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39. Income tax may be imposed for the following purposes, except
a. To provide large amounts of revenues
b. To limit corruption
c. To offset regressive sales and consumption taxes
d. To mitigate the evils arising from the inequalities in the
distribution of income and wealth
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NCPAR Business Laws and Taxation: 2nd Pre-Board Examination – AD & RBB
Northern CPAR: Business Laws and Taxation – 1st Pre-Board Examination
42. An educational institution operated by a religious organization was
being required by a local government to pay real property tax. Is the
assessment valid?
a. Yes, with respect to all properties held by such educational
institution.
b. Yes, with respect to properties not actually devoted to educational
purposes.
c. No, with respect to any properties held by such educational
institution.
d. No, with respect to properties not actually devoted to educational
purposes.
46. A sound tax system according to the father of economics, Adam Smith,
do not include
a. Fiscal adequacy c. Legal enforceability
b. Theoretical justice d. Administrative feasibility
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NCPAR Business Laws and Taxation: 2nd Pre-Board Examination – AD & RBB
Northern CPAR: Business Laws and Taxation – 1st Pre-Board Examination
c. Joint venture engaged in energy operation in pursuant to a service
contract with the government
d. Irrevocable trusts
55. An American citizen has been staying in the Philippines since August
15, 2010. What would be his classification for the year 2010 and 2011,
respectively?
a. Non-resident alien not engaged in trade or business; resident alien
b. Non-resident alien engaged in trade or business; resident alien
c. Non-resident alien not engaged in trade or business; resident
citizen
d. Non-resident alien engaged in trade or business; resident citizen
57. Short accounting period will not exist for tax purposes for which of
the following?
a. Death of the taxpayer
b. Dissolution of business during the year
c. Termination of the accounting period of the taxpayer by the
Commissioner of Internal Revenue
d. Change in address of business establishment of the taxpayer
60. Income tax returns should not be filed in which of the following
a. Authorized agent bank c. Bureau of Customs
b. Collection agent d. Revenue district officer
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NCPAR Business Laws and Taxation: 2nd Pre-Board Examination – AD & RBB
Northern CPAR: Business Laws and Taxation – 1st Pre-Board Examination
a. Exempt c. P 60,000
b. P 45,000 d. P 120,000
66. Pines Corporation has a branch in Manila and a 70% owned subsidiary,
Choco Hills, Inc., in Davao. The following data shows Pine’s
Corporation’s sales transactions during the year:
Pines Corporation billed the Manila branch P1,500,000 for
merchandise shipped to the latter at a mark-up of 50% above
acquisition cost. The branch stock these merchandise and did not
operate during the year.
Sold merchandise to unrelated parties at a gain of P800,000.
Sold merchandise to Darrel Asuncion, Pines Corporation’s controlling
stockholder, at a gain of P100,000.
Sold various merchandise to Choco Hills, Inc. at a gain of P300,000.
Compute the Kate’s total income earned from sources within the
Philippines?
a. P1,800,000 c. P1,140,000
b. P1,430,000 d. P1,040,000
Philippines Abroad
Business income P 200,000 P
100,000
Professional fees 100,000 50,000
Compensation income 400,000 -
Rent income 300,000 200,000
Interest income 30,000 40,000
69. Assuming Lovely is a resident alien; compute the total income subject
to Philippine income tax.
a. P1,420,000 c. P1,030,000
b. P1,180,000 d. P390,000
Compute the capital gains tax payable or refundable on April 15, 2010
assuming Abdul Muhammad is not registered as a security dealer.
a. P 2,500 payable c. P 10,000 payable
b. P 2,500 refundable d. P 12,500 payable
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NCPAR Business Laws and Taxation: 2nd Pre-Board Examination – AD & RBB