1. Which of the following is not an exempt corporation from the…
Question Answered step-by-step 1. Which of the following is not an exempt corporation from the… 1. Which of the following is not an exempt corporation from the provided list of exempt corporations? a. A beneficiary society, order, or association, operating for the exclusive benefit of the members such as a fraternal organization operating under the lodge system, or a mutual aid association or a non-stock corporation organized by employees providing for the payment of life, sickness, accident, or other benefits exclusively to the members of such society, order, or association, or non-stock corporation or their dependents;b. Non-stock corporation or association organized and operated exclusively for religious, charitable, scientific, athletic, or cultural purposes, or for the rehabilitation of veterans, no part of its net income or asset shall belong to or inure to the benefit of any member, organizer, officer, or any specific person;c. Business league, chamber of commerce, or board of trade, organized for profit but no part of the net income of which inures to the benefit of any private stockholder or individual; 2. Which of the following is not false? a. Sale of raw lands to be used for “socialized housing” projects, or sold under the Community Mortgage Program (CMP) is considered as exempt from capital gains taxb. “Informer” includes a BIR Employeec. “Public” means borrowing from 20 or less lenders at any one time. 3. Which is not one of the similarities among the 3 inherent powers of the State:a. They exist independently of the constitution although the conditions for their exercise may be prescribed by the constitutionb. Authority is vested upon the government onlyc. Legislative in nature and character 4. All cases involving taxes cannot be raised to and finally decided by the Supreme Court of the Philippinesa. Falseb. True 5. Gross income taxationa. Final tax is imposed on the gross amount of specific incomeb. Tax computed is based on the resulting net incomec. Global system of taxation 6. Which of the following instances can an Individual taxpayer avail 8% Tax Rate a. The gross sales/ receipts and other non operating income does not exceed P3,000,000b. Taxpayers who fail to signify their intention to avail of the 8% in the first quarter income tax return/c. Gross sales/receipts were derived from vat exempt sales and transactions; and 7. Which of the following is not correct?a. Those engaged in business/practice of professions are required to file ITRb. The place of filing can be at the Collection Officer if Taxpayer has residence or business place in Philippinesc. As for the married taxpayers, the husband and wife shall compute their individual income tax separately based on their respective total taxable estate 8. Not excluded in the definition of corporation for tax purposes: a. General Professional Partnershipb. Joint venture for engaging in petroleum, coal, geothermal, and other energy operations not pursuant to an operating consortium agreement under a service contract with the governmentc. Joint venture for construction projects pursuant to PD 929 to assist local contractors in achieving competitiveness with foreign contractors by pooling their resources in undertaking big construction projects; Law Social Science Tax law TAXATION ACCT Share QuestionEmailCopy link Comments (0)
