This Study Resource Was: Midterm-Final Exam Aec 215 - Business Taxation

MIDTERM-FINAL EXAM AEC 215 – BUSINESS TAXATION
TEST I. MULTIPLE CHOICE. Choose the BEST answer. Write the LETTER ONLY.
1. Which is subject to transfer tax?
a) Sale c) Complex transfers
b) Barter d) Sale and Complex Transfers
2. Who is subject to transfer tax? C
a) Transferor c) Both transferor and transferee
b) Transferee d) None of the choices is correct
3. Which is taxable on all transfers regardless of location? D
a) Resident citizen c) Non-resident citizen
b) Resident alien d) All of the choices are correct
4. Estate tax is _______________________________. A
a) A property tax because it is imposed on the property transmitted by the decedent to his heirs
b) An indirect tax because the burden of paying the tax is shifted on the executor or any of the heirs of the
decedent
c) An excise tax because it is imposed on the privilege exercised by the decedent to transfer ownership
over the estate
d) A poll tax because it is also imposed on residents of the Philippines whether Filipino citizen or not
5. Statement 1: Decedent is the person whose property is transmitted through succession, whether or not he
left a will.
Statement 2: Heir is the person called to the succession, either by the provision of a will or by operation of
law. C
a) Only statement 1 is correct c) Both statements are correct
b) Only statement 2 is correct d) Both statements are incorrect
6. Statement 1: Notarial will is a will that is entirely written, dated and signed by the testator.
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Statement 2: Compulsory heirs will inherit the properties of the decedent with or without a will. B
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7. Statement 1: Estate tax is an excise tax because the object of which is the shifting of economic benefits and
enjoyment of property from living to the dead.
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Statement 2: Upon effectivity of the TRAIN Law, estate tax is a proportional tax. It is no longer based on a
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graduated tax rate but to a fixed rate of 6% based on the net income of the decedent. C
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8. Statement 1: The taxpayer in estate tax is the estate as a juridical entity.
Statement 2: Estate tax accrues from the moment of death of the decedent. B
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9. Statement 1: In a revocable transfer, the decedent was motivated by the thought of death to transfer the
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property.
Statement 2: In a transfer in contemplation of death, the decedent reserves for himself the power to alter,
amend, revoke or even terminate such transfer. D
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For numbers 10-12:

Mr. Co Vidnayn Tin, naturalized Filipino, resident of Quezon City and head of the family Tin, died on January 15,
2020 due to COVID-19, leaving the following properties and obligations:
Cash in bank, 50% donated mortis causa to National
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3,000,000
Government; 50% to Quezon City government
House & lot in Quezon City, serves as Family Home 15,000,000
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Personal properties 15,000,000

Farm lot in Bulacan 8,250,000
Claim against an insolvent debtor 2,250,000
Transfer in contemplation of death (gratuitous) 15,000,000
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Transfer passing under special power of appointment 750,000

Funeral expenses 5,750,000
Judicial expenses 675,000
Donation mortis causa to Quezon City Government 1,500,000
Unpaid mortgage on the farm lot 750,000
Medical expenses (included in the funeral expenses
2,250,000
incurred within the 1 year period with receipts)
The farm lot was inherited 5 ½ years by the decedent before his death with a value then of P5,750,000 and a
mortgage indebtedness of P1,500,000.
10. How much is the gross estate? (3pts) B/D
a) P43,500,000 c) P59,250,000
b) P58,500,000 d) P58,500,000
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11. How much is the net taxable estate? (3pts) B

