UCC Mock Board Exam 2021 TAXATION 70 PDF

Preview

Summary

UNIVERSITY OF CALOOCAN CITYBACHELOR OF SCIENCE IN ACCOUNTANCYMOCK BOARD EXAMINATION 2021TAXATION Which of the following statements is wrong? A money contributed as tax becomes part of the public funds B power of the State to tax is subject to constitutional limitations C, there is no limit on the am...

Description

UNI VERSI TYOFCALOOCANCI TY BACHELOROFSCI ENCEI NACCOUNT ANCY MOCKBOARDEXAMI NATI ON2 0 2 1 T AXATI ON

1 . Wh i c ho f t h ef o l l o wi n gs t a t e me n t si swr o n g ? A.Th emo n e yc o n t r i b u t e da st a xb e c o me sp a r t o f t h ep u b l i cf u n d s B. Th ep o we r o f t h eSt a t et ot a xi ss u b j e c t t oc o n s t i t u t i o n a l l i mi t a t i o n s C.Ge n e r a l l y , t h e r ei sn ol i mi t o nt h ea mo u n t o f t a xt h a t ma y b ei mp o s e d D.Th ep o we r o f t a x a t i o nma y b ee x e r c i s e db yt h eg o v e r n me n t , i t sp o l i t i c a l s u b d i v i s i o n sa n dp u b l i cu t i l i t i e s 2 . Th eCi t yo f Ca l o o c a np a s s e da no r d i n a n c ei mp o s i n gat a xo ni n s t a l l a t i o nma n a g e r s . At t h et i me , t h e r ewa so n l yo n e i n s t a l l a t i o nma n a g e r i nt h eCi t y , t h u s , o n l yh ewo u l db el i a b l ef o r t h et a x . I st h el a wc o n s t i t u t i o n a l ? A.I t i su n c o n s t i t u t i o n a l f o rl a c ko f l e g a l b a s i s B. I t i sc o n s t i t u t i o n a l a si t a p p l i e st oa l l p e r s o n si nt h a t c l a s s C.I t i sc o n s t i t u t i o n a l b e c a u s et h ep o we r t ot a xi st h ep o we rt od e s t r o y . D.I t i su n c o n s t i t u t i o n a l b e c a u s ei t c l e a r l yd i s c r i mi n a t e sa g a i n s t t h i sp e r s o n 3 . Wh i c ho f t h ef o l l o wi n gi sac o n s t i t u t i o n a l l i mi t a t i o no f t h ep o we rt ot a x ? A.Ex e mp t i o no f t h eg o v e r n me n t C.L e v y i n go f t a x e sf o r p u b l i cp u r p o s e s B. I n t e r n a t i o n a l c o mi t y D.Ru l eo f u n i f o r mi t ya n de q u i t a b i l i t y 4 . Pr i o rt ot h eVA Tl a w, s a l e so f c a r swe r es u b j e c t t os a l e st a xb u t t h et a xa p p l i e do n l yt ot h eo r i g i n a l o rt h efi r s ts a l e ; t h es e c o n da n ds u b s e q u e n t s a l e swe r en o t s u b j e c t t ot a x . De l t o i dMo t o r sI n c o r p o r a t i o nh i t o nt h ei d e ao f s e t t i n gu p awh o l l yo wn e ds u b s i d i a r y , Go n ma dMo t o r sa n do f s e l l i n gi t sa s s e mb l e dc a r st oGo n ma da t al o wp r i c es oi t wo u l d p a yal o we rt a xo nt h efi r s t s a l e . Go n ma dwo u l dt h e ns e l l t h ec a r st ot h ep u b l i ca t ah i g h e rp r i c ewi t h o u t p a y i n ga n y s a l e st a xo nt h i ss u b s e q u e n t s a l e . Ch a r a c t e r i z et h ea r r a n g e me n t . A.Th ep l a ni sl e g a l b e c a u s et h eg o v e r n me n t c o l l e c t st a x e sa n y wa y B. Th ep l a ni sl e g i t i ma t ee x e r c i s eo f t a xp l a n n i n ga n dme r e l yt a k e sa d v a n t a g eo f al o o p h o l ei nt h el a w C.Th eg o v e r n me n t mu s t r e s p e c t Go n ma d ' ss e p a r a t ej u r i d i c a l p e r s o n a l i t ya n dDe l t o i d ' st a x a b l es a l et oi t D.Th ep l a ni si mp r o p e r ; t h ev e i l o f c o r p o r a t efi c t i o nc a nb ep i e r c e ds ot h a t t h es e c o n ds a l ewi l l b ec o n s i d e r e dt h e t a x a b l es a l e . 5 . Fo ri n c o met a xp u r p o s e s , t h es o u r c eo f t h es e r v i c ei n c o mei si mp o r t a n t f o rt h et a x p a y e r , wh oi sa A.F i l i p i n oc i t i z e nr e s i d i n gi nCa l o o c a nCi t y . B. No n r e s i d e n t Fi l i p i n oc i t i z e nwo r k i n ga n dr e s i d i n gi nAme r i c a , Ch i n a . C.Ch i n e s ec i t i z e nwh oi sma r r i e dt oaFi l i p i n ac i t i z e n , a n dr e s i d i n gi nt h e i rf a mi l yh o mel o c a t e di nCa l o o c a nCi t y , wh oo b t a i n e daFi l i p i n oc i t i z e n s h i pb yn a t u r a l i z a t i o n . D.Do me s t i cCo r p o r a t i o n 6 . Ba n kAd e p o s i t e dmo n e ywi t hBa n kBwh i c he a r n si n t e r e s t t h a t i ss u b j e c t e dt ot h e2 0 %fi n a l wi t h h o l d i n gt a x . At t h e s a met i me ,Ba n kAi ss u b j e c t e dt ot h e5 %g r o s sr e c e i p t st a xo ni t si n t e r e s ti n c o meo nl o a nt r a n s a c t i o n s .Wh i c h s t a t e me n t b e l o wi n c o r r e c t l yd e s c r i b e st h et r a n s a c t i o n s ? A.Th e r ei sn od o u b l et a x a t i o nb e c a u s et h efi r s t i si n c o met a xwh i l et h es e c o n di sb u s i n e s st a x B. I n c o met a xo ni n t e r e s ti n c o meo fd e p o s i t so fBa n kAi sad i r e c tt a xwh i l eGRTo ni n t e r e s ti n c o meo nl o a n t r a n s a c t i o ni sa ni n d i r e c t t a x . 3

