Professional Documents
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Tax Quiz
Tax Quiz
1 / 1 pts
The 30% corporate income tax is decreased to 25% by the Congress for the purpose of raising revenue to be used for national road
expansion project near Bonifacio Global City, a private corporation which seems to be illogical since it should be increased instead
of decrease. Is the exercised of the taxing power unconstitutional?
Yes, because taxing power must be exercised exclusively for public purpose without any incidental benefit to any private entity.
Yes, because the increase in tax rate constitutes deprivation of right to property of corporation without due process of law for
being excessive and unreasonable.
No, because the constitution does not expressly state that the power of taxation must be used only for public purpose, thus, it
may be used to benefit a private entity.
Correct!
No, because it is exercised directly for public purpose and the benefit to a private entity is only incidental.
Question 2
2 / 2 pts
The Constitution requires that all revenue bills shall originate “exclusively” from the house of Representatives. Assume that in
2021, Albay 2nd District Representative Joey Sarte Salceda proposed an act to grant tax relief for companies in financial need,
provide transparent tax provisions, and further increase the competitiveness of the Philippines. The proposed bill was approved
by the House of Representative later that year. However, the CREATE version of the Senate became the CREATE law.
Both I and I Which of the following statements will justify the enacted CREATE law?
I. The Constitution simply means that the initiative for filing revenue, tariff or tax bills must come from the House of
Representatives on the theory that, elected as they are from the districts, the Members of the House can be expected to be more
sensitive to the local needs and problems.
II. It is not the law but the revenue bill which is required by the Constitution to “originate exclusively” in the House of
Representatives because a bill originating in the House may undergo such extensive changes in the Senate that the result may be a
rewriting of the whole, and a distinct bill may be produced.
I, II and III Assuming Senator Angara filed in the Senate a substitute CREATE bill “in anticipation” of its receipt of the bill from the
House. The proposal is totally different from the version of the lower house. Which of the following statements will justify the
filing of a substitute bill by Honorable Senator Angara?
I. To insist that a revenue statute not only the bill which initiated the legislative process culminating in the enactment of the law-
must substantially be the same as the House Bill would be to deny the Senate’s power not only to “concur with amendments” but
also to “propose amendment”.
II. It would be to violate the coequality of legislative power of the two houses of Congress and in fact make the House superior to
the Senate. Given the power of the Senate to propose amendments, it can propose its own version even with respect to bills
which are required by the Constitution to originate in the House.
III. Filing in the Senate of a substitute bill in anticipation of its receipt of the bill from the House is not prohibited under the
Constitution, so long as the action by the Senate as a body is withheld pending receipt of the House Bill.
Answer 1:
Correct!
Both I and I
Answer 2:
Correct!
I, II and III
Question 3
1 / 1 pts
If a BOI-registered enterprise has a “registered” and an “unregistered” activity, the Minimum Corporate Income Tax (MCIT) shall
apply to:
Correct!
Question 4
0 / 1 pts
Statement 1: Tax exemption is an immunity from civil liability only. It is retrospective in application.
Statement 2: Tax amnesty is an immunity from all criminal civil and administrative liabilities arising from non-payment of taxes. It
is prospective application.
Correct Answer
You Answered
Question 5
0 / 1 pts
Milagros donated a piece of farm land to son Mauricio, 19 years old, and single. The donor’s tax on the donated property was not
paid but Mauricio just the same took the possession of the property and operated it himself. After a year after donation, an
assessment on the income derived from the land was issued against Mauricio. The assessment against Mauricio is:
You Answered
Correct Answer
Valid, because Mauricio was the one who earned the income.
Question 6
0 / 1 pts
Correct Answer
Prizes from SM (P10,000), Rustan’s (P10,000), and Robinsons (P10,000) or a total of P30,000.
You Answered
Question 7
1 / 1 pts
Correct!
Question 8
1 / 1 pts
Correct!
Holiday pay, overtime pay, night shift differential pay and hazard pay received by individuals shall be exempt from income tax.
Minimum wage earners who are receiving only the statutory minimum wage are not subject to withholding tax and consequently
to income tax.
Compensation income of individuals that do not exceed the statutory minimum wage is exempt from the requirement of
withholding tax on compensation.
Compensation income of individuals that do not exceed ten thousand pesos per month is exempt from the requirement of
withholding tax on compensation.
