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False (Section 2) – department of finance

2. False (Section 2) – shall comprehend the assessment and collection of all national
internal revenue taxes, fees, and charges, and the enforcement of all forfeitures,
penalties, and fines connected therewith, including the execution of judgments in all
cases decided in its favor by the Court of Tax Appeals and the ordinary courts.
3. True (Section 3)
4. False (Section 4) – secretary of finance
5. True (Section 5)
6. True (Section 5)
7. True (Section 6)

8. TRUE - Sec. 6. (B)

9. TRUE - Sec. 6 (C)
10. TRUE - Sec. 6 (D)
11. FALSE - Sec. 6 (E) it should be whichever is higher
12. TRUE - Sec. 6 (F)
13. FALSE - Sec. 6 (H) it is the Commissioner and not the Sec. of Finance
14. FALSE - Sec. 7 (C) the power to compromise and abate cannot be delegated

15. False (Section 11)

16. False (Section 13)
17. False (Section 14)
18. True (Section 15)
19. False (Section 16)
20. False
21. True (Section 22B)

22. False (Section 22E4) – be treated as nonresident citizen

23. True (Section 22P)
24. True (Section 22Q)
25. False (Section 22X) – shall not be considered as performing quasi-banking
26. False (Section 22DD) - regional or area headquarters
27. True (Section 23D)
28. True (Section 23A)
29. False (Section 23F) – taxable only on income derived from sources within the

30. FALSE.
(D) Husband and Wife. - Married individuals, whether citizens, resident or nonresident
aliens, who do not derive income purely from compensation, shall file a return for the
taxable year to include the income of both spouses, but where it is impracticable for the
spouses to file one return, each spouse may file a separate return of income but the
returns so filed shall be consolidated by the Bureau for purposes of verification for the
taxable year.

31. TRUE
SEC. 24 (A) For married individuals, the husband and wife, subject to the provision of
Section 51 (D) hereof, shall compute separately their individual income tax based on
their respective total taxable income: Provided, That if any income cannot be definitely
attributed to or identified as income exclusively earned or realized by either of the
spouses, the same shall be divided equally between the spouses for the purpose of
determining their respective taxable income.

SEC. 24 (A) Provided, That minimum wage earners as defined in Section 22(HH) of this
Code shall be exempt from the payment of income tax on their taxable income:
provided, further, That the holiday pay, overtime pay, night shift differential pay and
hazard pay received by such minimum wage earners shall likewise be exempt from
income tax.

SEC 6 (E) (E) Authority of the Commissioner to Prescribe Real Property Values. - The
Commissioner is hereby authorized to divide the Philippines into different zones or
areas and shall, upon consultation with competent appraisers both from the private and
public sectors, determine the fair market value of real properties located in each zone or
area. For purposes of computing any internal revenue tax, the value of the property
shall be, whichever is the higher of:
(1) The fair market value as determined by the Commissioner; or
(2) The fair market value as shown in the schedule of values of the Provincial and City

SEC. 24 (D)
(2) Exception. - The provisions of paragraph (1) of this Subsection to the contrary
notwithstanding, capital gains presumed to have been realized from the sale or
disposition of their principal residence by natural persons, the proceeds of which is fully
utilized in acquiring or constructing a new principal residence within eighteen (18)
calendar months from the date of sale or disposition, shall be exempt from the capital
gains tax imposed under this Subsection: Provided, That the historical cost or adjusted
basis of the real property sold or disposed shall be carried over to the new principal
residence built or acquired: Provided, further, That the Commissioner shall have been
duly notified by the taxpayer within thirty (30) days from the date of sale or disposition
through a prescribed return of his intention to avail of the tax exemption herein
mentioned: Provided, still further, That the said tax exemption can only be availed of
once every ten (10) years: Provided, finally, That if there is no full utilization of the
proceeds of sale or disposition, the portion of the gain presumed to have been realized
from the sale or disposition shall be subject to capital gains tax. For this purpose, the
gross selling price or fair market value at the time of sale, whichever is higher, shall be
multiplied by a fraction which the unutilized amount bears to the gross selling price in
order to determine the taxable portion and the tax prescribed under paragraph (1) of this
Subsection shall be imposed thereon.

51. TRUE
SEC. 29 (C) Evidence of Purpose to Avoid Income Tax. -
(1) Prima Facie Evidence. - the fact that any corporation is a mere holding company or
investment company shall be prima facie evidence of a purpose to avoid the tax upon
its shareholders or members.
52. TRUE
SEC. 29 (B) Tax on Corporations Subject to Improperly Accumulated Earnings Tax. -
(1) In General. - The improperly accumulated earnings tax imposed in the preceding
Section shall apply to every corporation formed or availed for the purpose of avoiding
the income tax with respect to its shareholders or the shareholders of any other
corporation, by permitting earnings and profits to accumulate instead of being divided or

53. True (Section 30E)

54. False
55. True
56. False (Section 32B)
57. False (Section 32B6)
58. False (Section 33B) – excluding rank and file
59. False
60. False

61. False (Section 34A1) – all not only

62. False (Section 34A1ai) – provided that the final tax imposed under section 33 has
been paid
63. False (Section 34A1aiv) – reasonable allowance not any and all expenses
64. True (Section 34A1b)
65. False (Section 34A1c) – shall not be allowed
66. True (Section 34A2)
67. False (Section 34B2) – a deduction shall not be allowed, take note: section 34B2 is
an exception for allowable deductions

68. False (Section 34B2)

69. False (Section 34B2)
70. True (Section 34B3)
71. False (Section 34C1)
72. True (Section 34C1)
73. True (Section 34C3)
74. False (Section 34D1)

75. True sec 34 (D[1][c])

76. False sec 34 (D[3])
77. False sec 34 (D[3])
78. True sec 34 (D[3])
79. True sec 34 (D[3])
80. True sec 34 (D[4])
81. True sec 34 (D[6])

82. False, because notice of abandonment is necessary. (Section 34d7)

83. True. (Section 34e)
84. False, because it includes reasonable allowance for obsolescence. (Section 34f1)
85. False, it shall be apportioned. (Section 34f1)
86. False, straight line or declining balance method (Section 34f4)
87. True. (Section 34f4)
88. True. (Section 34f4)

89. False (Section 34F46) – only when such property is located in the Philippines
90. True (Section 34G1)
91. False (Section 34G1par2) – which in itself has no salvage value
92. False (Section 34G1par3) – shall not
93. True (Section 34G2par2)
94. False (Section 34G2par5) – exploration expenditures
95. False (Section 34G2par5) – begin
96. False (Section 34H2) – deductible in full
97. True (Section 34I1)
98. True (Section 34I2)
99. False (Section 34I3)
100. False (Section 34L) – other than NRA
101. True (Section 34L)
102. False (Section 34L)
103. False (Section 34M) – there is an income requirement

104. N/A Repealed True

105. N/A Repealed False
106. N/A Repealed True

136. No question
137. No question
138. False
139. True (Section 72)
140. True (Section 73A)
141. True (Section 73B)

142. TRUE, 73(B) of NIRC

143. TRUE, 73(C) OF NIRC
144. TRUE, 73(D) OF NIRC
145. TRUE, 74(A) OF NIRC, without the application of TRAIN LAW
FALSE, 74(A) OF NIRC as amended by TRAIN LAW. May 15 of the same taxable
146. TRUE, 74(B) OF NIRC, without the application of TRAIN LAW
FALSE, 74(B) OF NIRC as amended by TRAIN LAW. May 15
147. TRUE, 77(B0 OF NIRC
148. FALSE, 78(A)