18) Which of the following is not a corporation? a

Subject:AccountingPrice:9.82 Bought3

Share With

18) Which of the following is not a corporation?

a. General partnership in trade.

b. General professional partnership

c. Mutual fund company

d. Regional operating headquarters of multinational company

 

19) Which of the following is considered a sale or exchange of capital assets?

a. retirement of bonds

b. short sales of property

c. failure to exercise privilege or option to buy or sell property

d. securities becoming worthless

e. all of the above

 

20) The following are deductions a corporation operating a farm for profit is entitled to deduct from gross income. Which is not?

a. Cost of ordinary tools of short life or small cost such as hand tools, including shovels, rakes, etc.

b. Cost of feeding and raising livestock insofar as its represents actual outlay but not including the value of farm products grown upon the farm.

c. Cost of gasoline or fuel, repairs and upkeep of the transportation equipment.

d. All of the above.

e. None of the above.

 

21) How may a taxpayer entitled to foreign tax credit claim the same?

a. Foreign tax credit may be deducted from Philippine income tax and gross income at the same time.

b. The right to deduct foreign tax paid from gross income is prioritized over the right to deduct form Philippine income tax.

c. The right to deduct foreign tax paid is only an alternative to the right to foreign tax credit.

d. If a taxpayer with income from various countries signifies his desire to claim foreign tax credit, he must specify which foreign tax paid he wishes to claim.

 

22) The following are administrative remedies available to a taxpayer in connection with collection of taxes, except one:

a. Filing of claim for tax refund or credit.

b. Filing a petition for reconsideration or reinvestigation.

c. Filing of criminal complaint against erring BIR officials or employees.

d. Entering into a compromise.

 

23) Exception to the provision that books and record of a taxpayer shall be subject to examination and inspection by internal revenue officers only once in a taxable year is when

a. There is fraud, irregularity or mistake as determined by the Commissioner.

b. The taxpayer requests reinvestigation.

c. Compliance with withholding tax laws and regulations is being verified.

d. The Commissioner exercises his power to obtain information from other persons.

e. All of the above.

 

24) Every person subject to any internal revenue tax shall register once with the appropriate Revenue District Officer

a. Within ten (10) days from date of employment.

b. On or before the commencement of business.

c. Before payment of any tax due.

d. Upon filing of a return, statement or declaration as required in the Code.

e. All of the above.

 

25) The following are the criteria to be a large taxpayer. Which is not?

a. Any taxpayer with annual withholding tax payment/ remittance of all kind of withholding taxes at least P1,000,000.

b. Any taxpayer with total annual gross sales/receipts of P1,000,000,000.

c. Any taxpayer with a total net worth of at least P300,000,000, at the close of each calendar or fiscal year.

d. None of the above.

e. All of the above.