Final Preboards
Final Preboards
Final Preboards
MANILA
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7. Which of the following is not a proper way to deliver a final assessment notice?
a. Registered Mail; c. Substituted Service;
b. Electronic messaging; d. Personal Service.
8. The BIR issued a Subpoena Duces Tecum to Nila Montevista. The SDT was received by
certain Evelyn Gloto, an accounting clerk. Nila Montevista failed to respond to the SDT
resulting into criminal prosecution by the BIR with the Municipal Trial Court of Makati City.
If you are the judge in this case, will Nila Montevista be held criminally liable?
a. No, the SDT was improperly served.
b. No, presumption of innocence until contrary is proven.
c. Yes, failure to heed to SDT is a criminal offense punishable by section 266 of NIRC.
d. Yes, failure to heed to SDT is contemptuous.
9. Royal Mining is a VAT-registered domestic mining entity. One of its products is gold being sold
to Bangko Sentral ng Pilipinas. It filed a claim with the BIR for tax refund on the ground that
under Section 106 of the NIRC, sales of precious metal to Bangko Sentral ng Pilipinas are
considered export sales subject to zero-rated VAT. Is Royal Mining’s claim for refund
meritorious?
a. Yes, sale of precious gold to Bangko Sentral ng Pilipinas are deemed zero-rated transactions.
b. Yes, sale of precious gold to Bangko Sentral ng Pilipinas is deemed an export sale hence, input
thereon may be credited or refunded.
c. No, sale of gold to Bangko Sentral ng Pilipinas is exempt, hence, input VAT is deemed expensed
and cannot be refunded.
d. No, sale of gold to Bangko Sentral ng Pilipinas is vatable hence input VAT is creditable not
refundable.
10. Congress enacts a law imposing a 5% tax on gross receipts of common carriers. The law does
not define the term “gross receipts”. Express Transport, Inc., bus company plying the Manila
Baguio route, has time deposits with ABC Bank. In 2005, Express Transport earned P1
million interest, after deducting the 20% final withholding tax from its time deposits with the
bank. The BIR wants to collect a 5 % gross receipts tax on the interest income of Express
Transport without deducting the 20 % final withholding tax. Is the BIR correct?
a. Yes, gross receipts mean cash collected whether actually or constructively without any deductions.
b. Yes, gross receipts mean all cash collection actually received without any deductions.
c. No, gross receipts mean actual receipts after deducting of withholding tax.
d. No, gross receipts mean actual receipts derived from business.
11. Lily’s Fashion, Inc. is a garment manufacturer located and registered as a Subic Bay Freeport
Enterprise under Republic Act No. 7227 and a non-VAT taxpayer. As such, it is exempt from
payment of all local and national internal revenue taxes. During its operations, it purchased
various supplies and materials necessary in the conduct of its manufacturing business. The
suppliers of these goods shifted to Lily’s Fashion, Inc. the 12% VAT on the purchased items
amounting to P500,000.00. What is the proper remedy of Lily’s Fashion Inc.?
a. Lily’s Fashion Inc., may use the P500,000 as tax credit;
b. Lily’s Fashion Inc., may ask for a refund of the P500,000;
c. Lily’s Fashion Inc., may convert the P500,000 into tax warrants;
d. Lily’s Fashion Inc., may charge it to cost or expense.
12. The Commissioner or his authorized representative is empowered to suspend the business
operations and temporarily close the business establishment of any person for:
a. Failure to issue receipts or invoices of a VAT- registered entity.
b. Failure to file a VAT-return for VAT-registered person as required by the tax code.
c. Understatement of taxable sales or receipts by thirty percent (30%) or more of his correct
taxable sales or receipts for the taxable quarter
d. All of the above
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13. 1st statement: America Corporation is a merchandising concern and has one (P1,000,000.00)
million worth of inventories. Brazil Corporation, a real estate company, exchanged its real
properties for shares of stock of America Corporation resulting to acquisition of corporate
control. The one million (1,000,000.00) worth of inventories of America Corporation,
which were transferred to Brazil Corporation by virtue of corporate take-over is not subject
to VAT.
2nd statement: The exchange of real property by Brazil Corporation resulting to corporate
control is subject to VAT.
a. (48,000.00) c. 60,000.00
b. 54,000.00 d. 62,000.00
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5.) Toyota Car
Selling Price P 100,000 Cost (2000): P300,000
c.) Other transactions:
1.) In 2000, he purchased shares of A Corporation for P50,000 which became
worthless and was written off in 2019.