a) P26,720,000 c) P41,500,000
b) P37,500,000 d) P50,500,000
12. How much is the estate tax due? (3pts) B
a) P1,603,200 c) P2,490,000
b) P2,250,000 d) P3,030,000
13. Statement 1: A gratuitous transfer is always subject to donor’s tax.
Statement 2: Title to the donated real property can be transferred to the donee in the Register of Deeds even
if the donor’s tax on the donation has not been paid. A
14. Statement 1: The donation is perfected only from the moment the donor knows of the acceptance by the
donee.
Statement 2: Husband and wife are considered as separate and distinct taxpayers for purposes of the
donor’s tax. C
15. Statement 1: If the gift is made in properties, it shall be appraised at its fair market value as of the time the
donor’s tax return is filed. (time of donatiom)
Statement 2: A corporation making a donation is not subject to donor’s tax. D
For numbers 16-17:
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Cooh Vhid, single, Filipino and a resident of Manila, donated the following properties on September 21, 2019:
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Value Property Donee
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100,000 Cash Cough, brother, on account of marriage
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400,000 Jewelries Thravel, girlfriend, residing in Korea
1,500,000 House & lot Woohan & Chayna, parents, silver wedding anniversary gift
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75,000 Land Brgy. Kwarantin, for use of barangay hall
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300,000 Car Sniz, sister, donation is revocable
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50,000 Cash International Rice Research Institute

100,000 Cash Hoobey, father of the father of his mother
70,000 Motorcycle Feevir, child of Cough, donation is embodied in the will
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16. How much is the net taxable gift? (3pts) D

a) P2,595,000 c) P2,100,000
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b) P2,545,000 d) P1,850,000
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17. How much is the donor’s tax payable? (3pts) D

a) P140,700 c) P126,000
b) P152,700 d) P111,000
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18. BIR form 2000-OT is used in filing and payment of Documentary Stamp Tax on which of the following
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transactions? C
a) Original issue of debt instruments c) Sale of real property
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b) Original issue of shares of stocks d) Bank checks

19. Statement 1: An instrument which is not stamped shall not be valid.
Statement 2: DST is paid by the person making, signing, issuing, accepting or transferring the documents.
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20. Statement 1: Documentary stamp tax is an excise tax levied on documents, instruments, loan agreements
and papers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property
incident thereto.
Statement 2: Documentary stamp tax returns shall be filed and tax should be paid within 15 days after the
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close of the month when the taxable document was made, signed, issued, accepted or transferred. A
For numbers 21-22:

A residential condominium unit was sold on March 20, 2019 in a pacto de retro sale for P2,100,000. The Market
value in the tax declaration is P1,890,200 while the zonal value is P2,155,600.
21. How much is the documentary stamp tax if the return is filed and the tax is paid on March 25, 2019? (3pts)
A
a) P32,334 c) P32,340
b) P32,325 d) 0
22. How much is the documentary stamp tax if the return is filed and the tax is paid on April 4, 2019? (3pts) A
a) P32,340 c) P40,691
b) P40,425 d) P32,325
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23. A loan agreement amounting to P500 was executed between a debtor and a creditor. If the term of the loan
is 180 days, how much is the documentary stamp tax on the transaction? (3pts) B
a) P2,500 c) P1,849
b) P3,750 d) P5,000
24. Who is the current commissioner of the Bureau of Internal Revenue?
a) Cesar Dulay c) Kim Henares
b) Caesar Dulay d) Alan Peter Cayetano
25. What is the Revenue District Office code of Antique?
a) RDO No. 73 c) RDO No. 75
b) RDO No. 74 d) RDO No. 76
26. Who is the current Revenue District Officer of Antique?
a) Rhodora Cadiao c) Marilou Nebit
b) Loren Legarda d) Josie Lourdes Tang
27. The guidelines and instructions require that BIR Forms must be filled out in _________________.
a) Duplicate c) Triplicate
b) Quadruplicate d) Quintuplicate
28. The book of accounts must be kept in ________________.
a) Any language depending on the preference of the taxpayer
b) English language only
c) Native language or English only
d) Native language, English or Spanish
29. Statement 1: Assessment is a notice to the effect that the amount therein stated is due from a taxpayer as a
tax with a demand for payment of the same within a stated period of time.
Statement 2: Levy is the actual effort exerted by the government to effect the exaction of what is due from
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the taxpayer.
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Statement 3: Distraint is the seizure by the government of real property and interest on rights to property of
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the taxpayer to enforce the payment of taxes followed by its public sale.
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Statement 4: Compromise is a contract whereby the taxpayer and the government by reciprocal concessions
to avoid a litigation or put an end to one already commenced.
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a) Only Statement 1 and 4 are correct c) All statements are correct
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b) Only Statement 1, 2 and 3 are correct d) All statements are incorrect
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30. In which of the following shall a 25% surcharge be collected?