C.Th e r ei sd o u b l et a x a t i o nb e c a u s et wot a x e s— i n c o met a xa n dg r o s sr e c e i p t st a xa r ei mp o s e do nt h ei n t e r e s t i n c o me sd e s c r i b e da b o v e , a n dd o u b l et a x a t i o ni sp r o h i b i t e du n d e rt h e1 9 8 7Co n s t i t u t i o n D.Th e r ei sn od o u b l et a x a t i o nb e c a u s et h ei n c o met a xi so nt h ei n t e r e s t i n c o meo f Ba n kAo ni t sd e p o s i t si n t e r e s t wi t hBa n kB( p a s s i v ei n c o me )wh i l et h eg r o s sr e c e i p t st a xi so nt h ei n t e r e s ti n c o mer e c e i v e db yBa n kAf r o m l o a n st oi t sd e b t o r —c u s t o me r s( a c t i v ei n c o me ) 7 . Al t h o u g ht h ep o we r o f t a x a t i o ni sb a s i c a l l yl e g i s l a t i v ei nc h a r a c t e r i t i sn o t t h ef u n c t i o no f Co n g r e s st o A.I d e n t i f ywh os h o u l dc o l l e c t t h et a x B. Co l l e c t t h et a xl e v i e du n d e rt h el a w C.F i xwi t hc e r t a i n t yt h ea mo u n t o f t a x e s D.De t e r mi n ewh os h o u l db es u b j e c t t ot h et a x 8 . Wh i c ho f t h ef o l l o wi n gs t a t e me n t si sn o t c o r r e c t ? A.I nc a s eo f d o u b t , s t a t u t e sl e v y i n gt a x e sa r ec o n s t r u e ds t r i c t l ya g a i n s t t h eg o v e r n me n t B. Th er e v e r s a l o f ar u l i n gs h a l l n o t g e n e r a l l yh eg i v e nr e t r o a c t i v ea p p l i c a t i o n , i f s a i dr e v e r s a l wi l l b ep r e j u d i c i a l t o t h et a x p a y e r C.Th ec o n s t r u c t i o no fas t a t u t ema d eb yh i sp r e d e c e s s o ri sn o tb i n d i n gu p o nt h es u c c e s s o r ,i ft h e r e a f t e rh e b e c o me ss a t i s fi e dt h a t ad i ff e r e n t c o n s t r u c t i o ns h o u l db eg i v e n D.Ame mo r a n d u mc i r c u l a rp r o mu l g a t e db yt h eCI Rt h a ti mp o s e sp e n a l t yf o rv i o l a t i o n so fc e r t a i nr u l e sn e e dn o t b ep u b l i s h e di nan e ws p a p e ro f g e n e r a l c i r c u l a t i o no ro ffic i a l g a z e t t eb e c a u s ei t h a st h ef o r t a n de ff e c t o f l a w. 9 . On eo f t h ef o l l o wi n gi sn o t wi t h i nt h ep o we r so f t h eCo mmi s s i o n e r o f I n t e r n a l Re v e n u e A.Co mp r o mi s ec r i mi n a l v i o l a t i o ni f a l r e a d yfi l e di nc o u r t a n dt h o s ei n v o l v i n gf r a u d . B. Co mp r o mi s et h ep a y me n t o f i n t e r n a l r e v e n u et a xo nt h eg r o u n do f t a x p a y e r ’ sfi n a n c i a l i n c a p a c i t y . C.Ab a t eo fc a n c e lat a xl i a b i l i t yo nt h eg r o u n dt h a tt h ec o s to fc o l l e c t i o ni sg r e a t e rt h a nt h a to ft h et a xt ob e c o l l e c t e d . D.Co mp r o mi s et h ep a y me n t o f i n t e r n a l r e v e n u et a xo nt h eg r o u n dt h a t t h e r ei sr e a s o n a b l ed o u b t a st ot h ev a l i d i t y o f t h ea s s e s s me n t . 