2.) In 2019, he received liquidating dividend from B Corporation in the amount of
P450,000. The investment in 2000 was P300,000.
Determine the operational net income of G:
a. 265,000
b. 290,000
c. 245,000
d. None of the above
17. Determine the Net Capital Gains of G:
a. 150,000
b. 125,000
c. 175,000
d. None of the above.
18. Determine the net taxable income of G in his Annual Income Tax Return for 2021.
a. 415,000
b. 689,000
c. 440,000
d. 690,000
19. X Company is engaged in a hardware business. It uses accrual basis of accounting in its
financial statements.
Gross Revenue 3,500,000
Sales Returns 200,000
Increase in Accounts Receivable, VAT inclusive 224,000
Increase in Inventory, net of VAT 150,000
Purchases 1,000,000
Supplies (40% from VAT registered) VAT exclusive 600,000
Services (60% from VAT registered) VAT exclusive 500,000
Other Operating Expenses 200,000
Compute the Output VAT?
a. 420,000
b. 396,000
c. 372,000
d. 360,000
20. Determine the creditable input VAT?
a. 120,000 c. 166,800
b. 184,800 d. 108,000
21. Determine the Taxable Income?
a. 1,000,000 c. 1,350,000
b. 1,082,800 d. 1,500,000
22. The gift tax paid on a donation mortis causa if any:
a. Exempts the property from estate tax
b. Has no effect since the gift will still be subject to another gift tax
c. Shall form as a tax credit to be deducted from the estate tax due
d. Is invalid, however, may be refunded.
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23. Which statement is wrong:
a. Claims against insolvent person should be included in the gross estate even if
uncollectible.
b. Transfers passing under special power of appointment is excluded from the gross state.
c. Revocable transfers are included in the gross estate whether or not the right to revoke is
exercised.
d. Transfer in contemplation of death for adequate and full consideration is included in the
gross estate.
24. Mr. Jose, Filipino, married died leaving the following estate:
Car acquired before marriage by Mr. Jose - P 300,000
Car acquired before marriage by Mrs. Jose - 450,000
House and lot acquired during marriage 1,500,000
Jewelries of Mrs. Jose, acquired before marriage 100,000
Personal properties inherited by Mr. Jose during marriage 250,000
Benefits from SSS 50,000
Retirement benefits from a private firm 150,000
Proceeds of group insurance taken by his employer 75,000
Land inherited by the wife during marriage 1,000,000
Income earned from the land inherited by wife above
(25% of which was earned after death) 200,000
The gross estate under Conjugal Partnership of Gains is:
a. P 2,600,000 c. P 1,950,000
b. P 3,600,000 d. P 2,200,000
25. Under the same problem, the gross estate under Absolute Community of property is:
a. P 2,600,000 c. P 1,950,000
b. P 3,600,000 d. P 2,500,000
26. Mr. A, non-resident Japanese, died leaving the following:
Properties:
Exclusive properties, Philippines P 560,000
Conjugal properties, Philippines 420,000
Conjugal properties, Abroad 1,820,000
Deduction claimed:
Funeral expenses 100,000
Judicial expenses 100,000
Unpaid expenses 150,000
Losses: occurring 3 months
After death due to fire 50,000
Donation mortis causa to
Makati City Hall 180,000
Family Home (included above) 1,000,000
Standard Deduction 1,000,000
The taxable net estate is:
a. P 520,000 c. P 1,190,000
b. P 55,000 d. P 2,100,000
27. A decedent died single, leaving a family home which consists of a piece of land that he
inherited 3 – ½ years ago (with a value at the time of P600,000) with a fair value of P800,000
at the time of his death, and a house thereon which he built at a cost of P650,000, and a fair
market value at the time of his death of P450,000. Other properties in his gross estate have a
fair market value of P550,000. Unpaid obligations at the time of his death amounted to
P300,000.
