1. Under TRAIN, services performed by subcontractors in…1. Under TRAIN, services performed by subcontractors in manufacturing goods for an enterprise whose export sales exceed 70% of total annual production shall be subject to 12% VAT upon satisfaction of the following EXCEPT: a. Successful establishment and implementation of an enhanced VAT refund system b. All pending VAT refund claims as of December 31, 2017 shall be fully paid in cash by December 31, 2019 c. DOF shall establish a VAT refund center in the BIR and BOC that will handle the processing and granting of cash refunds of creditable input tax d. An amount equal to 10% of the total VAT collection of the BIR and BOC from the immediately preceding year shall be automatically appropriated annually for purpose of funding claims for refund. 2. This may be considered as transfer in contemplation of death a. To avoid payment of estate tax b. To relieve the taxpayer of the burden of management c. To make dependents financially independent d. To save income and property taxes 3. What property relations will govern between husband and wife if the celebration of their marriage is after the institution of the New Family Code but stated in their pre-nuptial agreement that their properties will still be exclusive for the whole duration of their marriage? a. Absolute community of properties regimeb. Conjugal partnership of properties c. Complete separation of property d. Exclusive separation of income 4. Which of the following deductions from the gross estate is not allowed for non-resident alien decedent? a. Property transferred for public use b. Vanishing deduction c. Medical expenses d. Share of the surviving spouse on the net community property 5. All of the following are important details for foreign tax credit determination for estate tax paid abroad to minimize the effect of double taxation except a. Gross gift within and without the Philippines b. Gift tax due within and without the Philippines c. Gift tax actually paid in a foreign country d. Net gift within and without the Philippines 6. Which of the following items is included in the gross gift for purposes of donor’s tax? a. Donation subject to revocation b. Donation of property situated abroad in the case of non-resident citizen donors c. Donation of intangible personal property in the Philippines if provided for under a reciprocity clause in the case of a non-resident alien donor d. Sale or exchange of real property held as capital asset 7. The following are sale of real properties not primarily held for sale or lease or real property utilized for low cost and socialized housing are VAT Exempt under the TRAIN Law EXCEPT: a. Residential lot valued at P1,500,000 b. Other residential dwellings valued at P2,500,000 c. Residential lot valued at P1,919,500 d. Beginning January 1, 2021, amount will be P2,000,000 subject to adjustment every 3 years 8. Which of the following statement is false? a. Donor’s tax shall be filed and paid within 30 days after the date of donation b. Donation of real properties require that it must be in public instrument c. Donation of movable properties require that it must be in writing d. Dowries or gifts on the account of marriage f a child shall be allowed an exemption amounting to P10,000 of the donation made by each parent 9. 1 ST STATEMENT: A standard deduction for purposes of computing net taxable estate of P5 million is always allowed. 2nd STATEMENT: Medical expenses for purposes of computing net taxable estate have a maximum allowable amount of P500,000 under Train Law. a. 1 st statement TRUE; 2nd statement TRUE b. 1 st statement TRUE; 2nd statement FALSE c. 1 st statement FALSE; 2 nd statement TRUE d. 1 st statement FALSE; 2nd statement FALSE 10. 1 ST STATEMENT: Expenses of the extra-judicial settlement of the estate are allowable as judicial Expense under Train Law. 2nd STATEMENT: Donation to take effect after the donor’s death is governed by the law on estate taxation. a. 1 st statement TRUE; 2nd statement TRUE b. 1 st statement TRUE; 2nd statement FALSEc. 1 st statement FALSE; 2nd statement TRUE d. 1 st statement FALSE; 2nd statement FALSE 11. Gift or donation subject to estate tax. a. Gift from parent to child on account of the child’s marriage b. Donation where donee is stranger to the donor c. Donation involving intangible personal property d. Donation mortis causa 12. Decedent was a non-resident alien. Which of the following is exclusion from gross estate by reciprocity? a. Tangible personal property located outside the Philippines b. Intangible personal property located in the Philippines c. Family home d. None of the above 13. The following are VAT Exempt transactions under TRAIN Law EXCEPT: a. Assessments and charges collected by homeowners associations b. Foreign Currency Denominated Sale c. Sale of drugs prescribed for high cholesterol d. Sale of gold to BSP 14. Decedent was a citizen. Deductible funeral expense is under Train? a. P500,000 b. P350,000 c. P200,000 d. P-0- 15. An estate return may not be required to be filed under one of the following cases: a. Gross estate is P300,000 b. Net estate is P200,000 c. Gross estate is P1,500,000 composed of intangible personal properties d. Answer not given 16. One of the following is not allowed as deduction from the gross estate of a non-resident decedent. a. Share of surviving spouse where the decedent was married b. Claims against the estate c. Property previously taxed d. Family Home 17. One of the following is not a special deduction for purposes of computing net estate of a citizen or resident under Train Law. a. Standard deductions b. Amount received by heirs under RA 4917 c. Family home d. Medical expenses 18. One of the following is not an allowable deduction for computation of net taxable estate of a non-resident decedent: a. Amount received by heirs under RA 4917 b. Property previously taxed c. Standard deductions d. Transfer for public purposes 19. Beginning 2023, filing of return and payment of tax on VAT shall be: a. Monthly b. Semi-annually c. Every 4 months d. Quarterly 20. Under TRAIN, BIR has how many days to act on claim for VAT refund? a. 120 days b. 90 days c. 60 days d. 30 days LawSocial ScienceTax law ACCOUNTING TXTN 502
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