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FINAL PRE-BOARD EXAMINATION September 19, 2009 1. Which of the following following is not not a requisite requisite to make an an instrument instrument negotiable? a. If addressed addressed to a drawee, he must be be named or otherwise indicated therein therein with reasonable certainty. b. It must contain contain an unconditional unconditional romise romise or order order to ay ay a sum certain in money. c. Where Where the instrumen instrumentt is ayable ayable to bearer, bearer, the ayee ayee must be named named or otherwise indicated therein with reasonable certainty. d. Where Where the instrumen instrumentt is ayable ayable to order, order, the ayee ayee must be named named or otherwise indicated therein with reasonable certainty. !. ", makes a negotiable negotiable romissory romissory note ayable to the order order of #. # made a secial secial indorsement to $. $ made a quali%ed indorsement to &, a minor. 'ubsequent indorsements are from & to (, ( to ), and ) to *, all by secial indorsement, then * made a quali%ed indorsement to +. Which of the following statements is correct? a. he indorse indorsement ment made made by & transfers transfers title title to (, hence hence & is liable as an an indorser. b. + can hold hold * liable liable if " dishono dishonors rs the instr instrument ument.. c. In case " dishonors the instrument, instrument, + can can hold all all indorsers indorsers liable e-cet &. d. he quali%ed indorsers indorsers $ and * and minor minor & are are not liable to +. . is warranty warranty e-tends e-tends in faour faour only of the immediate immediate transferee transferee and to no other holder a. ual uali% i%ed ed Ind Indor orse serr b. 2ene 2enera rall Ind Indor orse serr c. #erson erson negot negotiat iating ing by by delie deliery ry d. #erson #erson negot negotiatin iating g by blank blank indors indorsement ement 3. Which of the following following statements statements ertaining ertaining to treasury treasury shares shares is correct? correct? a. reasury shares are not not art of issued issued caital caital stock. b. reasury shares shares may not not be disosed disosed of at a rice rice lower than the ar or issued issued rice een if it is reasonable and aroed by the board of directors. c. reasury reasury shar shares es are are entitled entitled to ote. ote. d. reasury shares, shares, once once disosed of, entitle the urchaser urchaser or transferee transferee the right right to diidends. 4. $ romised to gie & #1,000 #1,000 if & will hear hear mass for ten ten consecutie 'undays. 'undays. his is a a. (ii (iill obl oblig igat atio ion n b. 5atu 5atura rall oblig obligat atio ion n c. "ora "orall obli obliga gati tion on d. 6eligio eligious us 7bliga 7bligatio tion n 8. Which Which of the followin following g is not a negotiabl negotiable e instrument instrument? ? a. #ay #ay to & or order order #1,000 #1,000 in 3 equal monthly monthly instal instalments ments.: .: o; o; < 'gd. $ b. #ay #ay to & or order order #1,000 #1,000 and debit debit my account account thereaft thereafter: er: o; o; < 'gd. $ c. #ay #ay to the order of & within within 8 months months from date the sum sum of #1,000 #1,000 at 1!= er annum: o; o; < 'gd. $ d. #ay #ay to & or bearer bearer #1,000 one year year after date. date. If not aid when when due, I agree agree to ay collection and attorney>s fees: o; o; < 'gd. $
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09/19/09 . older altered the amount of a negotiable note from #10,000 to #110,000 then negotiated the note to #. $s a result, a. If # is a holder in due course, he can require the maker to ay #110,000. b. If # is not a holder in due course, he can require the maker to ay only the original sum of #10,000. c. # cannot require the maker to ay because of alteration whether or not he is a holder in due course. d. If # is a holder for alue, he can collect #110,000 from . @. " issued to #, accommodated arty, a negotiable romissory note for #10,000. # indorsed it to $, $ to & and & to (. Which of the following is incorrect? a. " can collect from #, if " will ay (. b. # may directly ay (. c. &etween " and #, " is not liable while # is rincially liable. d. # can collect from ", if # will ay (. 