to X,

drawee bank and collects from-said X dra.wee hank through the clearing house. then

Y, forger

withdraws from C bank the proceeds of tlre clree'.k and disappears. Vrhich of the following is

not correct?

rrey.ee

  • L. The drawer A has the right to reool-er'from calleoCing bank C

  • b. The drawer's acoouot cannot be chargsd try the drarvee bank

  • c. The payee, B can recover &om drawer A

  • d. The drawee bank can recover from fhe cnliecting'bank

10. The following statements pertain to a voting tn$tee' except

&. The representative acquires legal title to the shares

  • b. It is

;.

good

only for the

meeting

for which it was intended

*O tU* representative

ii ;.: t

*rufly irr.rocable

may vote even in the presence of the

stocllholder

  • d. The agreement giving the reprresentativq thlpower to vote must be duly notarized and a copy ther.eoimust be iubmiued to the SEC to be effective and enforceable

I l. This vacancy in the board of directors may be finled by the board of directors if the remaining directors still constitute a quonrm

  • a. Removal of a director

  • b. Death of a director Iacrecse in thenturbersf dirustffis

  • d. Expiration of the term of a director

  • 12. M issues a promissory

    • a. If indorsedUy

note payable to P or bearer. B"hjclr of the fotlowing is not correct?

f to A

nirO A also indorses it to B, B rnay negotiate the note to C by delivery

  • b. P to A and A also indors^es ii tri B, P is liable to A altd B

If indorscd by

  • c. Uy e to ^A, and A also inelorx*s it to B, and B negotiates the note to C by delivery- A is

If indorsed

liahle to B and C

  • d. If p negotiates the note to A by deliverv and. A indorses it to B, B may negotiate tho note to C by delivery

  • 13. Which ofthe following is,not correct?

&. Where the instrument is negotiated ba,c,l( to

a prior party, all intervening indorsements are not

nccessary to the h.older's tifle
b.

lVlrere the instrument is originally payahle 1 to order, the holder maY not strike out the PaYee's

indorsement

  • c. The indorser whose indorsement i:

struck out and atrl the indorsers are thereby relieved from

liability

on the instrument

  • d. The

holdermay at anytime strike out an i*dorsernent which is not necessary to his title

- 14. The subscriber of shares even if not fully prraid but rvho is not delinquent is entitled to the folfowing

rights, except

  • a. Rights to receive dividends

  • b. R.ight to vote in stockholders meetings

  • c. Right to demand his stock certificate

  • d. Rights to inspect corporate books and records.

- {5' Slaiemenll - A majority of the number of directors or trustees as fixed in the artioles of incorporation

shall constitute a quonrm for the transaction of corporate business, anel every decision of at least a

majority of,the directors or trustees present at a meeling at which threre is a quorum shall be valid as a

corporate act, except for the election of the offrcers rnhich shall requir"e the vote of a mejority of all the mernbers of the board

Stsfqffiqt U - No pe,rsou esfivftted of fiml jgdgruent of an rltfemse pnrnisimble

by irrprisorrrmt fu a

period exceeding five years or a violation of the corpormion oode committed withinsix lears prior to the date of his electioo or appoinunen! shall quaiiff as a director, fustee or officer of any corporation.

a.

True, true

b.

True, faJse

c.

False. fnre

-1. False" t'alse

16' M rnakes and ctrelisers a prornissory note payatle to the order of P. P indorses the note to A. Later, S

steals the nste and negotiates the same to C, C to D and D to E, a holder in due

&. E can hold M and P liable because

to t{ by f'orging A's signature. Thereafter, B negotiates the note osurse^ lttricle of the tbllo*ing statements is correct?

their signat"r* are genuine

  • b. E cannot hold B, C and D linble beca'*se they have iro pa.rticipatr.on in the commission of the forgery

  • c. E can

enforce the instrurnent

  • d E can enfilrce the instrument

nnly ag*inst S, the fc,rger

against S, B" C and D but nc,t agaiast ld, P and A

17.P, O and A are partners in an impoit and exp:rt irusiness. Customers desiring to place an order for

imported artictres are always required to rnake a d,cp':sit of l5_9ro of the tota! cost .rf the order. B, a regular

customer, deposited P5,000 to P for his ord*r, P, instead of tumin;* over the said amount to the

partnership, misappropriated it. As a result, (rrio lti irot cofiect

a

fI

may institute a ciaim aga.inst the parfnerstiip and a{{ th* partners

personal liability of the pafiner,:s is jr:rint

  • b. 'Ihe

  • c. The partnership is bound to make gorx! the loss wherre one parhler acting rvithi* the scope of his apparent authority receives nlonev or proiierg cf a thrd psrson anct misapplies it