The vanishing deduction is:
a. P 200,000 c. P 40,000
b. P 500,000 d. P225,000
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28. The Congregation of the Mary Immaculate donated a land and a dormitory building located
along España Street in favor of the Sisters of the Holy Cross, a group of nuns operating a free
clinic and high school teaching basic spiritual values. Is the donation subject to donor’s tax?
a. Yes, the donation is subject to donor’s tax because the donee is a stranger.
b. Yes, the donation is subject to donor’s tax because it failed to mention whether the donee
used maximum of 30% of the amount or property donated for administrative
purposes.
c. No, the donation is not subject to donor’s tax because the donee is a non-stock, non-profit
organization engaged principally for religious and educational vocation.
d. No, the donation is exempt from all taxes.
29. Remedios, a resident citizen, died on November 10, 2022. She died leaving three condominium
units in Quezon City valued at P5 Million each. Rodolfo was her only heir. He reported her
death on December 5, 2022 and filed the estate tax return on March 30, 2023. Because he
needed to sell one unit of thecondominium to pay for the estate tax, he asked the
Commissioner of Internal Revenue to give him one year to pay the estate tax due. The
Commissioner approved the request for extension of time provided that the estate tax be
computed on the basis of the value of the property at the time of payment of the tax. Does the
Commissioner of Internal Revenue have the power to extend the payment of estate tax?
a. Yes, the Commissioner of Internal Revenue may extend the payment of estate tax for a
maximum period of 30 days for meritorious cases.
b. Yes, the Commissioner of Internal Revenue may extend the payment of tax for 2 years in
case of extra-judicial and for 5 years in case of judicial settlement.
c. No, the Commissioner of Internal Revenue has no power to extend payment of a tax under
all condition.
d. No, the Commissioner of Internal Revenue has no power to extend payment of a tax
otherwise it will be encroachment upon exclusive legislative authority
30. Based on the preceding number, what is the basis of valuing the property of the estate?
a. Fair market value at time of death.
b. Fair market value at time of payment of tax.
c. Fair market value at time of filing the estate tax return.
d. Fair market value at time of settlement.
31. A– Expenses on the death anniversary of the deceased are not deductible expenses from the
gross estate
B – Attorney’s fees incurred by an heir from appearance at the trial to oppose the probate of
the will of the decedent is deductible expense from the gross estate
a. True, true c. False, false
b. True, false d. False, true
32. Which of the following is correct
Deduction Maximum
a. Funeral expenses 200,000
b. Family home 10,000,000
c. Medical expenses 500,000
d. Standard deduction 1,000,000
33. DST corporation bought a land at P56,000,000 using its original shares of stock as payment
thereof. How much documentary stamp tax will DST corporation pay if it was agreed that
Documentary Stamp Tax will be shouldered by DST corporation?
a. P840,000
b. P560,000
c. P1,400,000
d. None of the above.
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34. Toyota Philippines Inc., sold the following vehicles in the first day of 2023:
Vios P 998,000
Hilux P 1,580,000
Land Cruiser P 4,200,000
Compute the excise tax on the net manufacturer price?
a. P 99,800
b. P. 316,000
c. P2,100,000
d. P2,199,800
35. Requiring a business permit for the right to engage in business to earn income is an exercise of:
a. Taxation power
b. Power of eminent domain
c. Police power
d. Local taxation power
36. The following are excluded from the gross estate of a decedent except:
(a) Transfers before the decedent’s death, not in contemplation of death.
(b) Bona fide sale for an adequate and full consideration in money or money’s worth before the
decedent’s death.
(c) Proceeds of life insurance where the designation of the third party beneficiary is irrevocable.
(d) None of the above.
37. One of the assets left by J. Cruz when he died is 100,000 shares of stock of WaltMart Company with
a par value of ₱4.00 per share. The company has an authorized capital stock of 1,200,000 shares.
Unissued shares total 400,000 shares. Retained earnings amount to ₱600,000. On the day of his
death, WaltMart shares traded in the PSE with a day range of ₱4.00 to ₱4.90, closing at ₱4.75 per
share.
How much will be included in the gross estate of J. Cruz?
(a) ₱475,000
(b) ₱490,000
(c) ₱445,000
(d) None of the above.
38-39)
J. Cruz, Filipino, single, died on December 24, 2019 leaving the following properties and expenses:
Apartment and lot ₱ 500,000
Toy collection 300,000
Shares of San Miguel Corp. 300,000
Land 100,000
Jeep 20,000
The last 3 properties, namely the SMC shares, the land, and the jeep were acquired by the decedent by
gratuitous title with the following fair market values:
Date FMV on FMV in estate
Acquired date acquired of J. Cruz
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Other information:
a. The land which J. Cruz inherited had a mortgage of ₱30,000 which he paid before he died.
b. The amount of ₱70,000 of the mortgage on the apartment and lot remained unpaid upon his death.
c. The jeep was carnapped on July 5, 2020.
