C warrants different9. D6. D5. True capitalized) 21. A2. False (Active royalties are subject to regular tax. D (P66,600 + P600 P7,200)5. A1. False (some are not 9. EB EB24. A (P1.6M RCIT-P180K Dividend-80K MCIT] x payment of Previous MCIT of PY-P120K Excess 10% Quarter) CWT of PY-P220K CWT of 13. P1M x 12% x 94/365) = P30,904. P2,008,000 (P5,020,000 x 2%)2. 13. C (P1,090 + 240 + 5)8. A 8. A3. A finance company earned P1,000,000 royalties from afranchise; 40% of these were derived abroad. Similar allowances are in effect for calculating taxable income for provincial purposes. D2. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. C (P3.2M x 6%) 7. CCompensation income P 820,000Less: Non-taxable compensation 20,000Taxable compensation income P 800,000Gross receipts P 1,800,000Less: Cost of services 500,000Gross profit from operationsOther income subject to RIT P 1,300,000Total gross income subject to RIT 100,000Less: DeductionsNet income P 1,400,000Taxable income 300,000 1,100,000 P 1,900,000Tax due of P1.9M per tax table P 460,000Less: Tax credits P 130,000 238,000 WH tax on compensation 14,000 P 222,000 CWT on gross income 94,000 Estimated quarterly tax paymentsTax still due12. B (P1.2M RBU NI x 30%)Problem 4: 3. B1. D 20. True (Final tax on interest covers only interest income from banks and trust funds)2. C (RFCs are taxable only on Philippine income but are not subject to CGT on real properties; hence, P300K+P400K)*The employee will not be subject to final tax notwithstanding satisfaction of the compensation threshold test because he is not amanagerial or technical employeeMultiple Choice Problems: Part 31. Do not consume yourtime discussing the details. True 10. True2. A 10. Donation of properties5. False (fair value or cost to original donor- 13. Direct Tax Laws and International Taxation has been divided into two parts i.e Direct Tax and International Taxation. The meaning of realized benefit connect this to the ability to pay theory 2. False8. C7. assumption is that $46,250 7. Fiscal/General/Revenue tax 7. Deductions are deductible from gross income from business only c. Personal exemptions are deductible from compensation income but a negative compensation income is deductible to other income d. Tax reporting of compensation income (highlight the exceptional treatment on fringe benefits this serves as a preliminary introduction to Chapter 11) e. Tax reporting of business or professional income f. Determination of taxable income 2. Access Bachelor of Legislative Law 1st, 2nd, 3rd Year Notes. A 14. A (P20,000 x 12 P18,000)4. 11. False2. D 23. A Now P2,000/mo.) 15. BMultiple Choice Theory Part 1 6. NDE2. D 25. C [MCIT= P7M GI x RCIT-P180K 2015 Excess 2%=P140K; RCIT=(P600K 16. A 7. D 7. A 14. B (The input VAT must be excluded.)2. We will guide you on how to place your essay help, proofreading and editing your draft fixing the grammar, spelling, or formatting of your paper easily and cheaply. This page may have been moved, deleted, or is otherwise unavailable. A (125 + max 100 PERA) subject to final tax) 19Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. D 14. C2. [2] For state and local governments and agencies, accounting is regulated by the Governmental Accounting Standards Board, whose GASB 87 leases standard took effect with the start of fiscal years after June 15, 2021.[3]. A2. Direct tax 14. One additional criterion for finance lease classification is that "The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term." B 14. D (P27,200 x 3 x 50%) x 35%/65% and Lot 800,000 (P27,200 x 2 x 50%) x 35%/65%* 12. Ques 6- How to Get a Rank in CA Final Examination? True11. Good evening Sir. C**control is a tax-exempt 5. False (Considered resident 18. A 8. P 1,200,000 Health P 1,200,000EXERCISE DRILL NO. For both capital and operating leases, a separate footnote to the financial statements discloses the future minimum rental commitments, by year for the next five years, then all remaining years as a group. C 12. D 11. 