1 0 . Wh i c ho f t h ef o l l o wi n gs t a t e me n t si sn o t c o r r e c t ? A.I nc a s eo f d o u b t , s t a t u t e sl e v y i n gt a x e sa r ec o n s t r u e ds t r i c t l ya g a i n s t g o v e r n me n t . B. Th er e v e r s a l o f ar u l i n gs h a l l n o t g e n e r a l l yb eg i v e nr e t r o a c t i v ea p p l i c a t i o n , i f s a i dr e v e r s a l wi l l b ep r e j u d i c i a l t o t h et a x p a y e r . C.Th ec o n s t r u c t i o no fas t a t u t ema d eb yh i sp r e d e c e s s o ri sn o tb i n d i n gu p o nt h es u c c e s s o r ,i ft h e r e a f t e rh e b e c o me ss a t i s fi e dt h a t ad i ff e r e n t c o n s t r u c t i o ns h o u l db eg i v e n . D.Ame mo r a n d u mc i r c u l a rp r o mu l g a t e db yt h eCI Rt h a ti mp o s e sp e n a l t yf o rv i o l a t i o n so fc e r t a i nr u l e sn e e dn o t b ep u b l i s h e di nan e ws p a p e ro f g e n e r a l c i r c u l a t i o no ro ffic i a l g a z e t t eb e c a u s ei t h a st h ef o r c ea n de ff e c t o f l a w. 1 1 . Mr .Afi l e sh i sI TFf o r2 0 1 7o nAp r i l1 ,2 0 1 8a n dp a i dt h et a xd u et h e r e o no fP1 0 0 , 0 0 0 .Th eBI Rma d ea n a s s e s s me n to nAp r i l 1 5 , 2 0 2 1wh i c hs h o wst h a t t h ec o r r e c t i n c o met a xd u es h o u l dh a v eb e e nP1 5 0 , 0 0 0r e q u i r i n g p a y me n t o no r b e f o r eJ u l y1 5 , 2 0 2 1 .Th ea s s e s s me n t wa sr e c e i v e db yMr . Ao nJ u n e1 , 2 0 2 1 .Mr . Ac a n A.a p p e a l t ot h eCT Awi t h i n3 0d a y sf r o mJ u n e1 , 2 0 2 1 . B. d i s p u t et h ea s s e s s me n t wi t ht h eCI Rwi t h i n3 0d a y sf r o mJ u n e1 , 2 0 2 1 . C.i g n o r et h ea s s e s s me n t b e c a u s eJ u n e1 , 2 0 2 1i sb e y o n d3y e a r sf r o mAp r i l 1 , 2 0 1 8 . D.i g n o r et h ea s s e s s me n t b e c a u s eJ u n e1 , 2 0 2 1i sb e y o n d3y e a r sf r o mAp r i l 1 5 , 2 0 1 8 . 1 2 . XCo r p o r a t i o nh a de x c e s si n c o met a xp a y me n tf o rt h ey e a r2 0 2 0wh i c hi tc h o s et oc a r r y o v e ri n2 0 2 1 .I nfi l i n gi t s 2 0 2 1c o r p o r a t ei n c o met a xr e t u r n ,i ts i g n e di t si n t e n t i o nt og e t ar e f u n do ft h eo v e r p a i da mo u n ti n2 0 2 0 .Ca nt h e r e f u n db ea l l o we do rn o t , a n di f d i s a l l o we d , d o e sXCo r p o r a t i o nl o s et h ec l a i me da mo u n t ?