Question 9
1 / 1 pts
One of the following is not a fiscal incentive to PEZA-registered economic zone enterprises.
Correct!
Question 10
1 / 1 pts
One of the following does not qualify as Senior Citizen for the Philippine Income tax purposes.
Filipino citizen aged 60 years old and above with “dual citizenship” status provided they prove their Filipino citizenship and have at
least 6 months residency in the Philippines.
Correct!
resident alien aged 60 years old and above.
Question 11
0 / 1 pts
Genoe Corporation filed its income tax return and paid the tax due for calendar year 2021 showing a tax liability of P175,000.
However, upon audit, it was discovered that its income tax return was false or fraudulent because it did not report other taxable
income. Per investigation the correct income tax due is P350,000. The corporation was duly informed of this finding through a
preliminary assessment notice. Failing to protest on time against the preliminary assessment notice, a formal letter demand and
assessment notice was issued on May 31, 2023 calling for payment of the deficiency income tax on or before July 15, 2023.
You Answered
P306,250
P341,250
P218,750
Correct Answer
P288,750
Question 12
1 / 1 pts
Aseana College, a private educational institution in 2020 had the following data in 2022:
P200,000
(P60,000)
Correct!
(P122,500)
(P95,000)
Question 13
1 / 1 pts
Correct!
Share of a partner from the undistributed net income of general professional partnership.
Marriage fees, baptismal offerings received by a clergyman, evangelist or religious worker for services rendered.
2 / 4 pts
PHIL USA
d The taxable income if the taxpayer is a MSME domestic corporation, and resident citizen:
a. 320,000 320,000
b. 324,850 326,850
c. 280,000 280,000
d. 288,150 288,150
["", "", "", ""] The taxable income if the taxpayer claim optional standard deduction
a. 354,000 642,000
b. 330,000 330,000
c. 378,000 378,000
d. 330,000 618,000
["", "", "", ""] The taxable income if the taxpayer is a resident foreign corporation & resident citizen:
a. 160,000 160,000
b. 130,900 130,900
c. 133,855 130,900
d. 120,000 120,000
["", "", "", ""] The total final tax if the taxpayer is
a. 8,000 12,000
b. 14,000 14,000
c. 18,000 4,000
d. 6,000 4,000
Answer 1:
Correct Answer
You Answered
Answer 2:
Correct Answer
You Answered
d
Answer 3:
Correct!
Answer 4:
Correct!
Question 15
1 / 1 pts
Which of the following is not true about the waiver of statute of limitations under the tax code.
It must be accepted by the Commissioner of Internal Revenue or his duly authorized representative, and the date of acceptance
must be duly indicated.
It is derogation of the taxpayer’s right to security against prolonged and unscrupulous investigations.
Correct!
Question 16
1 / 1 pts
All BMBEs shall be exempt from income tax for income arising from the operations of the enterprise.
The LGUs are encouraged either to reduce the amount of local taxes, fees and charges imposed or to exempt the BMBEs from
local taxes, fees and charges
Correct!
All employees of BMBEs shall not be entitled to the same benefits given to any regular employee such as social security and
healthcare benefits
all BMBEs shall be exempt from the coverage of Minimum Wage Law
Question 17
0 / 1 pts
Marissa, a compensation income earner, filed her income tax return for the taxable year 2018 on March 30, 2019. On May 20,
2022, Marissa received an assessment notice and letter of demand covering the taxable year 2018 but the postmark on the
envelope shows April 10, 2022. Her return is not a false and fraudulent return. Can Marissa raise defense of prescription?
You Answered
Yes, the 3 year prescriptive period started to run on April 15, 2018, hence, it has not yet expired on May 20, 2022.
No, the prescriptive period started to run on March 30, 2018, hence, the 3 year period expired on April 10, 2022.
Correct Answer
No, the 3 year prescriptive period started to run on April 15, 2019, hence, it has not yet expired on April 10, 2022.
Yes, since the 3 year prescriptive period started to run on March 30, 2018, it already expired by May 20, 2022.
Question 18
1 / 1 pts
Which statement is false? Under Oplan Kandado, the closure order shall only be lifted by the BIR when there has been:
Correct!
sufficient evidence against the taxpayer to file charges under the RATE Program.
subsequent filing or amendment of returns with the payment of the tax inclusive of statutory penalties.
payment of deficiency taxes inclusive of penalties corresponding to the sales where no invoices/ receipts have been issued.