9. D5. C2. C [(P1M X 10%) X 80%] 13. False (5%)5. A 13. The unrelated income is subject to 5 years is exempt. C 20. C 23. False (applicable to all5. A [None to report since all the income are capital gains on real property is subject to subject to final withholding tax (i.e. C 6. Individual 2. True2. B (Taxable income = P455K + P15K. The list of passive income subject to final tax and their final tax rates b. False10. Relational Frame Theory and Acceptance and Commitment Therapy (+PDF) check out Harris textbook ACT Made Simple. A (P50K-P20K)8. C (P280K + P50K + P100K + P25K + P40K) 8. D (P200K+P100K-P100K-P150K) ST CG+P100K LT CG+P50K ST OG+P150K LT OG P100K ST CL-P150K LT CL; The total5. False (It is exempt)13. C If we assume the $46,250 as 13. C 11. C 15. The taxation schemes Emphasize how income is taxed under the NIRC. Review the computation of foreign tax credits in Chapter 13-A, foreign tax creditH. C3. Non-resident alien not engaged in business 7. A (P280K + P50K) use tax table.) C1. C [(P500K-P400K)-P70K2. Paper 6A: Risk Management C (P16,000+P24,750) X 35%/65% 10. Direct Tax Laws and International Taxation has been divided into two parts i.e Direct Tax and International Taxation. CMultiple Choice Problems: Part 11. no ITR)] CGT. 20. B5. to Concepts, Methods, and Use 12e). False (Only on domestic stocks.)10. Order 60 credit hours of courses for a 12% discount on your entire order*. When you select the PDF version, a link to the course materials will be shown on your order confirmation screen as soon as you submit your order. A3. P 1,408,000** P 13,000*P1,068,000 + P340,000 + (P89,000 + P13,000 P90,000)**P1,068,000 + P340,000; Note 13th month is below P90,000 thresholdExercise Drill No. C [MCIT=(P500K1. D1. Cash basis c. Installment methodE. True 36Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. A non-profit corporation organized in the Philippines*Treated as individual income taxpayers by the law 9Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law.Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---EXERCISE DRILL NO. C1. D inclusion to gross income7. A (P500,000 X 50%) tax is the grossed-up 10. False (within one year, not less than)2. A allowed.)5. There are two types of security deposits: [Monthly Lease Payment] x [Term (months)] = [Total amount out of pocket] Along with the study material, youll also get the CA Final question papers with suggested answers, MTPs, RTPs, and referencer for fast revision. A total of P400,000 gross income were realized P 400,000 P0during a period. A5. Barter of properties 2. D (P400K-100K cost of services + P8K)10. False3. True*As a rule, expense of regular income only.Multiple Choice Theory Part 1 10. An unemployed Filipino residing in the Philippines RC 6. True 18. If any of the above are met, the lease would be considered a capital or financing lease and must be disclosed on the lessee's balance sheet. A 12. A 18. False (not selling price but contract price) 19. ** Basis is P2M zonal value of land+ P2M assessed value of improvement or P4.5M w/e is higher. False (SP cost)5. False regulations) concept.) True4. C8. B 14. B x62.5%)] 17. Appreciation in the value of land 13. CorporationExercise Drill No. Paper 6B: Financial Services and Capital Markets C (P3.7M X 30%)3. C (P500,000 sales x 40% = P200,000)CHAPTER 10: COMPENSATION INCOMETRUE OR FALSE 1 8. AMultiple Choices Theory: Part 3 6. 6. Exclusions discusses income not subject to any income tax schemes 3. B 700K) + P1.8M P2.0M = MCIT) [(P4M-3.2M)x70% P103,800.7. Hence, P300K+P800K+P200K)11. D 14. 21. D6. A Filipino who is privately employed in the Philippines RC 5. A 13. B 11. Download Free PDF. B (P100K Unrelated TI x 30%)Problem 3:1. DM & OB for excess DM & FB for excess23. Order 80 credit hours of courses for a 15% discount on your entire order*. DCHAPTER 2: TAXES, TAX LAWS AND TAX ADMINISTRATIONEXERCISE DRILL NO. B4. False3. MY HUMBLE REQUEST TO MY BELOVED FELLOW PROFESSORSBeing a teacher myself, I strongly admit that books are excellent partners in classroom teaching. Ques 5- How many marks are required to pass the CA Final Exams? The change from executory costs to nonlease components, discussed above, applies equally to lessors. True 16. Following the second Exposure Draft, the IASB decided to require all leases to be treated as finance leases. True 16. The CPE Store provides self-study