Beruflich Dokumente
Kultur Dokumente
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c 3. His warranty extends in favor only of the irrme 1i;fs transferee and to no other holder
a. Qualified indorser r,. Fe'r'son negoriating b-'r delivery
b. General indorser nt. Person uegotiating by biank indorsement
-u
A 5. Which of the frillowing is not a negotrabie instrurnent?
a. '?ay to B or order P1,000 in 4 equal monthly installinellts." Kailangan nakaspecify din kung
To: X Sgd. A kailan mo siya sisimulang
b. '?ay fti B or order Pl,000 and debit rny a*eo,xrt thercafter"
To: X Sge{. ,1"
bayaran...
c- '?ay to the older of B within 6 mon'ths from dete tire sum,rf P1,000 at 12% per annum"
To: X Sgd..,\
d. "Fay to B or 1iearerP1,000 ons ye,ar afie r .{ate. df rtt paiC v,rhe*. due, I agree to pay collection and
attorney's fees"
To: X 'q,gd.
r\
D 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.
D i 7. M issued to p, accommodat€d party, a nego{iabrle pr:omissory note for P10,000. P endorsed it to A' A to
Accommodated Party - sya yung nakisuyo. On the eyes of
B and B to C. Which one of the fotlowing is incorrecti
the partues. Subsequent to accommodation, pwedeng wala
a. M can collect from P, if M will Pay C
syang alam sa accommodation na naganap.
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
D {. 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, without indorsement, under circumstances that
otherwise would have made C a holder in due course 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 a holder in due course
d. No, because C acquires only B's nghts and A can set up agarnst B the defense of absence of
consideration
A 9. A is the drarvsr a shak B is tk rrey.ee snd X is tlrri drauv-e bank. Y fraudulently gets hold of the
"of
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?
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
B 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
;. ii ;.: *rufly irr.rocable *O tU* representative may vote even in the presence of the
t
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
B 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
C 12. M issues a promissory note payable to P or bearer. B"hjclr of the fotlowing is not correct?
a. If indorsedUy f to A nirO A also indorses it to B, B rnay negotiate the note to C by delivery
b. If indorscd by P to A and A also indors^es ii tri B, P is liable to A altd B
c. If indorsed Uy e to ^A, and A also inelorx*s it to B, and B negotiates the note to C by delivery- A is
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
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
C- 14. The subscriber of shares even if not fully prraid but rvho is not delinquent is entitled to the folfowing
rights, except
Stock certificate is issued only to
a. Rights to receive dividends
b. R.ight to vote in stockholders meetings fully paid shares.
c. Right to demand his stock certificate
d. Rights to inspect corporate books and records.
B - {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
six esfivftted of fiml jgdgruent of an rltfemse pnrnisimble by irrprisorrrmt
five
fu a
period exceeding XXX five years or a violation of the corpormion oode committed withinsix
XX 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
D 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 t{ by f'orging A's signature. Thereafter, B negotiates the note
to C, C to D and D to E, a holder in due osurse^ lttricle of the tbllo*ing statements is correct?
&. E can hold M and P liable because 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 nnly ag*inst S, the fc,rger
d E can enfilrce the instrument against S, B" C and D but nc,t agaiast ld, P and A
B 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
b. 'Ihe personal liability of the pafiner,:s is jr:rint
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 Damages 'to kaya solidary.
A 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$lftx:t .c. R.adestrte;.norfgr4e d ()errr.lmorlatinn
C 19. A ptedged his nng to B for P20,000. A faiie,J 1,r pay his obiigaE,lrr. i"i lohl rt at a public auction for
Pl8,000. Can B recover the deficiency?
a" Yes, even without stipulation r. li'o, even ifthere is stip,;Lr*i,tn
b. Yes, if there is stipulation d i{o,liyllesl there is stjpr.llafion
A 20. C mortgaged his car to B for P?CI0,000. C failed. to p,r_v hil ctili,6ation. B sold rt at a public auction for
P180,000. Can B recover the deflciency"l
a. Yes, even without stipulation o, No, ev*ia if there is stipri;gl6,n
b. Yes, onlv if there is stipulation tL N$, u:rless ther.e is stipulati,;n
A 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
B 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 3 - Yes, if stipulated that in casc of foreclosure the buyer will pay any deficiency
a.