Question 19
0 / 1 pts
May the Philippine government require tax withholding on the salaries of Filipino employees working in the American Embassy in
the Philippines?
Correct Answer
You Answered
c
a
Question 20
1 / 1 pts
Mapagbigay Aral School, a non-stock non-profit educational institution, bought from Pedrito, a resident citizen, his residential
house and lot. Pedrito would be using the proceeds of the sale to buy his new residential house and lot. On the other hand, the
school will use the parcel of land to construct a new building for its dormitory for its medical students. Which of the following
statements regarding liability for the payment of capital gains tax is correct?
i. Pedrito is liable to capital gains tax. However, if what was sold was his principal residence, he may apply for tax exemption,
provided that he complies with the requirements laid down in the Tax Code.
ii. Pedrito is not liable to capital gains tax because the sale was made in favor of a non-stock, non profit educational institution and
that the property will be used for educationally-related functions.
iii. Pedrito is liable to capital gains tax because the tax is imposed on the seller; thus, notwithstanding any exemption enjoyed by
the buyer, the tax shall still be imposed.
ii only
i only
i and ii only
Correct!
Question 21
0 / 1 pts
Urduja Hospital is a 100 bed hospital organized for patients. However, out of 100-bed capacity, 40 beds are allotted for paying
patients, while the rest are intended for charity patients. The revenues generated from these paying patients, however, are being
used to improve the facilities of the hospital. Can said hospital claim exemption from income tax as well as real property tax?
a. Urduja Hospital can claim exemption from real property tax. As a general principle, a charitable institution does not lose its
character as such and its exemption from taxes simply because it derives income from paying patients, whether out-patient, or
confined in the hospital, or receives subsidies from the government, so long as the money received is devoted or used altogether
to the charitable object which it is intended to achieve; and no money inures to the private benefit of the persons managing or
operating the institution.
b. Urduja Hospital is subject to 10% on its net income, subject to compliance with the “predominance test”.
c. Both a and b are correct
d. Neither a nor b is correct
Correct Answer
You Answered
Question 22
0 / 1 pts
Peter sold a parcel of land classified as capital asset to John. The parties agreed that the capital gains tax shall be shouldered by
John. Is this form of Shifting? Is the stipulation valid?
SHIFTING STIPULATION
a. YES YES
b. NO NO
c. YES NO
d. NO YES
Correct Answer
You Answered
Question 23
1 / 1 pts
Statement 1: The Constitution cannot take away the inherent powers of the State but may only prescribe its limitations.
Statement 2: No laws are necessary to confer the inherent powers of the State upon the government exercising sovereignty.
Correct!
1 / 1 pts
Correct!
i and ii only
ii only
i only
Question 25
1 / 1 pts
Statement 1: The right to succession is effected at the time of transfer of the decedent’s property or rights to the heir.
Statement 2: Ana is the surviving spouse of Jose. Her share in their community property is classified as her exclusive property and
shall form part of the decedent’s distributable estate.
Correct!
Question 26
1 / 1 pts
What is the tax implication if a corporation condones the debt of a shareholders because of a good thing done by the latter to the
corporation?
Correct!
It is tantamount to a declaration of dividend. Therefore, it is an income which is subject to 10% final withholding tax on the
shareholder. However, it is not subject to donor’s tax on the corporation.
The condonation is subject to donor’s tax on the corporation because it is based on its liberality. Moreover, it is equivalent to a
payment of dividend income on the shareholder, which is therefore, subject to a final withholding tax on income of 10%.
It is just a simple case of extinguishment of an obligation which is neither subject to income tax on the part of the shareholder nor
a donor’s tax on the corporation.
The condonation is based on the liberality of the corporation, therefore, it is subject to donor’s tax.
Question 27
1 / 1 pts
Miakil went to Azcona Hotel and Resort and was given a prize of P25,000 for being its 10th guest. The P50,000 prize is:
A B C D
Correct!
Question 28
1 / 1 pts
On February 5, Bimbo wrote a letter to Letty donating his laptop worth P75,000. The letter was received by Letty on February 10
who immediately accepted the donation. The letter of acceptance was received by Bimbo on February 14. The donor’s tax was not
paid until February 25. The donation was consummated on:
Correct!
February 14
February 25
February 10
February 5
Question 29
1 / 1 pts
Correct!
