← SetsTaxation — Set 5
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Taxation Practice Questions — Set 5
10 free Taxation reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 5 of 5.
41
A domestic corporation had a gross income of ₱5,000,000 and incurred ₱3,000,000 in ordinary business expenses. How much is the income tax due if the corporation qualifies for the 20% CIT rate under CREATE Law?
42
Which of the following is considered 'Personal Property' for the purpose of determining the gross estate of a decedent who is a non-resident alien?
43
A taxpayer receives a 'Letter of Authority' (LOA) from a BIR Revenue Officer. What is the primary significance of this document in a tax audit process?
44
Under the VAT system, what is the 'Input Tax' that can be claimed by a purchaser of goods or services from a VAT-registered seller?
45
A corporation has a net income of ₱1,000,000 before taxes. It also has ₱100,000 in 'Interest Income' from a bank deposit and ₱50,000 in 'Dividends' from another domestic corporation. What is the total 'Gross Income' for NCIT purposes?
46
Which of the following is a requisite for a 'Donor's Tax' to be imposed on a transfer of property?
47
A VAT-registered taxpayer provides professional services to a client. The total bill is ₱112,000 (VAT inclusive). How much is the 'Gross Receipts' for VAT purposes?
48
What is the tax treatment of '13th Month Pay' and other benefits received by an employee, up to a certain statutory limit, under the TRAIN Law?
49
A taxpayer is under audit and receives a Final Assessment Notice (FAN). He files a protest and the BIR issues a 'Final Decision on Disputed Assessment' (FDDA) denying the protest. What is the taxpayer's next legal remedy?
50