To Ruth, a legitimate daughter, on account of marriage, land with a fair market value of Php 500,000 but subject to a mortgage of Php 100,000 which was paid by Mr. Eglon.To Boaz, a legitimate son, on account of marriage, cash of Php 100,000.Compute for the taxable net gift.a.P 557,000.00b.P 556,000.00c.P555,000.00d.P656,000.00

Mr. Linao donated the following properties:To Lyka, a legitimate daughter, on account of marriage, land with a fair market value of Php 200, 000 but subject to a mortgage of Php 25, 000 which is paid by Mr. Linao.To Santino, a legitimate son, on account of marriage, cash of Php 50, 000.How much are the net gifts made?Select one:a.Php 225, 000b.Php 250, 000 c.Php 215, 000 d.Php 230, 000

Mr. Aguirre, a citizen and resident of the Philippines, made donations on January 9, 2001, as follows:To Wiggy, a legitimate son, on account of marriage to be celebrated on February 27, 2001, property in the US (on which a US donor’s tax of Php 1, 200 was paid), with a fair market value of Php 55, 000To Wiggy, cash in the Philippines of Php 50, 000.How much is the donor’s tax credit for donor’s tax paid in the US? Select one:a.Php 1, 000b. Php 0 c.Php 500 d.Php 600

Lisa, the decedent, owns a property amounting to Php 750, 000 at the time of her death. The said property was sold at Php 350, 000 by Lisa during her lifetime to Enrique. Nevertheless, its fair market value was  Php 600, 000. It was agreed that the transfer of ownership will be done after Lisa’s death.  For estate tax purposes, how much should be included in the gross estate of Lisa?Select one:a.Php 600, 000 b.Php 250, 000 c.Php 750, 000 d.Php 400, 000

Mr. and Mrs. Garcia, citizens and residents of the Philippines, made the following donations:June 5, 2001   To Mario, a legitimate son, on account of marriage,                            Php 230, 000                           To Nieva, a legitimate daughter, property with mortgage of                                 Php 2, 000 which was assumed by Nieva, with fair market                                  value of Php 10, 000.Oct. 7, 2001    To Dennis, a legitimate son of Mrs. Garcia by a prior                           Marriage, given on account of marriage, Php 40, 000April 3, 2002  To Our Lady of Fatima Parish, Php 50, 000                            To Merle, a family friend, Php 20, 000How much is the donor’s tax of Mr. Garcia from the April donations?Select one:a.Php 400b.Php 6, 000c.Php 10, 000 d.Php 3, 000

Lisa, the decedent, owns a property amounting to Php 750, 000 at the time of his death. The said property was sold at Php 350, 000 by Lisa during her lifetime to Enrique. Nevertheless, its fair market value was Php 600, 000. It was agreed that the transfer of ownership will be done after Lisa's death. For estate tax purposes, how much should be included in the gross estate of Lisa?Select one:a.Php 600, 000b.Php 750, 000c.Php 250, 000d.Php 400, 000Clear my choiceQuestion 72Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhen the donee or beneficiary is stranger, the tax payable by the donor shall be?a.25% of the net giftsb.28% of the net giftsc.30% of the net giftsd.29% of the net giftsClear my choiceQuestion 73Not yet answeredMarked out of 1.00Flag questionTipsQuestion textGlobal Link Communication, Inc. has gathered the following data for the last quarter of 2015:   Gross Receipts on Overseas Communication from Philippines,     Php 800,000   Gross Receipts on Overseas Communication from Philippines which are exempted from percentage tax (included above),     Php 142, 500.The amounts above are exclusive of the percentage tax. How much is the percentage tax due?Select one:a.Php 14, 250b.Php 65, 750c.Php 80, 000d.Php 142, 500Clear my choiceQuestion 74Not yet answeredMarked out of 1.00Flag questionTipsQuestion textBelow is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.   Purchases, all from VAT suppliers,     Exclusive of VAT                                                   Php 750, 000   Sales, exclusive of any tax:     Exports, VAT business                                           850, 000     Exports, non-VAT business                                     600, 000     Domestic sales, VAT business                                 200, 000     Domestics sales, non-VAT business                         250, 000 How much is VAT payable on domestic sales?Select one:a.Php 14, 400b.Php 0c.Php 53, 000 d.Php 27, 000 Clear my choiceQuestion 75Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT considered a percentage tax?Select one:a.10 % - 20 % stock transaction tax on shares not traded through the local stock exchangeb.1/2 of 1 % stock transaction tax on shares traded through the local stock exchangec.10 % overseas communication taxd.3 % tax on keepers of garageClear my choiceQuestion 76Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich deductions from the gross estate is allowable provided that the amount to be deducted shall be the lowest among the actual, 5 % of the gross estate, or Php 200, 000?Select one:a.Family home allowanceb.Funeral expensesc.Medical expensesd.Standard deductionsClear my choiceQuestion 77Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 88,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 17,000.00a.Php 7,607.14b.Php 7,608.14c.Php 7,609.14d.Php 7,606.14Clear my choiceQuestion 78Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT "exclusive" Sales/ Receipts:Total VAT Sales (VAT exclusive) = Php 59,000.00Total purchases with VAT receipts (VAT exclusive) = Php 31,000.00.a.Php 3,359.00b.Php 3,350.00c.Php 3,360.00d.Php 3,370.00Clear my choiceQuestion 79Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much minimum quarterly gross receipt must be considered for the public utility bus - Exceeding 50 passengers before implementing percentage tax?a.Php 7,200.00b.Php 7,300.00c.Php 7,500.00d.Php 7,400.00Clear my choiceQuestion 80Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for the taxable net estate:Townhouse – P 700,000Toyota Car   - P 300,000Other properties – P 1,100,000Grose Estate – P 2,100,000Less allowed deductionsExpenses, losses etc. – Php 110,000Medical expenses - P 80,000Vanishing deductions – P170,000Family home allowance – P 185,000Standard deductions – P 150,000a.P 1,400,000b.P 1, 410,000c.P 1,405,000d.P 1,404,000