A.XCo r p o r a t i o nma yfi l ei n s t e a dac l a i mo f t a xc r e d i t i nl i e uo f r e f u n d . B. XCo r p o r a t i o nma yn o tg e tt h er e f u n di n2 0 2 1 ,b u tt h ea mo u n tb e i n gc l a i me da sr e f u n dma yb eu t i l i z e di n s u c c e e d i n gy e a r su n t i l C.XCo r p o r a t i o nma yg e tt h er e f u n d ,p r o v i d e dt h a ti twi l l n ol o n g e rc a r r yo v e rs u c ha mo u n to ru t i l i z et h es a me a g a i n s t i t si n c o met a xl i a b i l i t yi nt h ef u t u r e . D.XCo r p o r a t i o nma yn o t g e t t h er e f u n db e c a u s et h ed e c i s i o nt oc a r r y o v e ri n2 0 2 0wa si r r e v o c a b l ef o rt h a t y e a r , a n di t ma yn o t c h a n g et h a t d e c i s i o ni ns u c c e e d i n gy e a r s . 1 3 . Afi l e dh i si n c o met a xr e t u r nf o rc a l e n d a ry e a r2 0 2 0o nAp r i l 2 0 , 2 0 2 1a n dt h er e t u r ni sn o t f r a u d u l e n t , wh e ni st h e l a s t d a yf o r t h eBI Rt oma k ea na s s e s s me n t ? A.Ap r i l 1 5 , 2 0 2 4 C.Ap r i l 1 5 , 2 0 2 6 B. Ap r i l 2 0 , 2 0 2 4 D.Ap r i l 2 0 , 2 0 2 6 1 4 . Wo r kCo r p o r a t i o nfi l e di t si n c o met a xr e t u r na n dp a i dt h et a xd u ef o rc a l e n d a ry e a r2 0 1 9s h o wi n gat a xl i a b i l i t yo f P1 7 5 , 0 0 0 .Ho we v e r , u p o na u d i t , i t wa sd i s c o v e r e dt h a t h i si n c o met a xr e t u r nwa sf a l s eo r f r a u d u l e n t b e c a u s ei t d i d n o tr e p o r to t h e rt a x a b l ei n c o me .Pe ri n v e s t i g a t i o nt h ec o r r e c ti n c o met a xd u ei sP3 5 0 , 0 0 0 .Th ec o r p o r a t i o nwa s d u l yi n f o r me do fh i sfi n d i n gt h r o u g hap r e l i mi n a r ya s s e s s me n tn o t i c e .F a i l i n gt op r o t e s to nt i mea g a i n s tt h e p r e l i mi n a r ya s s e s s me n tn o t i c e ,af o r ma ll e t t e ro fd e ma n da n da s s e s s me n tn o t i c ewa si s s u e do nMa y3 1 ,2 0 2 1 c a l l i n gf o rp a y me n t o f t h ed e fi c i e n c yi n c o met a xo no r b e f o r eJ u l y1 5 , 2 0 2 1 .Th ea mo u n t d u eo nJ u l y1 5 , 2 0 2 1i s A.P2 4 0 , 6 2 5 C.P4 3 7 , 5 0 0 B. P3 0 6 , 2 5 0 D.P6 1 2 , 5 0 0 1 5 . Th eCo mmi s s i o n e ro f I n t e r n a l Re v e n u ei s s u e daBI Rr u l i n gt ot h ee ff e c t t h a t t h et r a n s a c t i o ni sl i a b l et