1.The term "Corporation" shall include: I. Partnerships, no matter how created or Joint stock companies organized II. Joint accounts (ceuntas en participacion) Associations III. Insurance companies IV. Mutual fund companies V. Regional headquarters of multinational corporations a) I, II and III only b) I, II, III, IV and V only c) All of the above d) I and II only 2.Hananiah Corporation, a corporation engaged in business in the Philippines and abroad has the following data for the current year: Gross Income, Philippines P975,000 Expenses, Philippines 750,000 Gross Income, Malaysia 770,000 Expenses, Malaysia 630,000 Interest on bank deposit 25,000 Determine the income tax due if the corporation is Domestic Res. Foreign Non-resident Foreim a) P109,500 P72,000 P300,000 b) P312,000 P515,850 P116,800 c) P116,800 P72,000 P320,000 d) P109,500 P67,500 P300,000 6-7 A domestic corporation provided the following data for the current vear Gross profit from sales P3,000,00 Business expenses 1,800,000 Dividend from domestic corporation 100,000 Dividend income from a resident corporation 50,000 Dividend income from a nonresident corporation 40,000 Capital gain on sale of land in the Philippines 500,000 (SP-P2M; FMV-1.8M; Cost-P1.5M) Capital gain on sale of land in China 200,000 (SP-P1.5M; FMV-1.8M; Cost-P1.3M) Capital gain on shares of domestic corp. 120,000 (direct sale to buyer) Gain on sale of shares of a domestic corporation 50,000 thru a local stock exchange (SP-P200,000; Cost P150,000) Interest income from: Notes receivable 20,000 Bank deposits (peso accounts) 30,000 Bank deposits (foreign currencies) 25,000 Treasury bills 10,000 6. The total capital gains taxes for the year is a) P138,000 b) P37,000 c) P121,750 d) P127,000 7. The total final taxes on passive income for the year is a) P11,750 b) P17,000 c) P9,875 d) P13,000 8. During the current year, a domestic dividends corporation declared and paid to its shareholders as follows: To Louie, a resident citizen P100,000 To Floyd, a nonresident citizen 100,000 To Zeus, a resident alien 100,000 To JJ, a nonresident alien engaged in trade in the 100,000 Philippines To Francis, a nonresident alien not engaged in trade 100,000 in the Philippines To Chen, a domestic corporation 100,000 To a resident foreign corporation 100,000 To a nonresident foreign corporation (with tax sparing) 100,000 How much final tax shall be withheld by the corporation? a) P80,000 b) P95,000 c) P85,000 d) P90,000 9. Interest income received from a depository bank under expanded foreign currency deposit system shall be subject to RFC NRFC NRA-NETB a) 30% 25% 25% b) 20% 20% 20% c) 7 % Exempt Exempt d) Exempt 20% 20%