9. $ is a maker and & is ayee of a negotiable romissory note ayable to order. here is no aluable consideration for the note & deliers the instrument to (, without indorsement, under circumstances that otherwise would hae made ( a holder in due course such as, that ( did not know of the absence of consideration. "ay ( recoer from $? a. Aes, because $>s ersonal defense cannot be used against (. b. Aes, because the romissory note is negotiable. c. 5o, because $ has a real defense which can be used een against a holder in due course. d. 5o, because ( acquires only &>s rights and $ can set u against & the defense of absence of consideration. 10.$ is the drawer of a check. & is the ayee and < is the drawee bank. A fraudulently gets hold of the check and forges the signature of the ayee, &. A then deosits it in ( bank. ( indorses the check to <, drawee bank and collects from said < drawee bank through the clearing house. hen A, forger withdraws from ( bank the roceeds of the check and disaears. Which of the following is not correct? a. he drawer $ has the right to recoer from collecting bank (. b. he drawer>s account cannot be charged by the drawee bank. c. he ayee, & can recoer from drawer $. d. he drawee bank can recoer from the collecting bank. 11. $ romissory note reads I romise to ay & #100,000 on 7ct. 0, !009. 'gd. $:. & transferred the note to (. Bater, < stole the romissory note and transferred the note to A who receied the note in good faith. 7n maturity date, A resented the note to $ and demanded ayment. $ aid the note in good faith. In this case a. ( can recoer from $ b. ( can recoer from & c. $>s obligation is e-tinguished d. ( can recoer only from either < or A 1!.he following statements ertain to a oting trustee, e-cet a. he reresentatie acquires legal title to the shares. b. It is good only for the meeting for which it was intended. c. It is generally irreocable and the reresentatie may ote een in the resence of the stockholder. d. he agreement giing the reresentatie the ower to ote must be duly notariCed and a coy thereof must be submitted to the '*( to be eDectie and enforceable.
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09/19/09 1.he articles of incororation of $&( (ororation roides for directors. In the monthly meeting of the board of directors held on $ril @, !009, directors &, (, ) and * were resent and the following resolutions were aroed; a. $ resolution for the urchase of a deliery truck from * rading, a sole rorietorshi owned by *. &, (, ) and * oted for the resolution. b. $ resolution aointing as the new cororate secretary where &, (, ) and * oted for the resolution. Which is correct? a. b. c. d.
&oth resolutions are alid and do not need stockholders aroal. &oth resolutions are alid but need stockholders aroal. 6esolution a needs stockholder aroal. 6esolution b is alid. 6esolution a is not alid. 6esolution b needs stockholders aroal.
13.$n indorsement where the indorser becomes a mere assignor of the title to the instrument a. 'ecial c. uali%ed b. &lank d. 6estrictie 14.his acancy in the board of directors may be %lled by the board of directors if the remaining directors still constitute a quorum. a. 6emoal of a director b. )eath of a director c. Increase in the number of directors d. *-iration of the term of a director 18." issues a romissory note ayable to # or bearer. Which of the following is not correct? a. If indorsed by # to $ and $ also indorses it to &, & may negotiate the note to ( by deliery. b. If indorsed by # to $ and $ also indorses it to &, # is liable to $ and &. c. If indorsed by # to $ and $ also indorses it to &, and & negotiates the note to ( by deliery. $ is liable to & and (. d. If # negotiates the note to $ by deliery and $ indorses it to &, & may negotiate the note to ( by deliery. 1. Which of the following is not correct? a. Where the instrument is negotiated back to rior arty, all interening indorsements are not necessary to the holder>s title. b. Where the instrument is originally ayable to order, the holder may not strike out the ayee>s indorsement. c. he indorser whose indorsement is struck out and all the indorsers are thereby relieed from liability on the instrument. d. he holder may at any time strike out an indorsement which is not necessary to his title. 1@. he subscriber of shares een if not fully aid but who is not delinquent is entitled to the following rights, e-cet a. 6ights to receie diidends b. 6ight to ote in stockholders meeting c. 6ight to demand his stock certi%cate d. 6ights to insect cororate books and records.
