The following items were in the estate of Anzu, who died on May 30, 2020

 
Land, Zimbabwe PHP     7,020,000.00
Land, Antipolo       8,687,000.00
Ordinary shares, Filipino corporation, 40% of    
business in the Philippines       3,709,000.00
Ordinary shares, Filipino corporation, 60% of    
business in the Philippines       4,175,000.00
Ordinary shares, Italian corporation, 30% of    
business in the Philippines       5,302,000.00
Ordinary shares, Nigerian corporation, 55% of    
business in the Philippines       5,226,000.00
Ordinary shares, Guatemalan corporation, 90% of    
business in the Philippines       6,257,000.00
Trademark, registered in the Philippines       5,992,000.00
Franchise, exerciasable in Argentina       7,979,000.00
Franchise, exerciasable in the Philippines       8,393,000.00
Car, British Virgin Island       5,052,000.00
Car, Philippines       5,059,000.00
  PHP   72,851,000.00
 
 
How much is Anzu's gross estate if she is a resident of Morocco and a citizen of
Cambodia, and reciprocity does not apply?

41,067,000

43,035,000

36,015,000

42,272,000
Individual taxpayers are subject to the following income tax:
 
I. Basic tax based on graduated tax table 
II. Final withholding tax on passive income derived from sources within the
Philippines
III. Capital gains tax
IV. Stock transaction tax of 6/10 of 1% of gross selling price 
 
Individual taxpayers are subject to the following income tax:
 
I. Basic tax based on graduated tax table 
II. Final withholding tax on passive income derived from sources within the
Philippines
III. Capital gains tax
IV. Stock transaction tax of 6/10 of 1% of gross selling price 
 

I and III only 

All of these

I and II only

I, II and III only 

Mr. Loid, a non-resident alien stockholder, received a dividend income of PHP 300,000 in 2020 from a foreign
corporation doing business in the Philippines. The gross income of the foreign corporation from within and without the
Philippines for 3 years preceding 2020 are as follows: 
 
Source of Income 2017 2018 2019
From within the Philippines   16,000,000.00   12,000,000.00   14,000,000.00
From without the Philippines     8,000,000.00   14,000,000.00   16,000,000.00
 
How much of the dividend income received by Mr. Loid is considered income from sources within the Philippines?

150,000

157,500

300,000

Zero

Pedro, Juan, and Antonio are heirs of Luna who died on November 1, 2018. The properties of Luna comprised solely of
real property valued at P50,000,000 at the time of his death. The property is subject to lease earning rental income.
During 2019, the property remained undivided and it derived a net rental income of P15,000,000. 
 
For income tax purposes, the heirs will be tax on net rental income from the inherited property for the year 2019 as:
 
Pedro, Juan, and Antonio are heirs of Luna who died on November 1, 2018. The properties of Luna comprised solely of
real property valued at P50,000,000 at the time of his death. The property is subject to lease earning rental income.
During 2019, the property remained undivided and it derived a net rental income of P15,000,000. 
 
For income tax purposes, the heirs will be tax on net rental income from the inherited property for the year 2019 as:
 

Partners in an unregistered co-partnership 

Co-owners

Partners in a commercial partnership 

Partners in a general professional partnership 

Pedro started to operate his taxi business in 2018. He provided the following data for tax purposes:
Gross receipts                                     P2,500,000
Cost of direct services                             750,000
Operating expenses                                 400,000
 
Assuming instead that Pedro is engaged in the business of transporting goods or cargoes and he signified
his intention to be taxed at 8% income tax rate on his initial quarterly income tax return. How much is his
income tax for the year?

300,000

430,000

180,000

540,000

Yoona, married with 3 qualified dependent children, a regular employee of SM Town Company, receives on July 06,
2022, PHP 30,000 as a regular monthly salary and half of her 13th month pay amounting to PHP 15,000 plus other
benefits such as rice allowance or July of PHP 2,500, productivity incentive pay of PHP 30,000, hazard pay of PHP
1,000 overtime pay of PHP 4,000 and night shift differential of PHP 2,000. 
 
The income subject to withholding tax in July is: 

30,000

57,000

37,000

34,000
 Carlo, married, with two dependent children, received the following income
for 2020:
 
Business income, Philippines                         P1,000,000
Business income, Hongkong                                           200,000
Interest, peso deposit, MBTC                                          100,000
Interest, US$ deposit, BDO ($10,000 XP42)                   420,000
Interest, deposit in Hongkong (HK$10,000 x P5)              50,000
Prize (TV) won in a local lottery                                         50,000
PCSO/Lotto winnings                                                   2,000,000
Prize won in contest in U.S.                                             300,000
Lotto winning in U.S.                                                        100,000
Dividend, domestic
company                                                      600,000
 
Determine the taxable net income assuming he is:

RC, 1,558,000; NRC, 908,000; RA, 908,000; NRA, 908,000

RC, 80,000; NRC, 180,000; RA, 830,000; NRA-ETB, 180,000

RC, 1,650,000; NRC, 1,000,000; RA, 1,000,000; NRA, 1,000,000

RC, 180,000; NRC, 80,000; RA, 1,000,000; NRA, 1,000,000

 
 
 
Bam and Daniel formed a joint venture. They agreed to share profit or loss on the ratio of 70% and 30%, respectively.
The results pf operations for 2022 taxable year were provided below: 
 
  Joint Venture Bam Daniel
Gross Income   5,000,000.00   3,000,000.00   2,000,000.00
Business expenses   3,000,000.00   2,000,000.00   1,000,000.00
 
The income tax due of Bam is?
 
 
 

97,000

288,000

600,000

In June 2022, a non-stock , non-profit university provided a 3-day vacation trip to Panglao Island to the university's
Executive Vice-President and his family. The total expenses incurred by the school was PHP 100,000. The fringe
benefit tax is

PHP 35,000
PHP 153,846

PHP 53,846

PHP 9,412

Chris is a Filipino immigrant living in the United States for more than 15 years. He is retired and he came back to the
Philippines as a balikbayan. Every time he comes to the Philippines, he stays here about a month. He regularly receives
a pension from his former employer in the United States, amounting to US$2,000 a month. While in the Philippines,
with his pension pay from his former employer, he purchased three condominium units in Makati which he is renting
out for P25,000 a month each. Does the US$2,000 pension become taxable because he is now in the Philippines? 
Chris is a Filipino immigrant living in the United States for more than 15 years. He is retired and he came back to the
Philippines as a balikbayan. Every time he comes to the Philippines, he stays here about a month. He regularly receives
a pension from his former employer in the United States, amounting to US$2,000 a month. While in the Philippines,
with his pension pay from his former employer, he purchased three condominium units in Makati which he is renting
out for P25,000 a month each. Does the US$2,000 pension become taxable because he is now in the Philippines? 

Yes, income received in the Philippines by the non-resident citizens is taxable 

No, the pension is exempt from taxation being one of the exclusions from gross income.

No, income earned abroad by non-resident citizens are not taxable in the Philippines. 

Yes, income received in the Philippines or abroad by non-resident citizen is taxable.