Income taxation

Document2 inser Home D. Me On Design Layout 10. 1. . Camer Reference Malingi Review lineters Indent 0 o on e c View Soating ore 0 areer Opt : 1. Lugey Lahey Corporation, already in its 5 year of operation as of 2014, has the following data 2019 2020 Sales 1,700,000 100.000 Cost of Sales 1 .050.000 1.425.000 Operating Expenses 675.000 480,000 The income tax payable in 2019 was- a PI3,000 P35,000 b. PI0.500 d. nil 2. The income tax payable in 2020 is - a P111.000 POH.000 b. P17,500 d. mit 3. The following corporate income taxpayer is liable to pay tax on income derived from sources within and without the Philippines. a. Domestie Corporation b. Resident Foreign Corporation Nonresident Foreign Corporation d. All of the above 4. The Secretary of finance may suspend the imposition of Minimum Corporate Income Tax (MCIT) on any corporation which suffers losses due to the following except: Prolonged labor dispute Force Majeune Legitimate business reverses d. None of the above 5. Which of the following is treated as an ordinary corporation? A joint venture a for the purpose of undertaking construction projects b. for en gaping in geothermal operations under contract with government for the purpose of providing quality hotel sevice to encourage Phil tourism d. formed for the purpose of engaging in energy operations under contract with overnment 6. Assuming all the requisites of its applicability are present, the following corporate income taxpayers are liable to pay Minimum Corporate Income Tax (MCIT) of 29 based on their Gross Income Domestic Corporation Resident Foreign Corporation c. Non-Resident Foreign Corporation d. Both a and b 7. Which of the following is exempt from income tax? proprietary educational institutions b. private cemeteries c unregistered partnerships d. nonstock, nonprofit educational institution & One of the following statements is correct. Which is it? The minimum corporate income tax of a corporation is computed: In the quarterly and the annual retums of the corporation b. In the annual income tax rebum only of the corporation c. In the quarterly retums only of the corporation d. In all of the taxable years of operations of the corporation 9. The regular corporate income tax rate from November 1, 2005 to December 31, 2008 is: 35% 126 ON d. 25 10. Which of the following statements is correct. MCIT is computed In the 143 quarters and annual retums of the corporation b. Only in the annual income tax return of the corporation 6. Only in the quarterly retums of the corporation d. In all the tree years of operations of the corporation Page 103 12 Words Engih (US) Cony towe - Document2 inser Home D. Me On Design Layout 10. 1. . Camer Reference Malingi Review View lineters Indent Spacing Left: 0 :: Deore o on e cri aren 0 Opt 11. Non-resident owner of vessel is taxed at the rate of: a. 25% based on gross income in Philippines b. 7.5% based on gross income in Philippines C. 4.5 % based on gross income in Philippines d. 7.5% based on gross income world 12. What is minimum corporate income tax of a domestic trading or manufacturing corporation? a 2% of gross income C. 15% of gross Income b. 5% of gross sales d. 15% of gross sales 13. What is the minimum corporate income tax of domestic of resident service corporation? 8 2% of gross receipts . 15% of gross Rent income form canteen and bookstore 50,000 concessionaires Dividend from domestic corp 500.000 Interest on bank deposit, net of tax 16.000 Operating expenses 1.500,000 During the year, the school constructed a 2 storey school building costing P2M. It opts to deduct this cost in full during the taxable year, hence, it did not provide for any depreciation expense for the building during the year, The income tax due is: PI 8.000 P600.000 P542 500 d. none of the above 17. In 2015, East Star Ine, sold shares of stock for P250,000. The shares, acquired in 2010 at a cost of P100,000, were beld as investment, and were sold directly to a buyer. How much was the capital gains tax due? PIS000 b. P10,000 d. P45,000 18. In April 5, 2018, East Star Inc. sold shares of stock for P250,000. The shares acquired in 2010 at a cost of P100 000, were held as investment, and were sold directly to a buyer. How much was the capital gains tax due? PIS000 c. P7,500 b. P10.000 d P45,000 Income 7.300 .2% of gross income d. 15% of gross receipts 14. Which of the following Government owned or Controlled Corporation (GOCC) are now taxable only starting January 1. 2018? a. PAGCOR OSIS h SSS d. PCSO 15. The imposition of MCIT shall not be suspended whenever the corporation willen losses due to a prolonged labor dispute force majeure C. legitimate business reverses d. mismana pement 16. The University of the East, a private educational institution duly recognized by DepEd has the following data for the fiscal year ending October 11, 2006 Tuition and other fees P5.00 Page 2013012 Words En US) Cony towe Document2 msign Layout D. = Columns Breaks References Mailings Review Line Numbers Indent Left: 0cm bc Hyphenation E Right: 0cm View Spacing : Before: Opt Atter: Opt : . Position Wrap Text For Questions 19 to 22 Jolly Jeep Corporation has the following information for the taxable year 2019: QUARTER RCIT MCIT Creditable Withholding Tax First 200,000 160,000 40,000 Second 240,000 500,000 60,000 Third 500,000 150.000 80,000 Fourth 300,000 200,000 70,000 Additional Information: a) MCIT carry-over amounts to P60,000; b) Excess tax credits from prior year amounts to P20,000. 19. How much was the income tax payable for the first quarter? a. P200,000 c. P120,000 b. P160,000 d. P80,000 20. How much was the income tax payable for the second quarter? a. P660,000 c. P200,000 b. P460,000 d. P160,000 21. How much was the income tax payable for the third quarter? a. P860,000 c. P600,000 b. P120,000 d. P140,000 22. How much was the annual income tax payable? a. P1,260,000 c. P230,000 b. P390,000 d. P930,000 ds CK English (US)