Beruflich Dokumente
Kultur Dokumente
INSTRUCTIONS
1. Read each question very carefully and write your answers in the same
order the questions are posed. In your answers, use the numbering system
in the questionnaire.
2. Answer the Essay questions clearly, and concisely. Start each number
on a separate page. An answer to a sub-question under the same number
may be written continuously on the same page and the immediately
succeeding pages until completed.
I.
Spouses Jose San Pedro and Clara San Pedro, both American citizens (and
former Filipino citizens) residing in California, are the owners of a
residential house and lot in Quezon City. After the recent wedding of
their son, Mario, to Maria, the spouses donated said real property to
them. At the time of donation, the real property has a fair market value
of P2 million.
Are Jose and Clara subject to donor's tax? If so, how much is the NET
taxable gift of each spouse and what rate shall be applied to the gift?
Explain. (5%)
II.
III.
IV.
V.
VI.
ABC Corporation is an entity exempt from VAT. During the taxable year,
it purchased materials from VAT-registered suppliers and paid the VAT
component. Can ABC Corporation avail of the tax credit mechanism?
Explain. (5%)
VII.
VIII.
In the settlement of the estate of Mr. Barbera who died intestate, his
wife renounced her inheritance and her share of the conjugal property
in favor of their children. The BIR determined that there was a taxable
gift and thus assessed Mrs. Barbera as a donor. Was the BIR correct?
(5%)
IX.
X.
Melissa inherited from her father a 300-square meter lot. At the time
of her father’s death on March 14, 2017, the property was valued at
Php1,720,000. On July 28, 2018, to defray the cost of the medical
expenses of her sick son, she sold the lot for Php1,500,000. The
prevailing market value of the property at the time of sale was
Php3,000,000 per square meter. Is Melissa liable to pay VAT on the sale
of property? If so, how much and why? If not, why not? (5%)
XI.
XI.
XII.
XIII.
a. Is the purchase of fuel, goods and supplies exempt from VAT? (5%)
b. What is the business tax implication of the gross receipts of
Cathay Pacific? (5%)- BONUS
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