continuing education courses to CPAs, RTRPs, PAs, LPAs, Enrolled Agents and others in Accounting and related fields. D on type of employee.) B (P200K+P2.5M-P400K) 8. D 20. D 15. Check out the salary of a fresher CA in India on the basis of job profiles, skills, cities, and companies. C*(A is the intended answer but the most appropriate answer to this question is (50% x 5%) or 2.5% since the problemtalks about percentage of the fair value)** (The problem speaks bout percentage of the depreciation value)Multiple Choice Theory 21. The standard states in paragraph 842-10-55-2 that "one reasonable approach" is to use the 75% test of FAS 13, paragraph 7(c) to determine "major part," and the other paragraph 7 tests for the other ASC 842 tests. 1Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059INCOME TAX SOLUTION MANUALDear Tax Professors,Greetings in Gods grace!Our taxation system in the Philippines is besmirched by reported abuses in tax administration andpervasive corruption. Supplemental compensation:Commission income P 12,000Excess 13th and other benefits 5,000(P45,000 + P45,000 + P2,000 + 3,000 P90,000) 17,000Total supplemental compensation P7. True ticket is exempt)2. True 15. I wrote this book over years ofcontinuous technical research, tax practice and conceptual refinement through my actual teaching in theundergrad and in the review.I am not an entrepreneur. Withholding Tax P1,000,000,000 in a year 5. The difference between active and passive incomeC. The Second subject of CA Final Strategic Financial Management has two parts, Part 1- Capital Budgeting and Portfolio Management. P6,000/year P2,000 (P2k x 4 P6k)7. Resident foreign corporation 5. CMultiple Choice Problem 1 6. Applying TRAIN law 11. C 7. False 9. Read it with the goal of gaining a broad understanding of tax purposes and principles. x 10%Integrative Illustration (You can handle this. False (100% exempt) 22. A 12. C (Corporate prizes and winnings are subject partnership.) A 26Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. Hence, the par value musthave been P7,500.00/.0075 = P1,000,000, the cost would have been P1,500,000 (P1M x 150%). D (P600K+P400K+P300K+P150K) 10. B 12. Advanced income is taxable upon receipt for both methods. C5. Very helpful po ng book niyo sa tax Sir. A (P450K- P100K) 18Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. D (The best answer*) 9. DMultiple Choices Problems 1 4. 3 Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059INCOME TAX SOLUTION MANUALIn teaching, focus on the basics and main points. C (Income from property2. False4. ZERO. B 20. True income) 10. A [(P500K GI-P200K DD- 4. Proportional tax 12. B 24. True 11. D for health) A (P2M P.8M + P.5M). Lal Kothi Jaipur : 8905991422, 8905991421, 8905991426, 8905991425, 8905991423, 8905991419, 8905991429, 8905991427, 9773301988, 9773301986, Jamshedpur : 67(4/2), Birenu Trade Centre, Penar Road, Sakchi, Jamshedpur 831001 | 6206261159, 7004859827, Mangalore : Sure Pass #9, II Floor, Manasa Towers, Kodialbail, Mangalore 575003 | +91 9901798000 | [emailprotected], Commerce Past Question Papers from All Boards, CA Final question papers with suggested answers, Advanced Auditing and Professional Ethics, Strategic Cost Management and Performance Evaluation, Direct Tax Laws and International Taxation, Framework for Preparation and Presentation of Financial Statements, Ind AS 1: Presentation of Financial Statements, Ind AS 115: Revenue from Contracts with Customers, Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors, Ind AS 10: Events after the Reporting Period, Ind AS 20: Accounting for Government Grants and Disclosure of Government Assistance, Ind AS 101: First-time Adoption of Ind AS, Division II of Schedule III to The Companies Act, 2013, Ind AS 105: Non-Current Assets Held for Sale and Discontinued Operations, Ind AS 37: Provisions, Contingent Liabilities, and Contingent Assets, Ind AS 21: The Effects of changes in Foreign Exchange Rates, Financial Instruments: Scope and Definitions, Financial Instruments: Equity and Financial Liabilities, Classification and Measurement of Financial Assets and Financial Liabilities, Recognition and Derecognition of