Both statements are true SALE by installment => RECTO law.
b. Eodr statements are false LOAN with installment => Chattel
c. Only Statement I is true
d. Only Statement 2 is tnre
B 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
A 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
B 28. In a parlnership, the liability of the partners shall be joirirt and solidary
contractual 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 damages
- 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 damages
a. i III
and
b. I{ and lII
c. I arul II
d. I, Ii and Itr
B 29. Acorporatiotr is cirtferent ilicrn a pm.rtnership in -that ttre fonner is
a. An artificial berng Partnership is created by agreement/
b. Created by operation of law consensual NOT by operation of law.
c. A business organization
d. Organized for profit
D 30. A bought from B a car at a price of P2M, FOB factory. A paid PIM as down payment and the balance
within one month from delivery. The car was picked up 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 Possesory lien - right to retain possession of
b. Remedy *f resale goods until FULL payment.
c. Remedy of stoppage intransit
d. Remedy of rescission Insolvent na nga sya. Hindi na yun mababayaran ng
buo.
B 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
A 32. A, B and C are partners" A died togsther with other Fssengers of Flight 123 of Air Port. In spite of A's
a matter not
deatlU which is kno*.n to B, B still transacted business with the firm's previous creditor, Y, on
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
B - 33. A and B entered into a contact of partnership for the purpose of operating a car repair shop. A promtryd !o
contribute P500,000 on April 2q,ZOW. B as industrial partner, wilfmanage the business. On April 24,2A14,
A did not effect confiibution. Thus
a. A is in delay ifB makes a demand
b. A is a debtor in default
c. B shali be entitledto damages
d. The partrership is dissolved due to lack of crbject
C 34. Ais the listed owner of 10,000 with par value of Pl00/share common shares in ABC Corporation AB9
sued A for the pavment of A's 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
D 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 u'ithin a week. A did not buy the item but did not return the amount'
An estafa case was filed by A against 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
A 36. A and B efl,tsred into a universal prrtnership of ali present property. No stipulation lYas rnade regarding
futue properl.y After the perftction of the contract, A inherited a parcel of land and B acquired a car as
r"1n*.rutloo io. services rindered. The properties aoquired after the perfection of the confact belong to
Land Car
a. AB
b. A PartnershiP
o. Parrrership B
d. Partnership Partnership
C 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?
Removal Besisnation Exniration of term Incrpase in the number otDirectors
Ot Stostlmlders Board Stockholders Board
b. Board Board Stockholders Stockholders
c. Stockholders Board Stockholders Stockholders
d. Stockholders Stockholders Board Stockholders
C ___
39.A,BandCorganizedABCandCo, limited,alimitedpartnership\irithAasaggnSrylpartner,Basalimited
partner, and C as an industriat partner, contributing'P200,000, P200,000 and industry respectively. Th€
pu.tn"rrtip failed and after dispoiing all ix assets to puy partnership debts, there still remains a note payable
in the sum ofP30,000. Against whom canthe creditor demand payment?
AE C Nakalagay yung name nung limited partner
L. P30,000 P0 PO
sa company name e. So sa mata ng 3rd
b_ P15,000 P0 P15,000
c. P10,000 P10,000 P10,000 party, general partner sya unless may
d. P15,000 P15,000 PO kapangalan syang general partner.
D 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
D 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 before tax P 1,000,000 +
b. Dividends actually or constructively paid i 50.000 -
c. Income tax paid for the year :70,CI00 -
gi;,gli0 + (net of FT na 'to)
d. Income subjoced to 209'i, final +a:l
e. Income exempt from tax 5U,000 +
f. Income excluded from gross incorne 10,000 + = 700 x 10% = 70
g. Net operating loss (2008) 100,000
The ta:r on improperly accumulated earnings is
a. P81,500
b. P71,500
c. P80,000
d. P70,000
{3. Real property with a cost of p300,000 and a fhir market value atlhetime of death of P1,000,000,
but subject
A
to a mortgage of P200,000
a. Shall be in the taxable net estate at F800,000
b. shall be in the gross estate *ttfoe decedent equity of F800,000
c. Shall be in the gro$s estate at P300,000
d. shall be in the gross estate at the owner's equitv of PI0c,000
A 44. A acquired his residential land iri 2000 at a cost of P1,000,00s. He sold the properry on January 1, 2009 with
he purchased his
a fair market value of pS,000,000 for a consideration of P4.000,000. Within 18 mon'ths'
new principal residene* at a. c*g"t cf P7,000,000. How unti..":t i:: the' ca.;'itri ga:n" t*x?