  • d. Ail the

parhrers are lrable sc,lirftrlil;r r,,ltl thc pxtlr,rsliip for:"er;thin_ chargeable to the

pafine$irili

18. A contract lvlrere the creditor acqui:r;s tfte right rrt re*eire the firdts of rn rrninovalrle of his debtor, with

the obligntion to apply them to the payment iif irrt;rest it ow.,ng" arrC tlroreafler to the principal of his

credit is

  • a. Anfichrssis b. U$lftx:t .c. R.adestrte;.norfgr4e d ()errr.lmorlatinn

19. A ptedged his nng to B for P20,000.

A faiie,J 1,r pay his obiigaE,lrr. i"i lohl rt at a public

Pl8,000. Can B recover the

a" Yes, even without

deficiency?

stipulation

  • b. Yes, if there is stipulation

r. li'o, even ifthere is stip,;Lr*i,tn d i{o,liyllesl there is stjpr.llafion

auction for

20. C mortgaged his car to B for P?CI0,000.

C failed. to p,r_v hil ctili,6ation. B sold rt at a public auction for

P180,000. Can B recover the

  • a. Yes, even without

deflciency"l

stipulation

o, No, ev*ia if there is stipri;gl6,n

  • b. Yes, onlv if there is

stipulation tL N$, u:rless ther.e is stipulati,;n

21. Any director of a col'poration maybe removedrf'rr:nn oftjse b.v a vote of

  • a. Majority of the mernbers of the board

b- Majority af the stockholders Fr.esent

  • o. 2/3 ofthE

stockholders present

  • - d. 213 of trcourstanding capiml sfock

22.PLand P2 are co-owners ofa piece of lend an*i ttie-v iuulr,::d ,rnd arrthorised A to sell their land. tUho will be

liable to A fortlre

payment ofhis commission?

  • t. Both Pl and P2 jointly

  • b. Both P1 and P2 solidarily only if stiplated

  • c. BothPl andP2 solidarily even withorrt stipulation

  • d. 50% fromP1 and S0YofromP2

  • 23. F appoints A1 ar:d A2 as his agents. A{ anrl A3 agreed to be bormd solidarily. Suppose A1 performed the agency negligently which caused damaged to F, **n P hold A2 liable for damages?

Slalennen!-l- Yes, if A1 acted withitr the sirrpe of his authority

Steteseul2 - No, if Al acted beyond. the s,;ope *f h"is authority

  • a. Both statements are true

  • b. Bo{ft st*$exrreuts afe false

  • c. Only Statement 1 is true

  • d. Only Statement 2 is true

  • 24. A sold his piano to B for Php200,000 payable ilr inste^tlmrent. A chattel mortgage was constituted on the pianci. il defaulted in two installment payments. A clef,rranded payment of the unpaid obligation amounting to Php 120,000 and a writ of attachment was issued and the piano was sold for Php 100,000. Can A still recover the deficieney?

Statement I - No, the foreoloswe ofthe piamo extinprrishes B's obligation

S{atgent

a.

3 - Yes, if stipulated that in casc of foreclosure the buyer will pay any deficiency

Both statements are true

  • b. Eodr statements are false

  • c. Only Statement I is true

  • d. Only Statement 2 is tnre

  • 25. Which of tlie follorr*,ng instrufirents:s negotiahle?

    • a. '?ay to the order of A or B the s,rrm rif,P1*0,000."

Sgd. C and D

  • b. "I promise to pay to the order oI A cr B ths surn of P100,000".

Sgd. C and D

  • c. '?ay to B or order the sum of Plii0,Ctt0 30 days after sight". Sgd. A
    d. "We promise to pay A and B the suni cf'P100,000". Sgd. C and D

  • 26. Deleof,rs personap is an element of a prfirership wh,ic.h. me&ns

    • a. Right to choose his partners

    • b. Con{idence and trust in his partners

c" Obligation to remain loyal to his partrers

  • d. ilistribution of profits among the partrrers

  • 27. When real property is contributed to the partrlersh,p

    • a. A real oon.tract is perfected

    • b. A written in*strument is required

    • c. A public instrument complete with inventory is required

    • d. A partner can make important alteration if beriefir:ial to tlre partnership

  • 28. In a parlnership, the liability of the partners shall be joirirt and solidary