38. Compute the vanishing deduction that may be availed of in computing the estate tax.
(A) ₱22,230
(B) ₱14,820
(C) ₱7,410
(D) ₱0.
39. Compute the vanishing deduction assuming J. Cruz paid only the amount of ₱20,000 of the mortgage
on the inherited land.
(A) ₱27,541
(B) ₱16,525
(C) ₱18,361
(D) ₱0
40. Which of the following does not escape the estate tax?
(A) Devise of real property in favor of St. Francis Church
(B) Merger of usufruct in the owner of the naked title to the property
(C) Transmission via a special power of appointment of personal property to the City of Manila.
(D) Legacy transmitted by the fiduciary heir to the second heir in a fideicommissary substitution.
41-42) J. Cruz, Filipino, married, died testate on January 10, 2019. Records show the following assets
and deductions on the date of death:
Condominium unit in Makati (family home) ₱ 40,000,000
Apartment in HongKong 300,000
Bank deposit, exclusive 250,000
Note receivable from insolvent debtor residing in Manila 60,000
Note receivable from insolvent debtor residing in HongKong 40,000
Deductions claimed:
Cost of cemetery lot 35,000
Expenses of internment 25,000
Note payable, contracted 2017, notarized 30,000
Note payable, contracted 2016, notarized, paid on Dec. 22, 2018 100,000
Note payable, contracted 2016, notarized, paid on Jan. 4, 2019 50,000
Mortgage on condominium unit in Makati 100,000
Mortgage on apartment in HongKong 50,000
Legacy to J. Cruz's brother 40,000
Cash legacy to Municipality of Orani, Bataan for schoolhouse 100,000
Cash legacy to social welfare organization 30,000
42) Determine the net estate of J. Cruz subject to the estate tax.
(A) ₱40,050,000
(B) ₱ 5,180,000
(C) ₱ 5,145,000
(D) None of the above.
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43-45) J. Adams Mansanas, single, died on December 6, 2018, leaving the following assets, expenses,
charges, and obligations:
Assets:
Domestic shares ₱ 5,000,000
Foreign shares, U.S. Company has 90% business in the Phils. 700,000
Investment in a foreign partnership 1,000,000
Cash in bank, Manila 1,200,000
Account receivable from a debtor residing in the U.S. (The
account is worthless. Debtor is fully insolvent.) 100,000
Car, model 2017, located in Makati 700,000
43) Compute the taxable net estate and the estate tax due if decedent was a resident of the Philippines at
the time of his death.
(A) ₱3,090,000; ₱185,400
(B) ₱3,790,000; ₱227,400
(C) ₱2,840,000; ₱170,400
(D) None of the above.
44) Compute the taxable net estate and the estate tax due if decedent was a non-resident alien, and there
was no reciprocity.
(A) ₱6,635,517: ₱398,131
(B) ₱3,090,000; ₱185,400
(C) ₱6,923,103; ₱415,386
(D) None of the above.
45) Compute the taxable net estate and the estate tax due if decedent was a non-resident alien, and there
was reciprocity.
(A) ₱21,034; ₱1,262
(B) ₱521,034; ₱31,262
(C) (₱310,000); ₱0
(D) None of the above.
46) In which of the following cases will filing an estate tax return be unnecessary?
(A) When the gross estate does not include any registrable property and is valued at ₱640,000. Total
deductions amount to ₱530,000.
(B) When the gross estate consists of the following properties: Cash, ₱40,000; Second hand jeep
parked in Manila with FMV of ₱90,000; and jewelry worth ₱130,000. Standard deduction of
₱5,000,000 was claimed.
(C) When the gross estate, which does not include any registrable property, is valued at ₱450,000.
Standard deduction is claimed.
(D) None of the above.
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47. Where property is transferred for less than an adequate and full consideration in money or money’s
worth, then the amount by which the fair market value of the property exceeded the value of the
consideration shall be deemed a gift, and shall be included in computing the amount of gifts made
during the calendar year. The legislative intent of the deemed gift provision under Section 100 of the
Tax Code is to discourage parties in a transaction from controlling their selling price in order to
reduce their income taxes to be paid to the government.