Financial Instruments, Business Combination and Corporate Restructuring, Introduction to Consolidated Financial Statements, Consolidated Financial Statements: Accounting of Subsidiaries, Investment in Associates & Joint Ventures, Foreign Exchange Exposure and Risk Management, Mergers, Acquisitions and Corporate Restructuring, Auditing Standards, Statements and Guidance Notes An Overview, Special Aspects of Auditing in an Automated Environment, Audit of Consolidated Financial Statements, Internal Audit, Management, and Operational Audit, Appointment and Qualifications of Directors, Appointment and Remuneration of Managerial Personnel, Compromises, Arrangements and Amalgamations, Prevention of Oppression and Mismanagement, Compounding of Offences, Adjudication, Special Courts, National Company Law Tribunal and Appellate Tribunal, Corporate Secretarial Practice Drafting of Notices, Resolutions, Minutes and Reports, The Securities Contract (Regulation) Act, 1956 and the Securities Contract (Regulation) Rules, 1957, The Securities Exchange Board of India Act, 1992, and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, The Foreign Exchange Management Act, 1999, The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, The Prevention of Money Laundering Act, 2002, Foreign Contribution Regulation Act, 2010, The Arbitration and Conciliation Act, 1996, Introduction to Strategic Cost Management, Chapter 2: Source and Evaluation of Risks, Chapter 4: Evaluation of Risk Management Strategies, Chapter 6: Credit Risk Measurement and Management, Chapter 7: Risk associated with Corporate Governance, Impact of various policies of Financial Markets, Banking as Source of Capital Including NBFCs, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Buy Back of Securities) Regulations, 2018, An Overview of the Black Money and the Imposition of Tax Law, Tax Treaties: Overview, Features, Application and Interpretation, Chapter 3: The Real Estate (Regulation & Development) ACT, 2016, Chapter 4: Insolvency and Bankruptcy Code, 2016, Chapter 5: Prevention of Money Laundering Act, 2002, Chapter 6: The Foreign Exchange Management Act, 1999, Chapter 7: Prohibition of Benami Property Transactions Act, 1988, Significant Differences between IFRS and US GAAP, Incomes which do not form part of Total Income, Profits and Gains of Business or Profession, Income of Other Persons included in assessees Total Income, Aggregation of Income, Set-Off and Carry Forward of Losses, Charitable or Religious Trusts and Institutions, Political Parties and Electoral Trusts, Tax Planning, Tax Avoidance & Tax Evasion, Deduction, Collection and Recovery of Tax, Transfer Pricing and Other Provisions to check Avoidance of Tax, Application and Interpretation of Tax Treaties, Fundamentals of Base Erosion and Profit Shifting, Payment of Tax, Interest and Other Amounts, Tax Deduction at Source and Collection of Tax at Source, Classification of Imported and Export Goods, Importation, Exportation and Transportation of Goods, Basic Concepts relating to Export Promotion Schemes under FTP, How to Get a Rank in CA Final Examination, Chapter 2: Ind AS on Presentation of Items in the Financial Statements, Chapter 4: Ind AS on Measurement-based on Accounting Policies, Chapter 5: Other Indian Accounting Standards, Chapter 7: Ind AS on Assets of the Financial Statements, Chapter 9: Ind AS on Liabilities of the Financial Statements, Chapter 10: Ind AS on Items impacting the Financial Statements, Chapter 11: Ind AS on Disclosures in the Financial Statements, Chapter 12: Accounting and Reporting of Financial Instruments, Chapter 14: Consolidated Financial Statements, Chapter 16: Due Diligence, Investigation, and Forensic Audit, Chapter 17: Peer Review and Quality Review, Part-A: Strategic Cost Management and Decision Making, Part-B: Performance Evaluation and Control, Chapter 1: Levy of and Exemptions from Customs Duty. A 12. False (tax basis of value 20. True 11. A (P40K + P4K), Note that basic local tax and interestCommission income + P30K)] are deductible.) C 9. True1. B (No CGT on real3. True 8. 