  • L

    Oblig,atiors in favor of partnership suppliers by virtue of sales contract

    • U. Ohligatioras in fb'vor of a partnership client for retum of deposits misappropriated by one of the

    partners

    • - m. Obligations in favor of a pedesfiian hit by tho rl*hveiy van driven by one of the porhrers in the course of partnership business

      • a. i and III

      • b. I{ and lII

      • c. I arul II

      • d. I, Ii and Itr

    • 29. Acorporatiotr is cirtferent ilicrn a pm.rtnership in -that ttre fonner is

      • a. An artificial berng

      • b. Created by operation of law

      • c. A business organization

      • d. Organized for profit

  • 30. A bought from B a car at a price of P2M, FOB factory.

  • within one month from delivery. The car was picked up

    A paid PIM as down payment and the balance

    by A upon payment of the down payment on April

    24,201Q. On May 10, 2010, B ieamed of A's insolvency. In this case, B shall be entitled to

    • a. Remedy of possessory lien

    • b. Remedy *f resale

    • c. Remedy of stoppage intransit

    • d. Remedy of rescission

    • 31. The principle of "caveat emptor" or let the buyer beware will not apply in

    a- Sheriffs sale

    • b. Sales of animals in pairs

    • c. Auction sales

    • d. Sales of livestock as condemned

    32. A, B and C are partners" A died togsther with other Fssengers

    deatlU which is kno*.n to

    B, B still transacted business with the

    of Flight 123 of Air Port. In spite of A's

    firm's previous creditor, Y, on a matter not

    related to winding up. y thought all the time that the f,rm had not yet been dissolved because he did not read the notice of dissolution publiihed in the newspapers. In this case, the partnership is

    • a. No longer liable toy since the transactionitrr dissolution is not oonnected with winding-up

    • b. Still liable to Y since he is a previous creditor

    • c. Still liable to Y since the transaction is within the 3-year liquidation period

    • d. No longer liable to Y since B can no longer bind the firm due to the death of A

    - 33. A and B entered into a contact of partnership contribute P500,000 on April 2q,ZOW. B as

    for the purpose of operating a car repair shop. A promtryd

    !o

    industrial partner, wilfmanage the business. On April 24,2A14,

    A did not effect confiibution. Thus

    • a. is in delay ifB makes a demand

    A

    A

    • b. is a debtor in default

    • c. B shali be entitledto damages

    • d. The partrership is dissolved due to lack of crbject

    34. Ais the listed owner of 10,000

    sued A for the pavment of A's

    with par

    value of Pl00/share common shares in ABC Corporation AB9

    indebtedness of FlM. A contends that such debt must be compensated by his

    shares of stocks with the plaintiff corporation. The contention of A is

    • a. Valid due to legal compensation

    • b. Valid by virtue ofjudiciatr compensation

    • c. Unte,lrable since he is not a creditor of the corporation

    • d. Automatically exinguished if the fair market value of the shares is PIM

    35. A gave B p50,0C0 for the purchase of a TV set in behalf of the former, with the obligation of returning the

    amognt if the TV set was not bouglit

    An estafa case was filed by A against

    u'ithin a week. A did not buy the item but did not return the amount'

    B. B pleaded A to drop the case. In returr! B issued a promissory

    note

    in favor of A for the amount involved. Is the promissory note valid? a No, the consideration of the note is the stiffling of the crime of estafa

    • b. No, the consideration of the nofe is unlawful

    • c. Yes, if the note is negotiable because ofmutual consent

    • d. Yes, the note is in considerition of a pre-existing debt

    • 36. A and B efl,tsred

    futue properl.y

    r"1n*.rutloo

    into a universal prrtnership of ali present property. No stipulation lYas rnade regarding

    After the perftction of the contract, A inherited a parcel of land and B acquired a car as

    io. services rindered. The properties aoquired after the perfection of the confact belong to

    Land

    Car

    a.

    b.

    AB

    A

    PartnershiP

    • o. Parrrership B

    • d. Partnership Partnership

    • 37. Which of the following

    a; Treasury

    statements is thlse?

    strarei revert to the unissued shares of the corporation and being in the treasury they don't

    b.

    have the status of outstanding

    Shares issued without p*

    shares

    uui-u" shall be deemed futly paid and non assessable and the holder of such

    shares shall not be liable to the corporation or its creditors in respect thereto

    c.

    d.