a. P300,000 yung resident land sold is NOT his principal residence..
b. P240,000
5M x 6% =300
c. P75,000
d. P0
muoh is
A 45. Using the same data, exoept that A acquired his new principal residence at a cost of P3,00,000, how
see the capital gains tax?
a. P300,000
#44
b. P240,000
c. P75,000
d. P0
B 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
A 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
C 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
C 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
C 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 50 50
b. P35,000
-60 -10
d. P37,500 = -10 => 0 =40 + 40x25% + 50x20% x 6/12 = 55
C 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
C 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
even if the estate did not request f,or a compromise on the ground of financial io*prcity
c. The P500,000 standard deduction for medical extrrnses for estate tax purposes is a legal mechanism
to further exempt the less privileged estate and heirs from tax burden
d. The sharing of heirs in testamentary succession must satisff the rules on legitime
D 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
C 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 500,000
Cost of the shares sold:
Held as inventory 300,000
Held as investrnent (thru local stock exchange) 600,000
The stock transaction tax is
a. P0
b. P1,500
c. P2,500
d. P7,500
B 60. In a hansfer in conternplation of death revocable trensfer ancl. transfer under a general power of
appointment, there are rules to observe to detenaine rvhat amourit to inch,rcie in lIrc grois estate, which is not
a rule to observe?
a. If the transfer was in the nature of a bora firie saie for an adequate and full consideration in
money or money's worth, no value shall bo rncluded in the gro,ss estate
b. If there was no consideration received on fhe f;ansfe,r as ln rlonatic,n inter-vivos, the value to
include in the gross estate shall be the tair markel value of the properfy at the time of transfer
c'
Ifthe consideration received on the transfer vras less than adequa-re and full, tbe value to include
in the gross estate shall be the excess of tiie fair rcarlce;t v,alue of the property at the time of
decedent's death over the consideration re,;eive(I
d. If there was no consideration received or the lransrbr ns iu clonatiori rnortis causa, the value to
include in the gross estate shall be the thir market ralue of,the prr,rperty at the time ofthe
decedent's death 1
,
D 61. For proceeds of life insuranoe not to constitute part nf tii* gross esiat;:
a. Must have been taken out by the Cee*dent upcr: his li{e
b. Must have designated the estate of the rl*cecisnt as irrevocabl,* beneficiary
c. Must have designated a third persoil as. the decedent's elie()utcr cr administrator as the
irrevocable benefioiary
d. Must have designated a thinl persorl other tlun the e;tato, the des:dent's executor or
administrator as irrevocable treuefrci ar17
B 62. Which of the following statements is false?
a. Donations can be made to conceiveci and unborn children
b. The first Pl00,000 donation is exempted &om donor,s tax
c. Juridical persons can also make donations
d. Husband and wife can make moderate donations to each other on account of family celebration
ltems 67 to 78
],Nagpala a good looking Filipino 19 years old, single, high school graduate from a remote province, brought his
i0 year old mother went to lv{anila in 2Al2 to try tt *ir iuck here.- He applied, and was 'hirud,
as a janr:tor in
vlapagpala Corporation. As soou as he was hird he eilrolled in the Collegi
of Accountancy. Foi the year zol1,
rc earned and incurredthe following:
In December, P. Nagpala and tv{akiri counted the trXe."lsings tJrey received during the year:
a. The first baby, born on November 30,2{}13: A h;bv boy!
b. Their reoeipts/expenses:
,E*II_@a Makid Couple
Compensation income, net of
SSS/PhilHealth, Pag-Ibig contributions
of P10,000 and withholding tax
ofP18,300 n)1,704
t,xtr month pay and midyear bonur: 36,000
Rice subsidy 18,000
Napala
Medical benefit forP. i0,000
Uniformlclothing allowance 5,000
Laundry allowance 3,000
Rental value ofthe house and lot v,ittur, the
company compound used by thtl couple
as residence. They are required to
reside therein so that P. Nagpaiii rvould he
available to the company anltime P 180,000
Yield from the long-term trust fund, net 38250
Interest, current account, net 6,40Q
Interest, dollar account net i03,600
Dividend income, net 225,A04
Income from practice of profession, net P540,000
Expenses, practice of profession 200,000
C 69. Final taxes remitted by the couple's payors for their h*ome totaled:
a. ?44,562 Dividend income: 225/90% x 10% = 25
b. P19.562 Interest: 6.4/80% x 20% = 1.6
c. P35,000
d. P31,550 FCDU: 103.6/92.5% x 7.5% = 8.4
1I
A 70.Income tal( still due from tle couple for the taxable year 3013:
a. P29,450
b. P9,950
c. P9,650
d. P23,540
lrr-2017, P. Nagpala passed the CPA Licensure Examination. E{e was promoted as the Accounting Manager in
the company's Accounting Department. lvlakiri stopped rvorking to have more time for her husband and three
(3) children (three more wpre born from 2014 to 2017, butthe youngest died at the age of 3 months in 2017
wtrile the eldest lives with Makiri's parents)
The year was a lucky year (financially) for the couple. They were able to buy a 2-storey commercial building.