Question 30
1 / 2 pts
Mr. CSO, a minimum wage earner, works for G.O.D. Inc. He is not engaged in business nor has any other source of income other
than his employment. For 2022, Mr. CSO earned a total compensation income of P185,000. Mr. CSO earned, aside from his basic
wage, additional pay of P160,000 which consists of the overtime pay of P80,000, night shift differential pay of P30,000, hazard pay
of P15,000 and holiday pay of P15,000.
Over P250,000 but not over P400,000 20% of excess over P250,000 15% of excess over
Over P400,000 but not over P800,000 P30,000 + 25% in excess of P400,000 P22,500 + 20% in e
Over P800,000 but not over P2M P130,000 + 30% in excess of P800,000 P102,500 + 25% in
Over P2,000,000 but not over P8M P490,000 + 32% in excess of P2M P402,500 + 30% in
Answer 1:
Correct!
None
Answer 2:
You Answered
Yes, because the 8% option applies to a minimum wage earner, provided that his income does not exceed P3,000,000 in one year.
Correct Answer
Question 31
0 / 1 pts
On February 5, 2022, Emong Corporation declares 20% stock dividend and issued shares of stocks amounting to P100,000. On
March 20, 2022, the corporation redeemed the stock dividend by virtue of which the stockholders surrendered their certificates in
return for the cash paid to them by Emong Corporation in the amount of P100,000.
You Answered
The distribution and the redemption of the stocks are not taxable because stock dividends are exempt from the income tax.
Correct Answer
The redemption of the stock dividend is essentially equivalent to the distribution of a taxable dividend. Hence, the amount to be
distributed in redemption shall be considered as taxable income.
The dividends are taxable to the stockholders because they are actually property dividends.
The stock dividends declared are taxable because generally, stock dividends are subject to income tax.
Question 32
1 / 1 pts
Ocampo Corporation which commenced business operations in 2019 has a gross income of P650,000 and allowable deductions of
P615,000 in 2019. The journal entry in 2024 to record excess MCIT is-
Cash 13,000
Over P250,000 but not over P400,000 20% of excess over P250,000 15% of excess over
Over P400,000 but not over P800,000 P30,000 + 25% in excess of P400,000 P22,500 + 20% in e
Over P800,000 but not over P2M P130,000 + 30% in excess of P800,000 P102,500 + 25% in
Over P2,000,000 but not over P8M P490,000 + 32% in excess of P2M P402,500 + 30% in
Correct!
Question 33
1 / 1 pts
Any amount expended in restoring property or in making good exhaustion thereof for which an allowance is or has been made
Correct!
Premiums paid on a life insurance policy covering the life of the employee when the members of the family of the employee is the
direct beneficiary under such policy
Amount paid out for new building or for permanent, made to increase the value of any property or estate
Question 34
1 / 1 pts
The following are examples of corporate expenses deductible from gross income, except one:
Correct!
Premiums on life insurance covering the life of an employee if the beneficiary is his heirs
Expenses paid to an advertising firm in order to create a favorable image for the corporation.
Question 35
1 / 1 pts
Generally, sales of real property are subject to tax. Which of the following sales of land is not allowed by the law to be subjected
to tax?
Correct!
Land foreclosed by the bank
Question 36
1 / 1 pts
When the refund of a tax supposedly due to the taxpayer has already been barred by prescription, and the said taxpayer is
assessed with a tax at present, the two taxes may be set-off with each other. This doctrine is called
Doctrine of reciprocity
Set-off doctrine
Correct!
Equitable recoupment
Question 37
1 / 1 pts
Your client owns a row of apartments. He complains to you that he is being required to pay four (4) kinds of taxes on this line of
business alone. From the list given by your client, which of the following taxes has been wrongly imposed on him?
Income tax on income from rent
Correct!
Question 38
0 / 1 pts
You Answered
A license fee and a tax imposed on the same business or occupation for selling the same articles
Persons engaged in leasing or selling real property are subject to real estate dealer tax and their sales are also subject to 12% VAT
Correct Answer
A tax of 1% is imposed for bank reserve deficiency while a penalty of 1/10 of 1% is also imposed as a consequence of such reserve
deficiency.
Question 39
1 / 1 pts
Which of the following is not true about the waiver of statute of limitations under the tax code
Correct!