    Redeemable shares may be redeemed regardless

    provided such redempion would not cause

    of the existence of unrestrioted retained earnings

    insolvency or inability of the corporation to meet its

    debts as they mature

    When pa, oal.r. the legal capital

    shares are issued above par, the premium or excess is notto be considered as part of

    3g. In case the members of the board of directors of a corporation still constitute a quorum, and there are

    vacancies, who will fill up such vacancies?

    Ot

    b.

    c.

    d.

    Removal Besisnation Exniration of term

    Stostlmlders

    Board

    Stockholders

    Board

    Board

    Stockholders

    Stockholders Board

    Stockholders

    Stockholders Stockholders Board

    Incrpase in the number otDirectors

    Board

    Stockholders

    Stockholders

    Stockholders

    39.A,BandCorganizedABCandCo, limited,alimitedpartnership\irithAasaggnSrylpartner,Basalimited

    partner, and C as an industriat partner, contributing'P200,000,

    P200,000 and industry respectively.

    pu.tn"rrtip failed and after dispoiing all ix assets to puy

    Th€

    partnership debts, there still remains a note payable

    in the sum ofP30,000. Against whom canthe creditor demand payment?

    AE

    C

    L.

    b_

    c.

    d.

    P30,000

    P0

    P15,000 P0

    P10,000

    P10,000

    P15,000 P15,000

    PO

    P15,000

    P10,000

    PO

    40. Which of the following is not correct?

    a.

    A partnership begins from the

    moment of the execution of the articles of partnership, unlEss it is

    b.

    otherwise stipulated

    Persons who are

    prohibited from gving each other any donation or advantage cannot enter into

    c.

    d.

    universal

    partnership

    A particular partneiship has for its object detemrinate &ings, their use or fruits, or a specific

    undertaking

    Articles

    or the exercise of,a profession or vocation

    of-universal partn"r*ttip entered into without specifications of its nature, only constitutes a

    universal partnership of profits

    41. A insured his life for PIOM. In case A dies, the proceeds of the life insurance shall be:

    &. Excluded frona gross,estate if the beneficiary is the estate, executor or administrator whether

    revocable or irre.vocable

    • b. Part of gross income if the beneficiary is a third person and the designation is revocable

    • c. part of ihe gross estate if the beneficiary is a third person and the designatio:r is irrevooable

    • d. Excluded fro* grosr income whether Lreneficiary is revocable or irrevocable

    lZ. ytz,a domestic corporation was determined to be improperly accumulating rts earnings for tho taxable

    year 2009 based on its records as follows:

    • a. Net income from business

    P 1,000,000

    b.

    c.

    d.

    e.

    f.

    g.

    a.

    P81,500

    b.

    P71,500

    c.

    P80,000

    d.

    P70,000

    a.

    b.

    c.

    d.

    a.

    P300,000

    b.

    P240,000

    c.

    P75,000

    d.

    P0

    a.

    P300,000

    b.

    P240,000

    c.

    P75,000

    d.

    P0

    a.

    b.

    c.

    d.

    Sales

    a.

    P13,000

    b.

    P5,250

    c.

    P10,500

    deeedent

    Dividends actually or constructively paid

    Income tax paid for the year

    Income subjoced to 209'i, final +a:l

    Income exempt from tax

    Income excluded from gross incorne

    Net operating loss (2008)

    i 50.000

    :70,CI00

    gi;,gli0

    5U,000

    10,000

    100,000

    The ta:r on improperly accumulated earnings is

    {3. Real property with a cost of p300,000 and a fhir market value atlhetime of death of P1,000,000, but subject to a mortgage of P200,000

    Shall be in the taxable net estate at F800,000

    shall be in the gross estate *ttfoe decedent equity of F800,000

    Shall be in the gro$s estate at P300,000

    shall be in the gross estate at the owner's equitv of PI0c,000

    his residential land iri 2000 at a cost of P1,000,00s. He sold the properry on January 1, 2009 with

    44. A acquired

    a fair

    market value of pS,000,000 for a consideration of P4.000,000. Within 18 mon'ths' he purchased his

    ..

    ":t

    i:: the' ca.;'itri ga:n" t*x?

    new principal residene* at a. c*g"t cf P7,000,000. How unti

    • 45. Using the same data, exoept that A acquired his new principal residence at a cost of P3,00,000, how muoh is the capital gains tax?