19. Statement I E $ maFority of the number of directors or trustees as %-ed in the articles of incororation shall constitute a quorum for the transaction of cororate
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09/19/09 business, and eery decision of at least a maFority of the directors or trustees resent at a meeting at which there is a quorum shall be alid as a cororate act, e-cet for the election of the oGcers which shall require the ote of maFority of all the members of the board. Statement II E 5o erson conicted of %nal Fudgment of an oDense unishable by imrisonment for a eriod e-ceeding %e years or a iolation of the cororation code committed within si- years rior to the date of his election or aointment, shall qualify as a director, trustee or oGcer of any cororation. a. rue, rue b. rue, +alse c. +alse, rue d. +alse, +alse !0. " makes and deliers a romissory note ayable to the order of #. # indorses the note to $. Bater, ' steals the note and negotiates the same to & by forging $>s signature. hereafter, & negotiates the note to (, ( to ) and ) to *, a holder in due course. Which of the following statements is correct? a. * can hold " and # liable because their signature are genuine. b. * cannot hold &, ( and ) liable because they hae no articiation in the commission of the forgery. c. * can enforce the instrument only against ', the forger d. * can enforce the instrument against ', &, ( and ) but not against ", #, $. !1.o be negotiable, a check must hae the following requisites, e-cet a. It must contain an unconditional order to ay a sum certain in money at a %-ed or determinable future time. b. It must be in writing and signed by the drawer. c. It must be ayable to order and bearer. d. he drawee bank must be named with reasonable certainty. !!.#, 7 and $ are artners in an imort and e-ort business. (ustomers desiring to lace an order for imorted articles are always required to make a deosit of !4= of the total cost of the order. &, a regular customer, deosited #8,000 to # for his order. #, instead of turning oer the said amount to the artnershi, misaroriated it. $s a result, one is not correct a. & may institute a claim against the artnershi and all the artners. b. he ersonal liability of the artners is Foint. c. he artnershi is bound to make good the loss where one artner acting within the scoe of his aarent authority receies money or roerty of a third erson and misalies it. d. $ll the artners are liable solidarily with the artnershi for eerything chargeable to the artnershi. !.he duty to make disclosure, where otherwise there would be a great and unfair relation of directors to stockholders. a. 'ecial (ircumstances 6ule b. rust fund theory c. )octrine of cororate oortunity d. Incororation heory !3.Which of the following instruments is not negotiable? a. I romise to ay # or his agent #14,000:. 'gd. $ b. I romise to ay # or his assigns #14,000:. 'gd. $ c. I romise to ay to the order of myself #14,000:. 'gd. $ d. I romise to ay to the order of yourself #14,000:. 'gd. $
!4.he drawee bank may not refuse to ay checks drawn against it een a. If there is a sto ayment: issued by the drawer. 3
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09/19/09 b. If the drawer is insolent. c. If the drawer>s deosit is insuGcient. d. When the bank receies notice of the drawer>s death. !8.# e-ecutes a romissory note for #10,000 ayable to the order of # and forges the signature of " as maker and indorses the note to $, $ to &, & to ( and ( to *, holder. Which of the following statements is correct if * is a holder in due course? a. * can collect from " b. * cannot collect from # c. * can collect from ( but not from $ or & d. * can collect from any of the indorsers !. Which of the following defenses may a arty to an instrument aail himself of against any holder of a negotiable instrument? a. Want of deliery of incomlete instrument b. Want of authority to comlete a deliered instrument c. Want of deliery of a comlete instrument d. Want of consideration of an oerdue instrument !@. " makes a romissory note ayable to the order of # for #4,000. $fter deliery to #, # changed the amount to #40,000. hereafter, # indorsed the note to $, $ to &, & to (, ( to ) and ) to *. he arties subsequent to # were not aware of the alternation made by #. Which of the following statement is correct? a. * can hold " liable for #40,000 if * is a holder in due course b. * can hold " liable for #4,000 if * is a holder is due course c. * can hold " liable for any amount if * is not a holder in due course d. * can hold $, &, ( and ) liable for #40,000 roided * is a holder in due course !9.