A book about'Makiriis Code" written by Makiri was pubtrished and becarne a bestseller. They were able to sell
one-half of their interest in the corporation to a friend at a gain of P300,000 (SP is Php l'3M)' At year-end,
they computed their financial blessings:
a. R"ental income -net of withholding tax P 684,000
*
(Expenses - building rental husiness F200,000)
b. Royalty income from the book, nei 450,000 I
c. A brand new car, purchased by the fiompany for P. Nagpala
(the car was registered in the name of
P. Nagpala) - purchase cost... 1,088,000
d. Otherbenefits glven by the company to P. Nagpala:
Groceries for the family 40,800
Salary inerease, P20,000 per month 240,000
Tuition fee, shouldered by the ccmpanv when F. Nagpala
attended a computer crash course to learn about
the software being used in the company's
accounting dePartrrent 30,000
For the taxable year 2A17,
A 73. The final tanes on the couple's passive income and capital gain for 2017 totaled'.
a. P 75,000 100 x 5%
b. P 50,000 + 200 x 10%
c. P 56.500
P 62,500 + 450 / 90% x 10%
d.
B 74.The fringe benefit tax withheld by the compar.y pertaining to the benefits given to P. Naglala dwing the year
totaled:
a. P531,200
b. P545,317
c. P289,317
d. Y215,204
ln November 2018, while the couple were talking about haviug another child, P. Nagpala suffered a cardiac
arrest and died 3 days after, withoot uoy last will and testanlent. By year-end, the estate tax was paid and the
-estate was distributed to his legal heiri. Makiri rvent braok tro the practice of her profession and continued
operating the commercial building
D 75.If anincome tax return is to be flled fcrr the 2018 inconoe of P. Nagpala, how nnuch personal and additional
exempions maybe claimed?
a Php 20,OOO not living with yung eldest child
b. Php 125,000
c. Php 75,000
d. Php 100,000
Later in Novemb er Z}l9,Makiri married P. Nansalo. the best frie,nit of F. Nagpala. Unfortunately, the marriage
did not last long when Makiri died in January 2,202!, one riay after giving birth to their fust child. Makiri left
the following:
Mel$i P.Xatlsglg
a. Property owned before marriage Php 2,01t0,000 Fhp 3,000,000
b. Income of property in (a.) 500,CI00 750,000
c. Property acquired during marriage:
1. By gratuitnus title 1,900.00c 2,200,000 .
2. By onerous title 4.0c10,000 2,000,000
d. Income of properg'in:
c-1 300,C11,]0 150,000
CA 8CC,0(!0 200,000
e. Proceeds of life insurance where the
beneficiary is:
1. Her mother - revocable I.200.000
2. Her son - irrevocable 8C0,000
f. Receip of proeeeds of insuranc€ on
property owned before the marriage
which were destroyed by fire on
March 31,,2021
FMV:March 31,2021 7,2i1s,000 2,800,000
Insuance recovery 1,S00,000 2.500,000
g. The property acquired during
marriage - by gratrritous title were
acquired thru inheritance:
FMV (time of inheritance),4 Y, 1,8")0,0G0
years ago
FMV (time of inheritance), I y*ear 2,400,000
ago
A B C D
Subject to:
l2o/o Php 900,000 Php 1,000,000 Php 950,000 Php 1,000,000
1,000,000 900,000 950,000 1,000,000
0o/o
4,100-000 2.100.000 3.100.000 1.000.000
Exempt
Total Php 6,0fi),fi)0 Php 4,0fi),0fi1 Php 5,0fi),0fi) Php 3,0fi),0fi)
The End!
t4