1.What are the inherent powers of the State?

2.What are the aspects of taxation?

3.Complete the table below:

Period

Deadline of filing Income Tax Return for Individuals

1st Quarter

2nd Quarter

3rd Quarter

Final adjusted/annual return

4.What are the tax exempt fringe benefits?

5.What is the gross monetary value factor for NRA-NETB? For Citizens, RA, and NRAET?

6.A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted one said property for the residential use of its Assistant Vice President. The fair market value of the property per BIR assessment amounts to P9,000,000, while its fair market value as shown in its current Real Property Declaration amounts to P8,000,000. Determine the following:

a.Monthly monetary value of the benefit

b.Monthly grossed-up monetary value of the benefit

c.Monthly fringe benefit tax

d.Monthly fringe benefit tax expense

7.What are the sale transactions subject to Capital Gains tax?

8.What are the classifications of estates under settlement or administration?

9.What are the classifications of Trust?

10.What are the corporations classified as special corporations subject to lower tax rates?