$ sells to & a 'ony colored H for #1!,000 ayable in twele equal monthly installments beginning "ay 4, !009 and eery 4 th day of each month thereafter. he contract roides that uon failure to ay any installments due, the whole balance becomes due and demandable. o secure the obligation, a chattel mortgage oer the H set was e-ecuted. When & defaulted on the seenth and eight installment, $ sued & for the ayment of the whole balance of #8,000. he H set was leied and subsequently sold at a ublic sale for #4,000. (an $ still recoer the de%ciency of #1,000 from &? a. Aes, if there was stiulation to that eDect b. Aes, een though there was no stiulation c. 5o, any stiulation allowing recoery is oid d. 5o, if there was no stiulation to that eDect 0.$ contract where the creditor acquires the right to receie the fruits of an immoable of his debtor, with the obligation to aly them to the ayment of interest if owing, and thereafter to the rincial of his credit is a. $ntichresis b. sufruct c. 6eal estate mortgage d. (ommodatum
1.$ holder is a holder in due course if he has taken the instrument comlete and regular on its face and three of the following conditions, e-cet a. hat he became the holder of the instrument before it was dishonored and without that it had been reiously dishonored if such was the fact b. hat he took it in food faith and for alue c. hat there is negotiation to him before it became oerdue 4
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09/19/09 d. hat at the time it was negotiated to him, he had no notice of any in%rmity in the instrument or defect in the title of the erson negotiating the same !. " e-ecuted a romissory note as follows; I romise to ay # or order #1,000,000 or to delier my only race horse: 'gd. " Which of the following statements is true? a. he instrument is not negotiable b. he obligation is a facultatie obligation c. he choice as to which restation will be erformed belongs to # d. he obligation is e-tinguished if the horse is lost due to a fortuitous eent ." e-ecutes a romissory note for #10,000,000 ayable to the order of #. " and # had a riate understanding that " is liable only for the discounted amount of #9,400,000. # indorsed the note to $, $ to &, & to (, ( and ) and ) to , holder. $s a result, a. " may refuse to ay if # is a minor b. If " dishonors the note, $ may refuse to ay on the ground that $ is a remote arty c. he indorsement made by # assed title to the instrument in faor of $ een if # is a minor d. " is liable to for #9,400,000 since that was the amount that he agreed with # that he should ay 3.7n 7ctober , !009, " e-ecuted an undated romissory note for #40,000 ayable to the order of # which is ayable 80 days after date:. hereafter, # indorsed the note to $, $ to &, & to (, ( to ) and ) to ". he indorsement by ) to " was made on 5oember @, !009. $s a result a. " may further renegotiate the romissory note b. " can go after #, $, &, ( and ) to collect c. " may strike out the indorsement to him ) d. he romissory note is discharged 4.$ ledged his ring to & for #!0,000. $ failed to ay his obligation. & sold it at a ublic auction for #1@,000. (an & recoer the de%ciency? a. Aes, een without stiulation b. Aes, if there is stiulation c. 5o, een if there is stiulation d. 5o, unless there is stiulation 8.sing the aboe data, if the sale is #!!,000. (an $ recoer the e-cess? a. Aes, een without stiulation c. 5o, een if there is no stiulation b. Aes, if there is stiulation d. 5o, if there is stiulation .( mortgaged his car to & for #!00,000. ( failed to ay his obligation. & sold it at a ublic auction for #1@0,000. (an & recoer the de%ciency? a. Aes, een without stiulation b. Aes, only if there is stiulation c. 5o, een if there is stiulation d. 5o, unless there is stiulation
@.sing the aboe data, if the sale is for #!!0,000, can ( recoer the e-cess? a. Aes, een without stiulation b. Aes, only if there is stiulation c. 5o, een if there is stiulation d. 5o, unless there is stiulation 9.$ny director of a cororation maybe remoed from oGce by a ote of 8
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09/19/09 a. b. c. d.
