Business taxation

1. A CPA certification containing the itemized assets and liabilities of the estate is required if:

Select the correct response

a. The gross estate exceeds P200,000

b. The gross estate exceeds P2,000,000

c. The gross estate exceeds P500,000.

d. The gross estate exceeds P5,000,000.

2. Estate tax is a tax on the right of the deceased person to transmit his estate to his

lawful heirs and beneficiaries. Hence, it is 1. A tax on property.

II. An excise tax.

a. I only

b. Il only

c. Both I and II d. Neither I nor II

3. Statement 1: The Commissioner or any of the Revenue Officer authorized by him pursuant to the tax code shall have the authority to grant, in meritorious cases, a reasonable extension not exceeding thirty (30) days for filing the return. Statement 2: The application for the extension of time to file the estate tax return must be filed with the RDO where the estate is required to secure its TIN and file tax return of the estate. a. Statements 1 & 2 are false

b. Statement 1 is true but statement 2 is false c. Statement 1 is false but statement 2 is true d. Statements 1 and 2 are true.

4. One of the following is subject to 1% percentage tax

Select the correct response

a. VAT registered establishments whose annual gross receipts do not

exceed P3,000,000.

b. Businesses whose annual gross receipts or sales exceed P3.000.000 and are not VAT registered.

c. Establishments whose annual gross sales do not exceed P3.000.000

and are not VAT registered.

d. Establishments whose annual gross sales or receipts exceed P3.000.000 and are VAT registered.

5. The statutory limitation or exemption of P250.000 for donor's tax due is available

to:

Select the correct response:

a. Only resident citizens.

b. Resident citizens and non-resident citizens only.

c. Resident citizens, non-resident citizens, and resident aliens only.

d. All donors.