Which of the following properties of ABC Savings Bank shall be subject to real property tax? * a. Automated Teller Machines b. Vault door c. Generator set d. Land and building e. All of the above

Which statement is CORRECT? * a. Capital gains tax on the sale of a real property is a national tax. b. The tax on the transfer of ownership over a real property is a local tax. c. National tax is paid to the Bureau of Internal Revenue d. Local tax is paid to the respective local government unit e. None of the above f. All of the above

In relation to local taxation, which of the following is a FALSE statement? a. The power of local government units to tax comes from the Congress. b. Local government units may not impose income tax as this is a national tax. c. A real property tax is a local tax. d. Community tax is imposed by the local government unit.

In the payment of his business tax, taxpayer declared gross receipts for the taxable period in the amount of P30,000 which is 15,000 less than the actual receipts for the period. What will the taxpayer be liable for in addition to the basic tax? * a. Interest plus 25% surcharge plus compromise penalty b. Interest plus 50% surcharge plus compromise penalty c. Interest plus compromise penalty d. Compromise penalty only

Pedro and Juan agreed on March 10 that the former will donate a capital asset (real property) to the latter. The deed of donation was prepared and signed by both parties on March 20. The property was actually delivered to Juan on March 25. When should the documentary stamp tax be paid? There is no documentary stamp tax due on the transaction. a. March 15 b. March 25 c. March 30 d. April 5

GIVEN: Correct tax due and payable is P1,200 (due date: April 15, 200A) Actual tax paid is P1,000 (March 15, 200A) BIR assessment made in November 15, 200A) QUESTION: What will the taxpayer be liable for in addition to the basic tax paid