The deemed gift provision applies to the following:
(A) Sale by foreign corporations of real property located in the Philippines and classified as capital
asset.
(B) Sale thru the stock exchange of listed domestic shares.
(C) Property dividends.
(D) None of the above.
48. In 2018, Alberto, who is in the printing business, sold a printing press to Bimbo, his brother, the
particulars of which are as follows:
Market value of the printing press ₱ 230,000
Selling price 110,000
Cost in 2015 160,000
Book value in 2018 140,000
Which statement/s is/are true?
(A) The printing press being an ordinary asset, the loss on the sale is deductible in Alberto’s ITR.
(B) Seller Alberto is deemed a donor, and buyer Bimbo is deemed a donee in the amount of
₱120,000.
(C) All of the above.
(D) None of the above.
49. Sarah Joy Bumanglag believed in the ability of Chris Llamado, a candidate in the May 2022
elections for Senator. Sarah donated the amount of ₱500,000 to the campaign of Llamado.
(A) The donation is subject to donor’s tax, but the same can be used as a deduction in Sarah Joy’s
ITR.
(B) The donation is not subject to donor’s tax, and the same cannot be used as a deduction in Sarah
Joy’s ITR.
(C) The donation is not subject to donor’s tax, and the same can be used as a deduction in Sarah
Joy’s ITR.
(D) Sarah Joy should be reprimanded for supporting an obviously incompetent candidate.
50-53) Donor gave the following donations in 2021:
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51) Compute the donor's tax and the donor’s tax payable on June 6, 2021.
(A) ₱37,200; ₱1,200
(B) ₱35,400; ₱1,200
(C) ₱20,400; ₱20,400
(D) None of the above.
52) Compute the donor's tax and the donor’s tax payable on July 30, 2021.
(A) ₱37,800; ₱60
(B) ₱37,260; ₱60
(C) ₱2,400; ₱590,000
(D) None of the above.
53) Compute the donor's tax and the donor’s tax payable on November 24, 2021.
(A) ₱38,400; ₱600
(B) ₱37,860; ₱600
(C) ₱22,800; ₱600
(D) None of the above.
54-55) J. Cruz, resident citizen, gave the following donations to his son:
August 1, 2021:
Land, Philippines ₱ 1,500,000
Land, U.S.A. 4,500,000
Gift tax paid in U.S.A. 450,000
November 1, 2021:
Land, Philippines 2,000,000
Condo unit, Taiwan 3,000,000
Donor’s tax paid in
Taiwan 650,000
54) Compute the donor’s tax payable on August 1, 2021.
(A) ₱345,000
(B) ₱ 86,250
(C) ₱258,750
(D) None of the above.
55) Compute the donor’s tax payable on November 1, 2021.
(A) ₱465,000
(B) ₱117,188
(C) ₱118,977
(D) None of the above.
56) Statement 1: A separate return shall be filed by each donor for each gift or donation
made on different dates during the year. Any previous gifts made in
the same calendar year shall be reflected in each return. The tax due
shall be computed based on the total net gifts made during the
calendar year.
Statement 2: If the gift or donation involves co-owned property, each co-owner shall file a
separate return corresponding to his/her respective share in the co-owned property.
(A) Both statements are true.
(B) Statement 1 is true. Statement 2 is false.
(C) Statement 1 is false. Statement 2 is true.
(D) Both statements are false.
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57) E-Regalo Corporation, a domestic corporation, is a service provider that operates a platform for
paperless gift cards, also known as electronic gift cards. It also runs digital card storefronts for
various merchants in the Philippines.
In the operation of the platform, E-Regalo earns revenues by charging service fees to the
merchants, and not from the issuance of electronic gift cards to individual clients. Whatever
amounts it receives from the buyers of electronic gift cards are held in trust for reimbursement to its
accredited merchants.
What amounts received by E-Regalo are subject to VAT?
(A) Only the service fees paid by the merchants are subject to VAT.
(B) Only the amounts representing the value of electronic gift cards are subject
to VAT.
(C) Both are subject to VAT.
(D) Both are VAT-exempt.
58) A, a VAT-registered CPA had the following data for the 1st quarter of 2021 (VAT not included):
a. On Professional services:
Collections P 280,000
Receivables 120,000
c. Payment to:
VAT suppliers 60,000
Non-VAT suppliers 20,000
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61. Statement 1: A person who imports VATable goods, whether or not in the course of trade or
business, is subject to VAT.