i. Failure to file and pay the tax due on time
ii. Willful neglect to file the return on time
iii. Filing of tax return after prior notice in writing from the BIR
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a) I only c) I and III only

b) I and II only d) I, II and III
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31. Which of the following is the correct order of the assessment process?
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i. Tax audit or investigation

ii. Denial of protest
iii. Issuance of preliminary assessment notice
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iv. Issuance of formal letter of demand or final assessment notice

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v. Denial of appeal by CTA En Banc 2

vi. Denial of appeal by CTA Division 1
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vii. Denial of appeal by Supreme Court En Banc

viii. Denial of appeal by Supreme Court Division
a) i, ii, iii, iv, v, vi, vii, viii c) i, iii, iv, ii, v, vi, vii, viii
b) i, ii, iii, iv, vi, v, viii, vii d) i, iii, iv, ii, vi, v, viii, vii
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32. Statement 1: In filing a documentary stamp tax return, the taxpayer should use BIR Form No. 1801.
Statement 2: In filing an estate tax return, the tax payer should use BIR Form No. 1701.
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Statement 3: In filing a donor’s tax return, the tax payer should use BIR Form No. 1800.
a) Only Statement 1 and 2 are incorrect c) All statements are correct
b) Only Statement 1 and 3 are incorrect d) All statements are incorrect
33. The following statements are correct EXCEPT
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a) The law governing the taxation of real property in the Philippines is Real Property Tax Code.
b) The real property tax is not a national tax.
c) A city can collect taxes that can also be collected by a province.
d) A barangay can collect real property tax.
34. Which of the following statements is incorrect?
a) Barangay clearance shall first be secured before a Mayor’s permit is issued by a city or municipality.
b) A local government unit may collect toll fees or charges for the use of a public road.
c) A professional may pay Professional Tax anywhere in the Philippines.
d) A city can collect taxes that can also be collected by a municipality.
35. A parcel of land located in a residential area in Caloocan City and classified in the tax declaration as
industrial is leased and used as commercial. What will be the basis of the city government in assessing the
property?
a) Residential c) Commercial
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b) Industrial d) Agricultural
For numbers 36-37:

A parcel of land was assessed as commercial with a fair market value of P4,000,000.
36. How much would be the highest possible amount of annual basic real property tax that can be collected
from the owner if the land is located in a city? (3pts) A
a) P40,000 c) P16,000
b) P20,000 d) P8,000
37. How much would be the highest possible amount of annual basic real property tax that can be collected
from the owner if the land is located in a municipality? (3pts) B
a) P40,000 c) P16,000
b) P20,000 d) P8,000
38. The Bureau of Customs is under the Department of Finance. Who is the current commissioner of the
Bureau of Customs?
a) Alan Peter Cayetano c) Carlos Dominguez III
b) Rey Leonardo Guerrero d) Tony Lambino
39. Who is the Secretary of Finance?
a) Alan Peter Cayetano c) Carlos Dominguez III
b) Rey Leonardo Guerrero d) Tony Lambino
40. Which agency is incharged with assessing and collecting customs revenues, curbing illicit trade and all
forms of customs fraud, and facilitating trade through an efficient and effective customs management
system?
a) Kawanihan ng Rentas Internas c) Kagawaran ng Pananalapi
b) Kawanihan ng Adwana d) Kagawaran ng Kalakalan at Industriya
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41. Statement 1: The Bureau of Customs is an agency under the Office of the President.
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Statement 2: The task of controlling borders to prevent entry of smuggled goods in the Philippines is a
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function of the Department of National Defense.
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a) Only Statement 1 and 2 are incorrect
b) Only Statement 1 and 3 are incorrect
c) All statements are correct
d) All statements are incorrect
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42. All of the following, EXCEPT one, are functions of the Bureau of Customs
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a) Administer the Philippine tariff schedules and tariff nomenclatures
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b) Facilitation and security of international trade and commerce through an informed compliance program
c) Supervision and control over entrance and clearance of vessels and aircraft engaged in foreign
commerce
d) Prevention and suppression of smuggling and other customs frauds
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43. Statement 1: Customs duty is classified as an ad valorem tax.