4: Income taxpayer classification Person or Entity Classification 1. B (P4M P3M) x 30%. B 22. Hence, P4.5M x 5% x50%/4 x 35%/65%.CHAPTER 12: DEALINGS IN PROPERTIESTRUE OR FALSE 1 9. D 22. A 12. C +P25K];NOTE: Supplies is6. A business partnership (Partnership are classified as corporations NRFC under the NIRC, presumption if silent = domestic) NRC*14. C (P120K P30K)4. C [P300K+(P80K-P90K)] 12. In this CA Final Module, you will develop an understanding of Accounting Standards, Valuation, Corporate Financial Reporting, etc. The cost per share as of 2. D 6. False (from capital assets, not any assets)7. Special allowable itemized deductions 4. A1. A (P12M x 6%) C (P1M x P1.8M/P2M) 11. True 8. A [(P800K+P200K+P20K)X40%]5. C 6. C2. CE19. B 15. True 13. True 7. April 16, 2020 to July 18, 2020 is 94 days. False* 7. True3. C (P79,200/99%). C (P42M-P41.7M) 10. D [(P60K-P25K)-P20K 2015NCL]9. B inherent.) 12. Note also that his 13th month pay and other benefits do not exceed P90,000.)6. The understanding is that the buyer paid for the DST. TrueMultiple Choices Theory: Part 1 7. False (It will not produce additional benefit if the government taxes itself. D (P8K + P24K).3. A1. Other than CA Final Study Material, you can also download CA Final PracticeManual from this page. B9. True 14. D7. A 11. A3. D 19. False (MCIT gross income 10. CMultiple Choices Theory: Part 2 7. Taxation of corporate taxpayers 1. B [(P7.2M-P4.7M COGS)+P100K+P20K]X 40% 7. D (The VAT is part of supplies expense.)3. True taxable on business FCDU or EFCDU for a local3. BMultiple Choices Theory 2 7. Enter the email address you signed up with and we'll email you a reset link. Passive royalties are generally subject to final tax; hence, non-reportable. To distinguish the two, the Financial Accounting Standards Board (FASB) provided criteria for when a lease should be capitalized, and if any one of the criteria for capitalization is met, the lease is treated as a capital lease and recorded on the financial statements. D 9. Instead, the rent is reclassified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). C (P4M X 4.5%) 37Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. D6. Limitations of the taxation power 4. C 11. C (LGU for assessed 9. The concept of income discuss what income is taxable under the NIRC 1. 1. 3 Cash basis Accrual basis Taxpayer P 3,120,000 P 3,600,000 1,380,000 1,740,000 1. True 7. Academia.edu no longer supports Internet Explorer. D (P6M P4M P1.5M approp.) 14. B 25. P250/mo. B (Lease will not3. B 11. Jun has a store in a tourist park in Baguio City, Philippines. As our mission, let us give our students morepractical knowledge by giving them the totality of taxation. C 15. Introduction to Taxation our purposes, the sections on tax structure, types of tax, tax administration, and understating the tax law will be relatively DMultiple Choice Problems: Part 1 Contribution subject to limit); Limit on NANPI1. B 23. True credits not sick leave6. False (No limit for5. B4. True19. Accrual basis b. Special corporations 8. A. True8. 11. False3. Each of our self-study courses comes complete with everything you need in order to receive your CPE credit (text, final exam, and grading service). A 19. C [(P3.4M+P120K) X 40%]1. Birth of animal offspring 14. While the monopoly on violence as the defining conception of the state was first described in sociology by Max Weber in his essay Politics as a Vocation C (P6M P5M+100K MCIT-P20K 2014MCIT) 122K + 160K + 800K -6. I am a working student, so pagdating ko sa school di na ako masyado nakikinig sa school sa sobrang pagod. D [(P400K+P150K- 2016GP] 12. A 10. D (P32,000/32%)* 8. True1. The concept of gross income a. C 10. Im not a student of yours Sir nor have met you in person but one thing is for sure, many students like me owe so much from you for introducing to us your taxation book. D2. D 15. True7. C 14. False4. D 11. The meaning of realized benefit connect this to the ability to pay theory 2. True 13. False (It depends. B (P3M RCIT-P180K MCIT 15. B 4. False (They are exempt from any income tax.)15. A2. True 14. Capital gains are generally subject to regular tax. True 16. Exceptional taxation scheme 1. We find your book comprehensive, simple and direct to the point. Alberto Calubaquib, Jr. University of Saint Louis Tuguegarao CityThe book is your teaching partner. A [(P1.9M/95%)+P50K] 20Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. B + (P360K 2016GP 16. NDE(best answer but this is not an expense)TRUE OR FALSE 1 6. D4. P9,000 (P750/mo. C 19. D 13. D2. Introduction Important concepts to emphasize: a. D 10. 