    • 46. One of the following is not correct

    The estate must be valued at the time of ctreatti of the decedent

    Real estate situated in foreign countries will be included in the gross estate of a resident alien

    The Commissioner shall have the authority to grant, in meritorious cases, a reasonable oxtension

    not exceeding 6 mnnths ior filing the estate tax reiurn

    Vanishing deduction is subject to limitatiori

    ?009

    t r.369.t}0r,,

    1,425,0C0

    480,000

    • 47. Mabuhay Corporation organized in 2002 has the follov*ing data:

    a&gs

    P1,700,0$0

    1,050,00S

    615,00C

    Cost of sales

    Operating expenses The income tax payable in 2008 is

    d.P12,250

    • 48. Using the above data, the income ta"x payable by Mabuhav Corp<nation in 2009 is

    a.

    Pl18,500

    b.

    Pl10,750

    c.P117,750

    d.

    P108,000

    • 49. A filed his income tax retum for the calendar year 2007 on }v{arch 20,20A:8. When is the last day for the BIR to collect assuming A did not pay the tax dur" ugrn frling?

     

    a.

    March 20,2011

    b.

    April 15,20ll

     

    .

    c. April 15,2013

     

    d.

    March 20,2013

    • 50. Using the above data, assuming A frled his inconne tax return on April 20, 2008 and the retum is not

    fraudulent, when is the last day for the BIR to rnake an assessment?

     

    a.

    April20,20ll

    b.

    April

    l5,20ll

    c.

    April20,2Al3

    d.

    April 15,2Al3

    • 51. Using the above data, if the BIR issued a deficieircy income tax assessment on March 10, 2010, when is the

    last day for the BIR to collect?

     

    a March 10,2013

     

    b.

    Apil 15,2A13

    c.

    tvfarch 10,2015

    d.

    April 15,2015

    • 52. One of the following is not within the powers of the Cc,nrnissioner of hrternal Revenue

     

    a.

    Compromise the payment of intcrnal revenue ta:r on the ground of taxpayer's financial

     

    incapacity

     

    b.

    Compromise the pa3ment of intr":rnatr revefiue tax on the ground that there is reasonable doubt

     

    as to the validity of the assessnnent

     

    c.

    Compromise criminal violation if already filsd in oourt and those involving fraud

    -

    d.

    Abate or cancel a tax liability on *he ground that the cost of collection is greater than that of

     

    the tur to be collected

    • 53. The export sale of a vat registered enterprise is

     

    a.

    Exempt from the vat

    b.

    Subject to the 0o/o vat

    c.

    Subject to the l2a/o vat

    d.

    Subject to percentage tax

    • 54. A filed his ITR for 2012 ot April 15, 2013 and wiltr pay his tax liability in installment. The return shows an income tax clue of P100,000 and income tax $rithh;ld of P60,000. If A pays the 2"d installment only on October 75,2013,the amountto be paid (exciudirry compromise penalty) is

    a.

    P26,000

    • b. P35,000

    • d. P37,500

    • 55. Using the above data, the amount due on April 15. 2013 is a P20,000

      • b. P40,000

      • c. P0

      • d. Refund of P10,000

    56. Which of the following statements is not correct?

    • a. When a compulsory heir is given by will iess than his legitime, the provisions of the witl should be modified in such a way that he will receive his

    legitime

    b' The CIR may examine the bank deposit of a decedent for the purpose

    of tletermining his gross estatc

    io*prcity

    even if the estate did not request f,or a compromise on the ground of financial

    • c. The P500,000 standard deduction for medical extrrnses for estate tax purposes is a legal mechanism

    to further exempt
    d.

    the less privileged estate and heirs from tax burden

    The sharing of heirs in testamentary succession must satisff the rules on legitime

    57. A stookbroker remified P11,250 to the tsIR representing collecdon of tax withhetd from clients. The peso

    volume of his stock transactions from which the tax was withheld is

    a.P93,750

    b, P112,500

    c.P225,000

    • d. P2250,000

    • 58. A vat taxpayer has the following data for a partioular quar&er cluring the current year:

    '

    Sale of shares of stock:

    Held as inventory

    P 1,000,000

    Held as investment Cost of the shares sold:

    500,000

    Held as inventory

    300,000

    Held as investrnent (thru local stock exchange) The stock transaction tax is

    600,000

    • a. P0

    • b. P1,500

    • c. P2,500

    • d. P7,500

    • 59. A race track bettor won on the fotlowing bets:

    On double, a bet of P200 and dividend of p2</