Statement 2: R.A. 10863 is otherwise known as Customs Modernization and Tariff Commission Act.
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a) Only Statement 1 is incorrect c) All statements are correct

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b) Only Statement 2 is incorrect d) All statements are incorrect

44. The price actually paid or payable for the goods when sold for export to the Philippines refers to ________.
a) Taxable value c) Assessed value
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b) Dutiable value d) Landed cost

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45. Statement 1: Transaction value is dutiable value plus commission fees, brokerage fees, value added tax and
cost of insurance.
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Statement 2: Transaction value is dutiable value plus commission fees, brokerage fees, cost of insurance
and freight cost.
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46. What kind of registered enterprises are engaged in the manufacture, processing or production of
commodities or raw materials that are not yet being produced in the Philippines on a commercial scale?
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a) Pioneer enterprises c) Multi-national companies

b) Non-pioneer enterprises d) Export-oriented enterprises
47. Who is the current PEZA Director General?
a) Janette Garin c) Charito Plaza
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b) Loren Legarda d) Mark Rubio

48. Which document is not required to be submitted in applying for registration with the PEZA?
a) Mayor’s permit c) Project brief
b) Project feasibility study d) Articles of Incorporation and By-Laws
49. The system launched for on-line application and registration with the PEZA is known as __________.
a) [email protected] c) [email protected]
b) e-ARS d) www.peza.gov.ph
50. Upon the expiration of income tax holiday, a PEZA registered enterprise may avail of the following fiscal
incentive EXCEPT
a) 5% special tax on gross income and exemption from all national and local taxes
b) VAT zero-rating of local purchases subject to compliance with BIR and PEZA requirements
c) Exemptions from wharfage dues and export tax, impost of fees
d) Four years of exemption from income tax for non-pioneer project
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51. Statement 1: The chairman of the PEZA Board is the Secretary of Trade and Industry.
Statement 2: The title of R.A. 7916 is The Special Economic Zone Act of 2005.
52. Statement 1: Income tax holiday of 4 years is given to Non-Pioneer project of PEZA registered entities.
Statement 2: Income tax holiday of 3 years is given to expansion projects of PEZA registered entities.
53. How should PEZA manage and operate the Ecozones?
a) as a global customs territory
b) as a Philippine-China customs territory
c) as a separate customs territory
d) using the law of nature
54. Statement 1: Simplified Import-Export procedures is fiscal incentive granted to PEZA-registered entities.
Statement 2: Non-resident foreign nationals may be employed by PEZA-registered Economic Zone
Enterprises in supervisory, technical, or advisory positions.
a) Only Statement 1 is correct c) All statements are correct
b) Only Statement 2 is correct d) All statements are incorrect
55. Statement 1: Anti-graft certificate is one of the documentary requirements for registration with PEZA.
Statement 2: Detailed organizational chart is also required for registration with PEZA.
56. What certificate is issued granting the authority to the registered BMBE to operate and be entitled to the
benefits and privileges accorded thereto?
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a) Certificate of Authority c) Certificate of Incorporation
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b) BMBE Certificate of Registration d) DTI Certificate of Registration
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57. The following documents must be submitted by a sole proprietorship to the city/municipal treasurer in
a) BMBE Form 01
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applying for initial registration as BMBE, EXCEPT
c) Tax Identification Number
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b) Sworn Statement of Assets and Liabilities d) Articles of Incorporation
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58. Republic Act No. 9178 is also known as ______________________.
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a) Barangay Macro Business Enterprises Act of 2002

b) Barangay Micro Business Enterprises Act of 2002
c) Barangay Macro Business Enterprises Act of 2003
d) Barangay Micro Business Enterprises Act of 2003
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59. Which of the following is FALSE regarding registration of enterprises with the Board of Investments?
a) Any order or decision of the Board shall be final and executory after 30 days from its promulgation.
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b) If the application is denied by the Board, the applicant may appeal said order or decision to the Office
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of the President
c) Where an appeal has been filed, said order or decision shall be final and executory 90 days after the
perfection of the appeal, unless reversed
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d) Applications for registration filed shall be considered automatically approved if not acted upon by the
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Board within 30 working days from official acceptance thereof