oi n c o met a x a n dv a l u e a d d e dt a x .Up o nr e c e i p t o f t h er u l i n g , at a x p a y e rd o e sn o t a g r e et h e r e t o .Wh a t i sh i sp r o p e r r e me d y ? A.F i l eap e t i t i o nf o rr e v i e wwi t ht h eCT Awi t h i n3 0d a y sf r o mr e c e i p t t h e r e o f . B. F i l eamo t i o nf o r r e c o n s i d e r a t i o nwi t ht h eCo mmi s s i o n e r o f I n t e r n a l Re v e n u e . C.F i l ea na p p e a l t ot h eSe c r e t a r yo f J u s t i c ewi t h i n3 0d a y sf r o mr e c e i p t t h e r e o f . D.F i l ea na p p e a l t ot h eSe c r e t a r yo f Fi n a n c ewi t h i n3 0d a y sf r o mr e c e i p t t h e r e o f 1 6 . Wh i c hs t a t e me n t b e l o wo nc o mp r o mi s eo f t a xl i a b i l i t yi sc o r r e c t ?Co mp r o mi s eo f at a xl i a b i l i t yi s A.a v a i l a b l eo n l yb e f o r et r i a l a t t h eCT A. B. a v a i l a b l eo n l ya t t h ea d mi n i s t r a t i v el e v e l . C.a v a i l a b l ee v e nd u r i n ga p p e a l , p r o v i d e dt h a t p r i o rl e a v eo f c o u r t i so b t a i n e d . D.s t i l l a v a i l a b l ee v e na f t e rt h ec o u r t d e c i s i o nh a sb e c o mefi n a l a n de x e c u t o r y . 1 7 . UCCCo l l e g e , ap r o p r i e t a r ye d u c a t i o n a l i n s t i t u t i o n ,s p e n t P1 0mi l l i o nf o rt h ec o n s t r u c t i o no fan e ws c h o o l b u i l d i n g . Th ea mo u n t s p e n t f o r t h ec o n s t r u c t i o n A. Mu s t b ec l a i me da se x p e n s ei nt h ey e a r o f c o mp l e t i o n B. Ca p i t a l i z e do re x p e n s e do u t r i g h t a t t h eo p t i o no f t h eBI R C.Ca p i t a l i z e do re x p e n s e do u t r i g h t a t t h eo p t i o no f t h es c h o o l D. Ca p i t a l i z e da n dc l a i ma n n u a l d e p r e c i a t i o no v e rt h el i f eo f t h eb u i l d i n g 1 8 . Th ef o l l o wi n gwe r et a k e nf r o mt h ei n c o mes t a t e me n t o f ACo r p o r a t i o nf o rt h et a x a b l ey e a r2 0 2 1 : Gr o s sp r o fi t f r o ms a l e s P1 , 0 0 0 , 0 0 0 L e s s : Bu s i n e s sc o n n e c t e de x p e n s e s P6 3 0 , 0 0 0 Pr o v i s i o nf o rb a dd e b t s 9 0 , 0 0 0 7 2 0 , 0 0 0 Ne t i n c o meb e f o r ei n c o met a x P2 8 0 , 0 0 0 Ad d i t i o n a l i n f o r ma t i o n : a . Ac c o u n t swr i t t e no ffd u r i n gt h ey e a r