3: The tax concept of income Item Taxable Exempt 1. D 22. C 19. D (gross-up)2. A 42. False long as outgoing) 11. C [(P400K GI-P300K Bus. Like this book? A (for 2015,the P190K 12. True14. The income tax teaching methodology ofthe book is long proven in the undergrad and in the professional review to optimize understanding andinstill mastery.Here is a list of some of the numerous student testimonials regarding our book:1. C 12. B (P4.1M-P2.1M) Contribution expense)] 21. D* 17. True 12. D 16. Exempt de minimis: P 24,000 rice allowance + P5,000 Christmas gift = P29,0005. B (This is voluntary 8. Select CourseCA-FoundationCA-IntermediateCA-Final11th Course12th Course12th + CA Foundation11th + 12th + CA FoundationCMA-FoundationCMA-IntermediateCMA-Final12th + CMA Foundation11th + 12th + CMA Foundation, 7821821250, 7821821251, 7821821252, 7821821253, 7821-821-254, K-50 Bhawana Tower Income Tax Colony, Tonk Road, Near Durgapura Bus Stand, Jaipur, For Online Course A8. Pero sa tuwing binabasa ko ang book niyo, para na rin may nag- eexplain na teacher sa akin Salamat po! Still cant find what youre [] A 15. B (Errata: The problem seeks tax STILL Due)Compensation income P 820,000Less: Non-taxable compensation 20,000Taxable compensation income P 800,000Gross receipts P 1,800,000Less: Cost of services -Gross profit from operationsOther income subject to RIT P 1,800,000Total gross income subject to RIT 100,000Less: OSD (P1.8M x 40%)Net income P 1,900,000Taxable income 720,000 1,180,000 P 1,980,000 35Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. D8. C6. taxable.) False (only against business gross income) 10. D7. D 14. C3. The word economy comes from the Greek word If the lease has the same rent over its life, the net asset at any point is equal to the liability, plus the unamortized balance of initial direct costs and lease incentives. C3. DM DM2. A [(P40M x 10/50)/40]2. A*Nearest answer. D 15. D2. A (Stocks is an ordinary 12. C 12. True 12. True5. C (P180K + P200K + P210K + P250K) contribution = (P600K GP - P100K ODE) x 10% = P50K; lower than P55K actual.2. True 8. A 8. False billings)8. True 13. On this page, we are sharing with you the CA Final Study Material as well as Practice Manual. D 12. False 10. A 21. BMultiple Choice Theory: Part 2 6. True 10. C (MCIT=P7MTotal GI x 15. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---EXERCISE DRILL NO. D (P10,000 x 25% surcharge)7. D 17. True 10. B (9K + 6.8K) 12. True 11. A moral hazard may occur where the actions of the risk-taking party change A (She is 48-year old.) AMultiple Choices Theory: Part 1 17. The value of the leasehold improvements should be capitalized and depreciated over the lesser of the lease life or the leasehold improvements life. C {P128K regular + P8K supplemental + {(P120K x140/150 + P12K) P90K}] Note that the retirement benefit is exempt.7. B (P100K/90%) X 10% dividend income of Sison.) C virtue of international8. A (P4M x 60% - P3M x 50%) x 30% tax. A third type of lessor capital lease, called a leveraged lease, is used to recognize leases where the acquisition of the leased asset is substantially financed by debt. D 12. False (30% on world 10. D2. D (P1M maximum x 90%) 2017.8. True (generally, exception loss.) We are using your textbooks both Income and Business and Transfer Taxation. B10. B (P3M FCDU II to other residents x 10%)2. The situs of income students need to know the place of taxation of each type of income 4. B 21. Specific tax 13. Eric Dodge Hanover College. B 16. False6. Students also need some extent of self-learning to develop their self-esteem.This is particularly vital to their future professional development. Production cost abroad were P200,000. Then submit your answers for grading (online, by mail, or by fax) to receive your Certificate of Completion (if you score 70% or better). False given) 13. D2. D4. False (no qualification)4. True7. AMultiple Choice Theory: Part 1 11. False (foreign corporations are exempt)8. A (P500K-P200K) x 10% for3. A (P400K-P100K+P3K) 5. A Student can attempt for 5 years i.e. B (P480K+P80K+P1M) 11. Orders for printed materials received by 2 p.m. central time (M-F) are shipped the same day. A 12. If you score less than 70%, well reset your test and allow you to try again, free of charge. D (P617.5K/95% service 6. B (P12M x 80% = P9.6M goods transferred x 50% markup = P4,800,000. A3. [16] By 2015, estimates had risen to $2 trillion. C 17. For feedback and suggestions, please reach me out at [emailprotected] Thank you so much and May God bless you and your family! A (DCs are taxable on world income but the 20. The Constitutional exemption for income actually, directly and exclusively for educational purposes relates to non-profit, non-stock educational institutions. You can publish your book online for free in a few minutes. N (A principle but not a limitation)10. A5. False (adjusted basis of the shares received)5. This Subject develops the understanding of students regarding how capital flows. LLB Full form is Bachelor of Legislative Law. False 16. True 9. A5. C 22. Hence the P8,000 shall be used in the computation.13. NDE15. A4. Ans. A3. B 9. False 8. A (P1.5M GP +P200K 12. DE17. True 8. Hence, P5M x 5% 8. False (The receipt of benefit is conclusively presumed.)6. P 600,000 P 400,0003. C 10. Downloaded by Eijnom Sebial ([emailprotected]), The words you are searching are inside this book. A 18. True1. Paper 7: Direct Tax Laws and International Taxation CA Final Study Material. The rule ofthe game is getting the intended answer when the technical answer is not with the choices.Multiple Choices Problems: Part 31. D [(P1M AUS)+(1K X P750 RUS)+P1.5M JAP]X2.5%; The P750 is computed as P1.5M/2K which is from PH-JAP2. DMultiple Choice Problems 1 8. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---10. False (GPPs are also 16. True 15. C [(P1.6M GI + P150K Bus Exp= P45k) GI+P200K 9. x 12)8. A 20. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---Tax due of P1.98M per tax table P 484,000Less: Tax credits P 130,000 238,000 WH tax on compensation 14,000 P 246,000 CWT on gross income 94,000 Estimated quarterly tax paymentsTax still due13. False income) foreign corporations.) C6. A [(P1.2M P380K higher Current Quarter-P250K MCIT +400K+100K -700K2. Accounting for leases in the United States is regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number 13, now known as Accounting Standards Codification Topic 840 (ASC 840). P 600,000 Income P05. D3. The same is not subject to regular income tax.8. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL --- Note teachers that the exact day method will be used for all assessment starting January 1, 2018 even if the assessment covers NIRC era tax deficiency or delinquency.5. C benefit by carry-over.)7. A (P800K X 40%)3. B [(P120K-P100K) +4. Consider rewarding students who indicated the exact answer.Note to professors:In the CPA Exam, examinees must be able to identify defective assumptions of the examiner in the problems whenthe exact technical solution is not with the choices. False4. C 17. D 33. Real Excellence commit itself in TAXATIONensuring that your students get the most SOLUTIONaccurate, relevant and updated MANUALinformation in the field. B (P400K-P75K) Malaysia+P175K Income 12. Then submit your answers for grading (online, by mail, or by fax) to receive your Certificate of Completion (if you score 70% or better). TrueTRUE OR FALSE 21. +P70K-P60K P125K]7. C (350K/1.2M x 400K) P100K)+P100K] 13. D (13th month pay) 7. D [P4M x 60% - P3M x 50%) x 30% tax] Note that the rule on non-profit school is classification not the dominance test. True12. After your CA Final registration is completed, ICAI sends you the study material in the hard copy at your specified address. Reaganomics (/ r e n m k s /; a portmanteau of Reagan and economics attributed to Paul Harvey), or Reaganism, refers to the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. DCHAPTER 13: PRINCIPLES OF DEDUCTIONSExercise Drill No. True10. C (Violation