60. Which of the following is the last step in the registration procedure with the Board of Investments?
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a) Pay registration fee

b) File BOI Form 501 with supporting documents and filing fee
c) Submit evaluation report to the BOI Management Committee
d) Secure Certificate of Registration
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61. Which of the following is the last step in the registration of BMBE?
a) Submission of BMBE Form to the Office of the Treasurer
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b) Evaluation of application for a period not exceeding working days upon submission
c) Issuance of a Certificate of Authority
d) Issuance of a Certificate of Registration
62. i. Accomplished application form 501 and project report
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ii. SEC Certificate/DTI Registration

iii. Audited Financial Statements and Income Tax Return for the past three years, if applicable
iv. Board Resolution of duly authorized company representative /signatory
a) Only i and ii are required for PEZA registration
b) Only i, ii, and iii are required for PEZA registration
c) Only i, ii, and iv are required for PEZA registration
d) i, ii, iii and iv are required for PEZA registration
63. Statement 1: Anti-graft certificate is one of the documentary requirements for registration with PEZA.
Statement 2: Detailed organizational chart is also required for registration with PEZA.
64. Statement 1: NBI clearance is a documentary requirement for registration of firms with the BOI.
Statement 2: Foreign owned firms are not eligible to register their activity with the BOI.
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65. Which refers to any Filipino citizen who is resident of the Philippines and who is sixty years old or above?
a) Persons with disability c) Benefactor
b) Senior citizens d) Self-employed
66. Which of the following is true?
a) A Hongkong national who comes to the Philippines for a tourist visit in Boracay shall be entitled to a
20% discount on plane fare and hotel accommodations
b) A senior citizen who buys fishball from an ambulant vendor shall be entitled to a 20% discount on
amount which is net of VAT
c) The monthly electric bill in a household where a senior citizen lives shall be subject to 5% discount
based on the amount
d) A multi-millionaire senior citizen shall be also entitled to the 20% discount
67. If Mr. Cuh Vid, 50 years old, avails of 20% discount as PWD, which of the following cards is NOT
acceptable for his proper identification?
a) ID card issued by the local government unit where he is residing
b) ATM card or credit card
c) Passport of the person with disability
d) ID card issued by the National Council for the Welfare of Disabled Persons
68. Listed below are transactions on real property. Which of them does NOT require issuance of a Certificate
Authorizing Registration (CAR)?
a) Sale of his residential house c) Transfer mortis causa of a parcel of land
b) Donation inter vivos of real property d) Long-term lease of commercial building
69. Cov Eid sold his real property and submitted the necessary documents for the issuance of CAR. As a
general rule, when should the CAR be issued by the BIR?
a) Within 5 days from the date of payment of documentary stamp tax
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b) Within 5 days from the date of payment of capital gains tax
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c) Within 5 days from receipt of tax returns and submission of complete documentary requirements
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d) Within 30 days from the date of receipt of tax returns with complete documentary requirements
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70. Which of the following is correct?
a) Double discount to a PWD/Senior Citizen is not allowed
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b) PWDs/Senior Citizens will have the option to choose either promotional/other forms of discount
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provided that only the PWD discount is exempted from VAT
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c) In case that the PWD is also a Senior Citizen, the PWD may opt to use either the Senior Citizen or
PWD discount
d) All of the above
71. Statement 1: The 20% senior citizen discount and VAT exemption shall not apply to “children’s meals” as
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these are primarily prepared and intentionally marketed for children.

Statement 2: If the PWD is a child, the 20% PWD discount will be applicable as long as it is for his/her
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personal consumption.
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72. Statement 1: One Certificate Authorizing Registration per Register of Deeds shall be issued for real
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property/ies covered by the transfer.