a n dc h a r g et oa l l o wa n c ef o r b a dd e b t s Re c o v e r i e so na c c o u n t sr e c e i v a b l ep r e v i o u s l y wr i t t e no ffi n2 0 1 5 : i . Al l o we db yBI Ra sd e d u c t i o n s 3 0 , 0 0 0 i i . Di s a l l o we db yBI Ra sd e d u c t i o n 4 0 , 0 0 0 c . Re f u n do f t a x e sp a i di n2 0 1 5 : i . Al l o we db yBI Ra sd e d u c t i o n 5 0 , 0 0 0 i i . Di s a l l o we db yBI Ra sd e d u c t i o n 6 0 , 0 0 0 Th et a x a b l ei n c o mei s C. P3 9 0 , 0 0 0 A. P3 1 0 . 0 0 0 B. P3 4 0 , 0 0 0 D. P4 1 0 , 0 0 0

P6 0 , 0 0 0

b .

1 9 .I n2 0 2 1 , Ma g i n o oM. He n y o ,t h eCEOo ft h ePh i l i p p i n eNu c l e a rF u s i o nCo r p o r a t i o n , e a r n e dc o mp e n s a t i o ni n c o me o fP4 , 0 0 0 , 5 0 0 .Th i sa mo u n ti si n c l u s i v eo fh i s1 3 t hmo n t hp a ya n do t h e rb e n e fi t so fP2 5 0 , 0 0 0 ,b u tn e to ft h e ma n d a t o r yc o n t r i b u t i o n st oSSSa n dPh i l h e a l t h . As i d ef r o mh i se mp l o y me n t , h ea l s oo wn sac a f e t e r i a .I n2 0 2 1 , t h ec a f e t e r i ah a dg r o s ss a l e so f P1 , 5 0 0 , 0 0 0 , c o s t o f s a l e so f P5 0 0 , 0 0 0 , a n do p e r a t i n ge x p e n s e so f P3 0 0 , 0 0 0 .I t a l s oh a dn o n o p e r a t i n gi n c o meo f P7 0 0 , 0 0 0 . Co mp u t eh i si n c o met a xd u ef o r2 0 2 1i fh ea v a i l so ft h e8 %i n c o met a xr a t eo p t i o no nh i sg r o s ss a l e sp l u sn o n o p e r a t i n gi n c o mea r i s i n gf r o mh i sc a f e t e r i ab u s i n e s s . A.P1 , 1 0 1 , 3 6 0 B.P1 , 2 7 7 , 3 6 0 C.P1 , 2 5 7 , 3 6 0 D.No n eo f t h eAb o v e 2 0 . Wh i c ho f t h ef o l l o wi n gi sn o t s u b j e c t t oi n c o met a x : A.Mo r a l d a ma g e sa wa r d e dt ol i t i g a n t f o r me n t a l a n g u i s ho na c c o u n t o f l i b e l o u sa r t i c l e swr i t t e na b o u t h i m. B. P5 , 0 0 0r e c e i v e db yap e r s o nf r o mar a ffle . C.Ex c e s sr e mi t t a n c eo fd o l l a rf r o m as i s t e ri nt h eUn i t e dSt a t e sd u et ob a n k ’ se r r o rwh e r e b yt h eo r i g i n a l l y i n t e n d e dr e mi t t a n c ewa sUSD1 , 0 0 0i n s t e a do f t h er e mi t t e dUSD1 , 0 0 0 , 0 0 0 0 . D.I n t e r e s t i n c o meo nP3 6 0 , 0 0 0PCSOl o t t owi n n i n g . 2 1 Ap r o p e r t ywa sr e c e i v e da sd o n a t i o nf r o m Ch a r l wi nwh e ni t sf a i rma r k e tv a l u ewa sP3 0 0 , 0 0 0 .Ch a r l wi ni nt u r n r e c e i v e dt h i sp r o p e r t ya sd o n a t i o nf r o mJ o s ewh e ni t sf a i rma r k e tv a l u ewa sP3 5 0 , 0 0 0 .Th i sp r o p e r t ywa s p u r c h a s e db yMa r c e l i a n of o rP2 0 0 , 0 0 0a n dwa sd o n a t e dt oJ o s e . Th ep r o p e r t ywa ss o l df o rP5 0 0 , 0 0 0 . Ho wmu c hg a i n( l o s s )s h a l l b er e c o g n i z e df r o mt h es a l e ? C.P3 0 0 , 0 0 0 A.P1 5 0 , 0 0 0 B. P2 0 0 , 0 0 0 D.No n eo f t h ec h o i c e s 2 2 . Ma n u e l t r a n s f e r r e dh i sc o mme r c i a l l a n dwi t hac o s to fP5 0 0 , 0 0 0b u twi t haf a i rma r k e t v a l u eo fP7 5 0 , 0 0 0t oMHD Co r p o r a t i o ni ne x c h a n g eo ft h es t o c k so ft h ec o r p o r a t i o nwi t hp a rv a l u eo fP1 , 0 0 0 , 0 0 0 .Asar e s u l to ft h et r a n s f e r , h eb e c a met h ema j o r s t o c k h o l d e r o f t h ec o r p o r a t i o n . Wh i c ho f t h ef o l l o wi n gs t a t e me n t si sc o r r e c t ? A.Nor e c o g n i z e dg a i nb e c a u s et h el a n dwa si ne x c h a n g eo f s t o c k so f t h ec o r p o r a t i o n . B. Th er e c o g n i z e dg a i ni st h ed i ff e r e n c eb e t we e nt h ep a r v a l u eo f t h es t o c k sa n dt h ef a i r ma r k e t v a l u eo f l a n d . C.Th er e c o g n i z e dg a i ni st h ed i ff e r e n c eb e t we e nt h ef a i rma r k e t v a l u eo f t h es h a r e so f s t o c k sa n dt h ec o s t o f t h e l a n d . D. Nor e c o g n i z e dg a i nb e c a u s et h el a n dwa si ne x c h a n g eo fp u r e l ys t o c k sa n dMa n u e lb e c a met h ema j o r i t y s t o c k h o l d e r .