"aFority of the members of the board "aFority of the stockholders resent !/ of the stockholders resent !/ of the outstanding caital stock
30.Indorsement made by a erson not otherwise a art to the instrument, who laces thereon his signature in blank before deliery a. uali%ed b. 6estrictie c. Irregular d. +acultatie 31.Which of the following statements is not correct? a. (omensation income of indiiduals that do not e-ceed the statutory minimum wage is e-emt from the requirement of withholding ta- on comensation b. (omensation income of indiiduals that do not e-ceed ten thousand esos er month is e-emt from the requirement of withholding ta- on comensation c. oliday ay, oertime ay, night shift diDerential ay and haCard ay receied by indiiduals shall be e-emt from income tad. "inimum wage earners who are receiing only the statutory minimum wage are not subFect to withholding ta- and consequently to income ta$&( (ororation has the following sales during the month; a. 'ale to riate entities subFect to 1!= H$ 1,000,000 b. 'ale to riate entities subFect to 0= H$ 1,000,000 c. 'ale to the goernment subFected to 4= %nal withholding H$ 1,000,000 d. 'ale of goods e-emt from H$ 1,000,000 he following inut ta-es were assed on by its H$ suliers; i. 7n ta-able goods J1!=K 40,000 ii. 7n Cero rated sales 0,000 iii. 7n sale to the goernment 30,000 i. 7n sale of e-emt goods !0,000 . 7n dereciable caital goods not attributable to any seci%c actiity Jmonthly amortiCationK !00,000 3!.he unrecoerable inut at which may be recogniCed as cost or e-ense a. #0,000 b. #180,000 c. #!0,000 d. #90,000 3.sing the aboe date, the inut at which may be refunded b. #0,000 b. #40,000 c. #@0,000 d. #80,000 33.he total creditable inut at a. #100,000b. #1@0,000 c.#!40,000 d.10,000
34.Which of the following statements is correct? a. he monetiCed alue of unutiliCed acation leae credits of ten J10K days or less which were aid to the emloyee during the year are not subFect to income ta- and to withholding tab. he salary of an emloyee on acation or on sick leae, which are aid notwithstanding his absence from work, constitutes comensation income, e-cet if not more than 10 days. c. $ny amount which is required by law to be deducted buy the emloyer from the comensation and is deemed to be aid to the emloyee as comensation at the time the deduction is made d. If liing quarters or meals are furnished to an emloyee for the conenience of the emloyer, the alue thereof should be included as art of comensation income
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38.7n Lanuary 1, !00@, $ leased his acant lot for a eriod of 1! years at #!30,000 er year. It was agreed that the lessee will ay the following; a. 6ent of #3@0,000 Jfor !00@ and !009K b. 'ecurity deosits of #!30,000 c. 6eal roerty ta- at #!0,000 er year he lease contract roides among others that the lessee will construct a Mstorey building for arking uroses at a cost of #,800,000 which shall belong to the lessor uon e-iration or termination of the lease. he building was comleted on Luly 1, !00@, with an estimated useful life of 14 years. $ shall reort for the year !00@, using the sreadMcut method, a total income from lease of a. #!98,43 b. #4,0@ c. #48,4!1 d. #,0@ 3.sing the aboe data, the lessee in !00@ can deduct total e-enses amounting to a. #8@8,4!1 b. #44,03 c. #318,4!1 d. #4,03 3@.$&( had the following during the ta-able year !009; a. #roision for bad debts 0,000 b. (ontributions during the year; 1. o the goernment for riority actiity in education 40,000 !. o the catholic church for charitable uroses 10,000 . +or ublic use !0,000 c. $llowance for bad debts; 1. &eginning 4,000 !. *nding @4,000 d. $ccumulated dereciation on the machine 1. &eginning @0,000 !. *nding 100,000 e. )uring the year, $&( sold a machine acquired two years earlier. he machine had an accumulated dereciation of #0,000. he net income before considering a to e inclusie, amounts to #!00,000. If $&( is a sole rorietorshi, owned by $, single, her net ta-able income is a. #80,000 b. #3,000