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Statement 2: CAR shall have a validity of five years from date of issue.
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73. If the returnable income of a PWD is in the nature of compensation income and he qualifies as a minimum
wage earner (MWE), he shall be exempt from income tax. This income tax exemption is a/an __________.
a) Tax privilege granted only to PWDs.
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b) Exemption which will be lost if the PWD loses his status as PWD.
c) Privilege that will not extend to a PWD with dual citizenship status.
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d) General income tax exemption without regard to the status of the taxpayer.
74. You are asked by a new businessman to help him in registering his business with the different government
agencies. Which of the following will be your first step?
a) Register the business with the Department of Trade and Industry
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b) Register the business with the BIR

c) Secure barangay clearance
d) Secure mayor’s permit to operate
75. In applying for Authority to Print (ATP) Official Receipts and/or Invoices, which of the following is not
required to be submitted to the BIR?
a) Accomplished BIR Form 1906 c) BIR Form 0605
b) BIR Form 1907 d) Photocopy of Certificate of Registration
76. If Coh Vid is a non-VAT taxpayer, which of the following books of accounts is not required to be
registered?
a) Journal c) Subsidiary Sales Journal
b) Cash Receipt d) Cash Disbursement
77. An owner of a single proprietorship has just decided to close his business. He consulted you as to which of
the following government agencies need not be informed of his closure. What is your answer?
a) Bureau of Internal Revenue
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b) Department of Trade and Industry

c) Social Security System, Philippine Health Insurance Corporation & Home Development Mutual Fund
d) Securities and Exchange Commission
78. As a junior accountant, you are tasked by your accounting office to do the job of registering with the BIR
the closure of one of its client company. Which of the following listed documents need NOT be submitted
to the BIR?
a) Books of Accounts c) Unused Receipts and Invoices
b) Unused or Unissued Checks d) Board Resolution
79. Which of the following is NOT a party in the collection of real property tax in a municipality?
a) Municipal Treasurer c) Punong Barangay
b) Municipal Assessor d) Municipal Mayor
80. Which public office is NOT involved in the collection of community tax?
a) Municipal Treasurer’s Office c) Office of the Punong Barangay
b) Municipal Assessor’s Office d) Provincial Treasurer’s Office
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END
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Note:
1) Use any paper in answering your exam.
2) Write your name, program, year and section on top of your paper.
3) In answering the exam, no need to show your solutions. Write the letters
only.
4) Take a picture/scan your paper (where your answers are written) and send
to me thru messenger or you can email the picture/image thru email
[email protected]
5) Deadline of your answers will be on June 11, 2020, 5pm.
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MIDTERM-FINAL EXAM AEC 215 – BUSINESS TAXATION

a) Only statement 1 is correct c) Both statements are correct

a) Only statement 1 is correct c) Both statements are correct

a) Only statement 1 is correct c) Both statements are correct

b) Only statement 2 is correct d) Both statements are incorrect

For numbers 10-12:

Personal properties 15,000,000

Transfer passing under special power of appointment 750,000

11. How much is the net taxable estate? (3pts) B

For numbers 16-17:

50,000 Cash International Rice Research Institute

16. How much is the net taxable gift? (3pts) D

17. How much is the donor’s tax payable? (3pts) D

b) Original issue of shares of stocks d) Bank checks

a) Only statement 1 is correct c) Both statements are correct

For numbers 21-22:

30. In which of the following shall a 25% surcharge be collected?

a) I only c) I and III only

i. Tax audit or investigation

iv. Issuance of formal letter of demand or final assessment notice

v. Denial of appeal by CTA En Banc 2

vii. Denial of appeal by Supreme Court En Banc

For numbers 36-37:

43. Statement 1: Customs duty is classified as an ad valorem tax.

a) Only Statement 1 is incorrect c) All statements are correct

b) Only Statement 2 is incorrect d) All statements are incorrect

b) Dutiable value d) Landed cost

a) Pioneer enterprises c) Multi-national companies

b) Loren Legarda d) Mark Rubio

a) Barangay Macro Business Enterprises Act of 2002

Board within 30 working days from official acceptance thereof

a) Pay registration fee

ii. SEC Certificate/DTI Registration

these are primarily prepared and intentionally marketed for children.

a) Only Statement 1 is correct c) All statements are correct

property/ies covered by the transfer.

b) Only Statement 2 is correct d) All statements are incorrect

b) Register the business with the BIR

b) Department of Trade and Industry

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