2 3 .Th ef o l l o wi n gd a t ao nn e t i n c o me , b a dd e b t , wr i t e o ffa n dr e c o v e r ys h o w 2 0 2 1 Ca s eA Ca s eB Ca s eC Ne t i n c o me( l o s s )b e f o r ewr i t e o ff P8 0 , 0 0 0 P4 0 , 0 0 0( P2 0 , 0 0 0 ) L e s s : Ba dd e b t swr i t t e no ff&c l a i me da sd e d u c t i o n5 0 , 0 0 0 6 0 , 0 0 0 7 0 , 0 0 0 Ne t i n c o me( l o s s )a f t e r wr i t e o ff P3 0 , 0 0 0( P2 0 , 0 0 0 )( P9 0 , 0 0 0 ) 2 0 2 2 Su b s e q u e n t r e c o v e r y P5 0 , 0 0 0 P5 0 , 0 0 0 P5 0 , 0 0 0 Th et a x a b l er e c o v e r yi s Ca s eA Ca s eB Ca s eC

A. P5 0 , 0 0 0 P 0 P 0

B. P5 0 , 0 0 0 P3 0 , 0 0 0 P 0

C. P5 0 , 0 0 0 P4 0 , 0 0 0 P2 0 , 0 0 0

D. P5 0 , 0 0 0 P5 0 , 0 0 0 P5 0 , 0 0 0

2 4 . XYZCo r p o r a t i o n , ad o me s t i cc o r p o r a t i o nh a dt h ef o l l o wi n gd a t ad u r i n gt h ec a l e n d a ry e a r2 0 2 1 Gr o s si n c o me P1 , 0 0 0 , 0 0 0 Bu s i n e s sc o n n e c t e de x p e n s e s 4 0 0 , 0 0 0 Di v i d e n d sf r o m a .d o me s t i cc o r p o r a t i o n 1 0 0 , 0 0 0 b .f o r e i g nc o r p o r a t i o n , 9 0 %o f t h eg r o s si n c o mewa sd e r i v e d f r o mt h ePh i l i p p i n e s 1 0 0 , 0 0 0 c .f o r e i g nc o r p o r a t i o n , 6 0 %o f t h eg r o s si n c o mewa sd e r i v e d f r o mt h ePh i l i p p i n e s 8 0 , 0 0 0 d .f o r e i g nc o r p o r a t i o n , 3 0 %o f t h eg r o s si n c o mewa sd e r i v e d f r o mt h ePh i l i p p i n e s 4 0 , 0 0 0 Th et a x a b l ei n c o mei s A.P8 2 0 , 0 0 0 C.P7 5 0 , 0 0 0 B. P7 4 8 , 0 0 0 D.P9 2 0 , 0 0 0 2 5 .I n2 0 2 1 ,NEDAd e s i g n a t e d" Ad o p taSc h o o lPr o g r a m”a sap r i o r i t ya c t i v i t yi ne d u c a t i o n .ABC Co r p o r a t i o n p a r t i c i p a t e di nt h ep r o g r a mb yc o n t r i b u t i n gt h ef o l l o wi n g : a .T oGu i n o b a t a nHi g hSc h o o l , ap u b l i cs c h o o l i t ss e r v i c e sf o rt h ec o n s t r u c t i o no f 2 s t o r e yp u b l i cs c h ...