c. #30,000
d. #1,000
39.6ecoery of bad debt written oD by a ta-ayer; No 1! #!0,000 from accounts written oD in a year which had a net income of #!00,000 before writeMoD. JwriteMoD of the year was #!0,000K No 2! #4,000 from accounts written oD in a year which had a net loss before writeMoD of #8,000 JwriteMoD of the year was #4,000K No "! #10,000 from accounts written oD in a year which had a net income of #@,000 before writeMoD. JwriteMoD for the year was #1!,000K he Income from the bad debt recoery is; a. #4,000 b. #!0,000 c. #!8,000 d. #0,000
40.What would be the allowable deduction for #10,000 contribution made by a resident citiCen to a religious organiCation from his #@0,000 net income after contribution? a. #10,000 b. #9,000 c. #@,000 d. #4,000 41.$ insured his life for #10". In case $ dies, the roceeds of the life insurance shall be; a. *-cluded from gross estate if the bene%ciary is the estate e-ecutor or administrator whether reocable or irreocable b. #art of the gross income if the bene%ciary is a third erson and the designation is reocable c. #art of the gross estate if the bene%ciary is a third erson and the designation is irreocable d. *-cluded from gross income whether bene%ciary is reocable or irreocable @
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4!.What would be the amount to be deducted in the gross estate of a decedent whose collectible sum from a debtor is #100,000 and the same debtor was subsequently declared by the court as insolent for haing a total liabilities of #300,000 and total roerties of #@0,000? a. #100,000 b. #83,000 c. #80,000 d. #@0,000 4.Which of the following roerties of $ who died $ril 19, !00@ is subFect to Hanishing )eduction? Propert# 1 E (ar urchased years ago from his father Propert# 2 E Band inherited from his mother in !004 the estate ta- thereon is not yet aid Propert# " E )onation from his best friend in !003 Propert# $ E (ommunity roerty inherited before marriage from his grandfather who died $ril 1@, !00!. Propert# 1 Propert# 2 Propert# " Propert# $ a. 5o Aes Aes 5o b. 5o 5o Aes 5o c. Aes 5o 5o Aes d. Aes Aes 5o 5o 43.$ died on $ril 19, !00@. 'ome of the roerties he left are the following; Mo%e o& Date o& Mar'et (a)*e A++et+ A*.+.t.on A*.+.t.on Date A*.re% Deat/ o& A Band )onation MM0 #400,000 #40,000 (ar #urchase 10M!M0 #@00,000 #9@0,000 7ther Information he gross estate of the decedent amounts to ,000,000. he land was mortgaged for #40,000, which was deducted in rior estate and $ aid the same before he died. he allowable deductions total 1!4,000, which includes medical e-enses of #0,000. It e-cludes bequest to a charitable institution in the amount of #40,000. • •
•
he anishing deduction is MMM a. #4@,100 b. #4,400
c. #8,@
d. #8,0@
44.7n "arch 1, !009, $ receied 100 shares of stocks with a fair alue of #1!0 er share as of "arch 1, !009. he shares of stock were intended to ay the serices rendered by $ on 5oember !0, !00@ at which time, the fair market alue was #100 er share. he ar alue er share is #40. he income of $ is a. #1!,000 b. #10,000 c. #4,000 d. #!,400 48.7tional standard deduction a. Is equal to 30= of the gross income from business or ractice of rofession b. (annot be used as deduction from comensation income c. "aybe aailed by all indiidual ta-ayers d. "aybe be aailed of by the ta-ayer whether or not he signi%es his desire to elect otional standard deduction 4.
