Juliet a Filipina made the following donations a. To N, land worth P450,000 in Manila b. To R, jewelry worth P100,000 in Japan c. To A, PLDT shares amounting to P150,000 d. To G, a building in Italy P PDF

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Download Juliet a Filipina made the following donations a. To N, land worth P450,000 in Manila b. To R, jewelry worth P100,000 in Japan c. To A, PLDT shares amounting to P150,000 d. To G, a building in Italy P PDF

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TAX 2 FINALS EXAM

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PROBLEM 1 Juliet a Filipina made the following donations a. b. c. d. e. f. g.

To N, land worth P450,000 in Manila To R, jewelry worth P100,000 in Japan To A, PLDT shares amounting to P150,000 To G, a building in Italy P1,600,000 mortgaged for P50,000 assumed by the done To D, land in Davao worth P300,000 To H P300,000 cash, PNB New York To J P200,000 receivable, 50% condoned by Juliet Sold to X the following: Car in Makati for P200,000, the FMV is 300,000 Car in Malaysia for P300,000 the FMV is 200,000 Rest house in Tagaytay for P1,000,000, the FMV is 2,000,000 Rest house in Malaysia for P1,500,000, the FMV is 2,500,000

How much is the gross gift of Juliet? (10 pts each) A. Resident Citizen B. Non-Resident alien without reciprocity law C. Non-Resident alien with reciprocity law PROBLEM 2 FLOYD (SELF-EMPLOYED) is a non-VAT registered taxpayer who operates a convenience store. The following were provided for 2020: (5 pts.) Sale of processed items

P280,000

Sale of non-food items

220,000

Purchases of processed food items

100,000

Purchases of non-food items

80,000

Salaries of helpers

48,000

The percentage tax due is? PROBLEM 3 ANA has the following data for the year 2020 (5 pts each) Gross Sales

P2,850,000

Collections

1,420,000

1. If Ana is a seller of goods, her business tax for the year is? 2. If Ana is a seller of service, her business tax for the year is ? PROBLEM 4 RR TRANSPORTATION is an operator of ten buses with routes from Manila to Subic and is likewise a transportation contractor with three freight trucks. For taxable 2020, it reported gross receipts from his bus operations of P36,000,000. His gross receipts, however, from his freight goods or cargoes amounted only to P800,000 for the year. (5 pts each) 1. Assuming RR TRANSPORTATION is non-VAT registered, how much is total business tax due? 2. Assuming RR TRANSPORTATION is vat registered, how much is total business tax due? PROBLEM 5

QUARTER ENDED, MARCH 31, 2017 Covered by the Franchise Not covered by the franchise (5 pts each)

REVENUES

AR, BEG.

AR, END

P4,000,000 1,200,000

600,000

800,000 160,000

1. If the franchisee is generating and selling electricity, the correct amount of business tax is? 2. If the franchisee is a gas and water utilities, the correct amount of business tax is? 3. If the franchise is a radio television broadcasting company, the correct amount of business tax is? PROBLEM 6 SMARTUS has the following data for a particular month: Gross receipts, domestic calls

P5,000,000

Gross receipts, overseas calls (originating in the Philippines)

3,000,000

Purchase of supplies used in connection with domestic calls net of VAT

300,000

Purchase of equipment used in connection with domestic calls net of VAT Business expense

800,000 1,000,000

1. How much is the overseas communication tax collected from persons who used the communications facilities? (5 pts.)...