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1. Income tax shall be paid by the person subject to tax: *

 

a. At the time to be determined by the taxpayer

 

b. At the time to the independent auditor submits its audit report

 

c. At the time the return is filed

 

d. Anytime at the discretion of the taxpayer

 

2. Statement 1: The rental income and royalty income derived from the use of property, for tax purposes, has its source in the country where the owner of the property is residing. Statement 2: Deductions are subtracted from the computed tax in order to arrive at taxes *

 

a. True; True

 

 

b. False; False

 

 

c. True; False

 

 

d. False; True

 

3. Statement 1: Even if they are by definition income, the exclusions are not subject to tax because of policy consideration, like to avoid the effects of double taxation or to provide incentives for certain socially desirable activities. Statement 2: The assets and revenues of a non-stock, nonprofit private educational institution used directly, actually and exclusively for educational purposes shall not be exempt from income taxation. *

 

 

a. True; True

 

 

b. False; False

 

 

c. True; False

 

 

d. False; True

 

4. Statement 1: The power to tax proceeds upon the theory that the existence of a government is a necessity. Statement 2: The Constitution does not prohibit the imposition of double taxation in the broad sense. However, if double taxation amounts to a direct double taxation, then it becomes legally objectionable for being oppressive and inequitable. 

 

a. True; True

 

 

b. False; False

 

 

c. True; False

 

 

d. False; True