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#@1,000 b. #4,000
c. #@0,000
d. #0,000
[email protected] !009, $ made the following giftsO a. 7n Lune 1, !009, #140,000 to &, his son, on account of his marriage celebrated on "ay 1,!00@ b. 7n Luly 10, !009, a arcel of land worth #1@0,000 to his father, subFect to the condition that the father would assume the mortgage indebtedness in the amount of #30,000 c. 7n 'etember 0, !009, #140,000 dowry to his daughter (, on account of her scheduled marriage on 7ctober !4, !009, and another wedding gift worth #!0,000 on 5oember !, !009. ow much is the total net gifts? a. #400,000
b. #340,000 c.#30,000 d.#380,000
49.6eal roerty with a cost of #00,000 and a fair market alue at the time of death of #1,000,000, but subFect to a mortgage of #!00,000 a. 'hall be in the ta-able net estate at #@00,000 b. 'hall be in the gross estate at the decedent equity of #@00,000 c. 'hall be in the gross estate at #00,000 d. 'hall be in the gross estate at the owner>s equity #100,000 80.$n indiidual ta-ayer, single, has the following data for the current year; 7rdinary income 140,000 Bong term caital gain 30,000 'hort term caital loss 10,000 ow much is the net ta-able income a. #1@0,000
b. #180,000 c. #130,000 d. #110,000
81.$ acquired his residential land in !000 at a cost of #1,000,000. e sold the roerty on Lanuary 1, !009 with a fair market alue of #4,000,000 for a consideration of #3,000,000. Within 1@ months he urchased his new rincial residence at a cost of #,000,000. ow much is the caital gains ta-? a. #00,000 b. #!30,000 c. #4,000 d. #0 8!.sing the same data, e-cet that $ acquired his new rincial residence at a cost of #,000,000, how much is the caital gains ta-? a. #00,000 b. #!30,000 c. #4,000 d. #0 8.7ne of the following is not correct a. he estate must be alued at the time of death of the decedent b. 6eal estate situated in foreign countries will be included in the gross estate of a resident alien decedent c. he (ommissioner shall hae the authority to grant, in meritorious cases, a reasonable e-tension not e-ceeding 8 months for the %ling the estate ta- return d. Hanishing deduction is subFect to limitation 83.$, a caregier, in under a three year emloyment contract with a hosital in '$. is wife, & and a minor child lie in the #hiliines. e earns #0,000 JconertedK a month. +or the annual income of #@30,000, $ shall ay income taa. +or the entire amount it being ta-able in the #hiliines b. 7f nothing because as 7+W, he is considered a nonresident citiCen c. +or half the full amount because the other half ertains to his wife d. +or the P share of his wife because the wife is a resident citiCen 84.sing the aboe data, if $ uts 0= of his earning in dollar deosit account with a local bank, interest income therein a. Is ta-able for the full amount at .4= %nal withholding tab. 7f #1!8,000 shall be ta-ed at .4= %nal withholding ta10
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09/19/09 c. "aybe e-emt from income ta- roided he resents roof of nonMresidency to the bank d. 7f #@30,000 shall be ta-ed at .4= %nal withholding ta88.If the dollar deosit account aboe is Foint Jwith &K with the same ercentage of earnings inested, interest income in that account a. Is ta-able for the full amount at .4= %nal withholding tab. 7f #1!8,000 shall be ta-ed at .4= %nal withholding tac. "aybe e-emt from income ta- roided he resents roof of nonMresidency to the bank d. 7f #@30,000 shall be ta-ed at .4= %nal withholding ta8." married to Q, left the #hiliines in the middle of the year on Luly 1, !009 to go to '$ and work there as a contract worker for two years, the following income were roided as of )ecember 1, !009; P/.).pp.ne+ SA a. Lanuary 1 to Lune 0 #00,000 R10,000 b. Luly 1 to )ecember 1 #100,000 R!0,000 is net ta-able income is J1RS#48K a. #910,000
b. #40,000
c. #@10,000
d. #!40,000