Statement 2: If the importer is a non-VAT person, and the importation of VATable goods is not in
the course of trade or business, such person is not required to register for VAT.
(A) Both statements are true.
(B) Statement 1 is true. Statement 2 is false.
(C) Statement 1 is false. Statement 2 is true.
(D) Both statements are false.
62. J. Parada operates 9 passenger jeeps, a limousine service, a car detailing shop, and a store selling car
and jeep parts and accessories. His sales and receipts during the year are shown below:
Receipts, passenger jeeps ₱ 2,500,000
Receipts, limousine service 560,000
Receipts, car detailing shop 1,000,000
Sales, store 400,000
Total ₱ 4,460,000
(A) Mr. Parada is required to VAT-register his VATable businesses.
(B) Mr. Parada is not required to VAT-register his VATable businesses.
(C) Mr. Parada may optionally register his VAT-exempt businesses under the VAT system.
(D) None of the above.
63. Mr. Parada, in the preceding number, is also engaged in the exportation of toy cars with total export
sales during the year of ₱1,700,000.
(A) Mr. Parada is required to VAT-register his VATable businesses.
(B) Mr. Parada is not required to VAT-register his VATable businesses.
(C) Mr. Parada is required to VAT-register his VAT-exempt businesses.
(D) None of the above.
64. Can Mr. Parada, in number 63, optionally VAT-register any of his VAT-exempt
businesses?
(A) Yes.
(B) No.
(C) It depends.
(D) None of the above.
65. Statement 1: The importation of a cargo vessel destined for domestic or international
transport operations shall be exempt from VAT provided the importation complies
with the requirements on restriction on vessel importation and the mandatory vessel
retirement program of the Maritime Industry Authority (MARINA).
Statement 2: The sale or importation of fresh mushrooms is exempt from VAT.
(A) Only Statement 1 is true.
(B) Only Statement 2 is true.
(C) Both statements are true.
(D) Both statements are false.
66. Statement 1: The sale of services, including lease of property, to persons
engaged in international shipping or international air transport operations is 0-rated,
provided the seller is VAT-registered and such services are exclusively for
international shipping or air transport operations.
Statement 2: Services provided by a motel-restaurant to flight attendants of an
international airline shall be 0-rated.
(A) Only Statement 1 is true.
(B) Only Statement 2 is true.
(C) Both statements are true.
(D) Both statements are false.
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67. Statement 1: A professional who has paid his professional tax shall be exempt from
the payment of the business permit in the operation of his office/clinic.
However, he is still required to secure a business permit, at no cost,
from the concerned LGU during the registration of his office/clinic.
Statement 2: If a professional is actually engaged in any business activity that does not
constitute a practice of profession, he shall be liable to pay the annual local
business tax to the city or municipality concerned.
(A) Only Statement 1 is true.
(B) Only Statement 2 is true.
(C) Both statements are true.
(D) Both statements are false.
68-70) MEGABIRD, Inc. is a VAT-registered breeder which sells white leg horn hens and fighting
cocks from its lone mega-farm in Alfonso, Cavite. White leg horn is a type of chicken bred for
meat production.
During the first quarter of 2022, total sales of fighting cocks amounted to ₱336,000, gross of
VAT, and total sales of white leg horn hens amounted to ₱200,000. MEGABIRD enjoys a gross
margin of 25% on the sale of all its products.
During the same quarter, the farm underwent repairs amounting to ₱67,200, gross of VAT.
Purchase of supplies directly attributable to the sale of fighting cocks amounted to ₱15,680,
gross of VAT.
During the same quarter, MEGABIRD entered into the following transactions affecting the
inventory accounts:
68) Compute the output VAT of MEGABIRD for the 1st quarter of 2022.
(A) ₱217,800
(B) ₱263,250
(C) ₱278,400
(D) None of the above.
69) Compute the available input tax credits of MEGABIRD for the 1st quarter of 2022.
(A) ₱8,880
(B) ₱7,788
(C) ₱7,810
(D) None of the above.
70) Compute the VAT payable of MEGABIRD for the 1st quarter of 2022.
(A) ₱208,920
(B) ₱255,462
(C) ₱270,590
(D) None of the above.
THE END
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