It must be accepted by the Commissioner of Internal Revenue or his duly authorized representative, and the date of acceptance
must be duly indicated
It is a derogation of the taxpayer’s right to security against prolonged and unscrupulous investigations
Question 40
0 / 1 pts
1st statement: In case tax-exempt products are sold domestically to a VAT registered person, the VAT otherwise due on such
product shall be considered as input tax creditable against his output tax payable.
2nd statement: Export sales by a VAT registered person are subject to zero-rating and so he can claim and enjoy a credit for the
tax invoiced to him on his purchases. If he is not VAT registered, his export sales are exempt, but he is not entitled to tax credit for
inputs.
You Answered
Correct Answer
Question 41
1 / 1 pts
What is the respective business tax and tax rates on the common carriers identified above assuming they travel from Philippines
to Canada?
A B C D
Correct!
D
Question 42
0 / 1 pts
2nd case: For input tax on purchases of goods and services by an exporter.
In both cases.
Correct Answer
You Answered
Question 43
0 / 1 pts
1st Statement: Courts can review or inquire into the wisdom or advisability of a tax law and Power in Judicial Review in Taxation.
2nd Statement: Our constitution does not contain any provisions granting tax exemption to the government.
You Answered
True, False
False, True
Correct Answer
True, True
False, False
Question 44
0 / 1 pts
1st Statement: A taxpayer’s tax-exempt status justifies the non-keeping of books accounts and other accounting records.
2nd Statement: The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt.
You Answered
False, True
True, False
True, True
Correct Answer
False, False
Question 45
1 / 1 pts
In 2021, Valdez gave a cash of P80,000 as a birthday gift to his son, John. Valdez has not given any other gifts or donation in 2021
but made a donation to his daughter in the same amount in 2022. Based on the above information in 2021. Valdez is
Correct!
Question 46
1 / 1 pts
For taxable year 2022, Mr. JMLH signified his intention to be taxed at 8% income tax rate on gross sales and other non-operating
income in his 1st quarter income tax return. He has no other source of income. His total sales for the first three quarters
amounted to P3,000,000 and with 4th quarter sales of P3,500,000.
How much is his income tax liability at the end of the taxable year?
Over P250,000 but not over P400,000 20% of excess over P250,000 15% of excess over
Over P400,000 but not over P800,000 P30,000 + 25% in excess of P400,000 P22,500 + 20% in e
Over P800,000 but not over P2M P130,000 + 30% in excess of P800,000 P102,500 + 25% in
Over P2,000,000 but not over P8M P490,000 + 32% in excess of P2M P402,500 + 30% in
P126,400
P364,000
Correct!
P289,200
P260,000
Question 47
0 / 1 pts
ABC corporation located at Quezon City had the following selected data in the preceding year:
The approved ordinance of real property rates of assessment levels in Quezon City is as follows:
(a) On lands:
Residential 20%
Agricultural 40%
Commercial 50%
Industrial 50%
Mineral 50%
Residential Buildings
- P 175,000 0%
10,000,000 - 60%
Agricultural Buildings
P 300,000 25%
2,000,000 50%
Commercial/Industrial Buildings
P 300,000 30%
10,000,000 - 80%
(c ) On machineries:
Agricultural 40%
Residential 50%
Commercial 80%
Industrial 80%
(d) On special classes: The assessment levels for lands, buildings, machineries and other improvements:
Actual use Assessment Levels
Cultural 15%
Scientific 15%
Hospital 15%
Government owned and controlled corporations engaged in the supply and distribution of water
and/or generation and transmission of electric power. 10%
The tax rate is 2.5% if properly is classified as residential and 3% if classified as commercial/industrial.
P254,130
You Answered
P211,775
P52,943.75
Correct Answer
P63,532.50
Question 48
1 / 1 pts
Total wreckage of a car in an accident but was fully compensated by a comprehensive insurance.
Shipwreck, which occurred before the death of the decedent but was only discovered after his burial.
Correct!
Question 49
0 / 1 pts
Which of the following properties of Cardo Dalisay who died December 4, 2022 is subject to Vanishing deduction?
Property 1 – Car purchased 3 years ago from Honda Motors, Laguna City.
Property 2 – Land inherited from her mother in 2019 the estate tax thereon have not been paid.
Property 4 – Community property inherited December 2, 2016 or five (5) days before marriage
a. No No Yes Yes
b. No No Yes No
c. Yes No No Yes
d. Yes Yes No No
Correct Answer
c
You Answered
Question 50
0 / 1 pts
Domingo Namayapa died on November 20, 2022. Some of the properties he left are the following:
Other information:
The land was mortgaged for P50,000, which was deducted in prior estate and Domingo Namayapa paid the same before he died.