8@."abuhay (ororation organiCed in !00! has the following data; 200 2009 'ales #1,00,000 #!,00,000 (ost of sales 1,040,000 1,3!4,000 7erating e-enses 814,000 3@0,000 he income ta- ayable in !00@ is a. #1,000 b. #4,!40 c. #10,400 d. #1!,!40 89.sing the aboe data, the income ta- ayable by "abuhay (ororation in !009 is a. #11@,4000 b. #110,40 c. #11,40 d. #10@,000 0.$ %led his income ta- return for the calendar year !00 on "arch !0, !00@. When is the last day for the &I6 to collect assuming $ did not ay the ta- due uon %ling? a. "arch !0, !011 b. $ril 14, !011 c. $ril 14, !01 d. "arch !0, !01 1.sing the aboe data, assuming $ %led his income ta- return on $ril !0, !00@ and the return is not fraudulent, when is the last day for the &I6 to make an assessment? a. $ril !0, !011 b. $ril 14, !011 c. $ril !0, !01 d. $ril 14, !01 !.sing the aboe data, if the &I6 issued a de%ency income ta- assessment on "arch 10, !010, when is the last day for the &I6 to collect? a. "arch 10, !01 b. $ril 14, !01 c. "arch 10, !014 d. $ril 14, !014
.7ne of the following is not within the owers of the (ommissioner of Internal 6eenue a. (omromise the ayment of internal reenue ta- on the ground of ta-ayer>s %nancial incaacity b. (omromise the ayment of internal reenue ta- on the ground that there is reasonable doubt as to the alidity of the assessment c. (omromise criminal iolation if already %led in court and those inoling fraud d. $bate or cancel a ta- liability on the ground that the cost of collection is greater than that of the ta- to be collected 3.7ne of the following is not the eDect of failure to aG- documentary stamsO the document, instrument or aer a. 'hall not be recorded in the roer registry b. 'hall not be alid 11
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09/19/09 c. 'hall not be admitted or used as eidence in court d. 'hall not be acknowledge by a notary ublic or other oGcer authoriCed to administer oaths 4.Which of the following actiities is not considered as engaging in trade or business? a. 'ale of more than #100,000 for 10 months b. 'ale of #@,000 er month for 1! months c. 'ale of #!00,000 for 1! months d. 'ale of #10,000 er month for 1! months 8.Imortation of which of the following if belonging to ersons coming to settle in the #hiliines for their own use and not for sale, barter or e-change is subFect to H$ a. Wearing aarel b. )omestic animals c. #rofessional instrument and imlements d. Hehicles .$, resident ta-ayer receied the following during the ta-able year; I #1!,000 cash receied as refund of e-cess insurance remiums aid to an insurance comany II #30,000 worth of goods as riCe in &eerM2in: talent search III $ comuter unit with a fair market alue of #3@,000 which was awarded to him in recognition of his outstanding achieement in scienti%c research I( #!4,000 salary er month as an accounting suerisor Which of the aboe items is JareK art of ta-able income subFect to graduated rates? a. II only
b. II and IH
c. IH only
d. II, III and IH
@.he e-ort sale of a at registered enterrise is a. *-emt from the at b. 'ubFect to the 0= at c. 'ubFect to the 1!= at d. 'ubFect to ercentage ta9.$ %led his I6 for !00@ on $ril 14, !009 and will ay his ta- liability in installment. he return shows an income ta- due of #100,000 and income ta- withheld of #80,000. If $ ays the ! nd installment only on 7ctober 14, !009, the amount to be aid Je-cluding comromise enaltyK is a. #!8,000 b. #4,000 c. #44,000 d. #,000 @0.sing the aboe data, the amount due on $ril 14, !009 is a. #!0,000 b. #30,000 c. #0 d. 6efund of 10,000
1!
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09/19/09
ANSERS! 3September 19, 20094 1. ( !1.$ !. ) !!.& . ( !.$ 3. ) !3.$ 4. $ !4.& 8. $ !8.) . ) !.$ @. ) !@.& 9. ) !9.& 10.) 0.$ 11.$ 1.$ 1!.& !.$ 1.( .( 13.( 3.$ 14.& 4.( 18.( 8.& 1.( .$ 1@.( @.$ 19.& 9.) !0.) 30.( @1.
31.( 3!.) 3.( 33.& 34.$ 38.( 3.( 3@.) 39.( 40.& 41.) 4!.) 4.& 43.$ 44.& 48.& 4.) 4@.& 49.$ 80.) @!.
1
81.$ 8!.$ 8.( 83.& 84.( 88.& 8.$ 8@.$ 89.( 0.& 1.$ !.( .( 3.& 4.& 8.) .( @.& 9.( @0.(
@.