of3. The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks, Reevaluating Standardized Insurance Policies, Analysis and Valuation of Insurance Companies Industry Study Number Two, Competition and Related Regulation Issues in the Insurance Industry, Insurance for economic losses caused by pandemics, The Insurance Market in the Republic of Ireland. False 9. D 10. Raymond earned P100,000 rent from OFWs in hisapartment in the US. B6. True the recovery over the 22. D2. Dumali ang taxation dahil sa book mo Yung dating minememorize lang namin, ngayon naisapuso na namin even without memorizing kasi the way you illustrate the topic eh naiintindihan agad. - Kusela Mae Uganiza from University of St. Louis Tuguegarao10. True3. B P30K + P40K) K 2015GP x 20. The transfer pricing is considered arms length.Gross income without = P2,720,000 x 100/200% = P1,360,000Profit from foreign operation = P 1,360,000Billings on foreign operation = P2,720,000 P1,360,000 = P1,400,000Gross income within = 560,000From sales to unrelated clients (P3,400,000 x 70%/170%)Add: Profit on sales to foreign operation P 1,960,000 P1,360,000 x 70/170TotalThe answer is A.CHAPTER 4: INCOME TAX SCHEMES, ACCOUNTING PERIODS ANDACCOUNTING METHODSTRUE OR FALSE 11. P 25,000 P 50,000 P 50,0003. False (whichever is function test)management.) Justice in Taxation; Unit 5: Patriotism. D 12. The underbanked represented 14% of U.S. households, or 18. Debt 5. D (no outflow)7. A (P800K-P500K)Multiple Choice Problem Part 31. An estate of a Filipino citizen judicially administered in the Japan DC16. Taxation trends in Western Balkans, 2016. B2. The PDF Version course link will contain two items which can be downloaded or viewed on your screen the text for the course, and the final exam booklet. C (P200K X 10%) 15. Total amount due is 30/360 or P4,000. Compensation income 6. It is complicated and time consuming. C (P350K X 100%)1. D4. D 14. A [(P150K-P120K)+P200K] items of deduction is computed as P200K ST OL+ P120K LT OL.]6. C9. C3. True1. Use this option if youre ordering a complete course that youd like shipped to you. Accounting for leases in the United States is regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number 13, now known as Accounting Standards Codification Topic 840 (ASC 840).These standards were effective as of January 1, 1977. D 12. A 13. False8. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---CHAPTER 13-A: REGULAR ALLOWABLE ITEMIZED DEDUCTIONSTRUE OR FALSE 11. D1. False (as tax expense, basic only)10. If the rents change during the lease term, the difference between the cash rent and average rent is added to or subtracted from the asset as well. True3. C (P1,068 44 + P45)3. [17] While the FASB specified that operating lease liabilities should be considered "non-debt liabilities," so that they should not affect debt ratios and most loan covenants, the addition of an equal asset and liability will reduce most companies' quick ratio, while the fact that an operating lease creates a current liability but not a current asset reduces the current ratio. If the life of the leasehold improvement extends past the life of the initial term of the lease and into an option period, normally that option period must be considered part of the life of the lease. D (The situs on interest on1. This is the first paper of CA Final Financial Reporting considered to be the most scoring subject of Group First of CA Final. A 9. For getting exemption in this subject, students need to solve practical problems for conceptual clarity. D per share of the 2nd 15. D 20. Paper 1: Financial Reporting False 20. False (NRA-NETB and NRFC are subject to FIT) 8. D1. OB OB9. C 11. A TECHNICAL ANSWER! Ques 1- How many times a student can attempt CA Final Exams? True11. Receive the textbook shown for review at your leisure, One course or many the shipping charge is the same. D 17. False (Note that NCLCO is used in the gross receipts) measurement of an item of gross income (i.e.8. True2. True 7. False1. Hence, the entire gain is earnedwithin. A 12. D9. C 11. B[(P400K+P300K)+P70K+P 16. C Gain of P12, 500.) No holding period rule for final tax) corporation. 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