The allowable deductions total P125,000, which includes medical expenses of P30,000. It excludes bequest to a charitable
institution in the amount of P50,000.
P67,083
You Answered
P57,500
P67,783
Correct Answer
P58,100
Question 51
0 / 1 pts
Lola Pesyang, a senior citizen, purchased medicines for hypertension, tuberculosis, and skin rashes. Which of the following
purchases are VAT exempt?
You Answered
Correct Answer
Question 52
0 / 1 pts
For taxable year 2019, A corporation paid P40,000 stock transaction tax on initial public offering of P500, 000 shares. After the IPO,
there were 800, 000 shares outstanding. IPO selling price per share was
Correct Answer
P8
You Answered
P10
P5
P15
Question 53
1 / 1 pts
Correct!
P1,182
P1,530
P682
P1,280
Question 54
2 / 2 pts
Frank is a real estate dealer. During the month of November, 2022, he sold three lots under the following terms (VAT exclusive):
Terms:
P5, 400 Based on the information given above, the value-added tax for the month of December is-
Answer 1:
Correct!
P31, 800
Answer 2:
Correct!
P5, 400
Question 55
0 / 2 pts
Robert Construction Corporation, is a VAT registered general construction company. Its data for the month of May, 2022 are
revealed below (VAT exclusive):
P24,720 The value-added tax payable for the month of May, 2022 by Robert Construction Company is
Answer 1:
You Answered
P48,060
Correct Answer
P52,260
Answer 2:
Correct Answer
P24,300
You Answered
P24,720
Question 56
1 / 2 pts
Roy, a newly VAT registered taxpayer is a lessor of poles to telephone and cable companies. During the month of January, 2022
Roy had the following receipts from customers (VAT inclusive):
During the month, a portion of the security deposit for the faithful compliance by Customer A of its obligations to the lessor was
applied to rental for January in the amount of P11,200.
At the beginning of the year, Roy had P52,000 worth of inventory of supplies and materials for use in the business. VAT paid on
the beginning inventory is P3,500.
["", "", "", ""] The output tax of Roy in January is-
Answer 1:
Correct!
P25,200
Answer 2:
Correct Answer
P21,700
You Answered
P42,700
Question 57
1 / 1 pts
Mongolia Company, a VAT registered business has the following data on July, 2022 (VAT exclusive):
July 5 25 P22,000
June 5 20 22,000
May 5 12 22,000
Supplies 61,600
During the month, one consignee remitted cash net of 20% commission representing the payment for five (5) units delivered on
June 5.
Another consignee remitted cash of P220,000, gross of 20% commission, representing payment for 10 units sold from June 5 – July
5. Other than the commission, Magnolia company gave 5% discount/rebate to the consignee for selling ten (10) units in a one
month period.
P120,186
Correct!
P151,866
P161,106
P129,426
Question 58
1 / 1 pts
Bernard Company provided fringe benefit to its managerial employee in the amount of P130,000 and to its rank and file employee
amounting to P50,000.
P180,000
P50,000
P130,000
Correct!
P250,000
Question 59
1 / 1 pts
Allowance Corporation is engaged in sales of goods and services with net sales/ net revenue of P400,000 and P200,000
respectively. The actual entertainment, amusement and recreation expense for the taxable quarter amounted to P6,000.
Allowance Corporation can claim an entertainment, amusement and recreation expense on the sale of goods and services,
respectively, of-
P4,000 and P4,000
Correct!
Question 60
0 / 1 pts
Deductions 400,000
The taxable income of Eugene if he is an individual taxpayer, single, with a compensation income during the year of P40,000-
Correct Answer
P620,000
You Answered
P600,000
P610,000
P650,000
Question 61
0 / 1 pts
Kabisa operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow:
Restaurant operation:
P122,500
P75,000
You Answered
P90,000
Correct Answer
P135,000
Question 62
1 / 1 pts
The Income Tax Return (ITR) of Jessie, single, for taxable year 2022, reported a taxable income of P520,240. A careful scrutiny
revealed that some items included as income and expenses are the following:
Income:
Total 630,400
Expenses:
Total 154,695
P296,940
P306,840
Correct!
P303,740
P286,840