The administrator of the estate of a decedent who is unmarried has presented the following data which may or may not be relevant in the determination of the net estate subject to tax:   Gross estate ( appropriately determined)     Php 2, 500, 000   Medical expenses                                                  175, 000   Funeral expenses (actual)                                      300, 000   Judicial expenses                                                     25, 000       Casualty losses                                                        50, 000   Claims against insolvent individuals                           75, 000   Income tax incurred by the estate                             62, 500   Transfers for public use                                          100, 000   Estate tax paid in a foreign country                           40, 000   Unpaid mortgage on a property included                    87, 500     in the above gross estate How much should be the funeral expenses to be deducted from the gross estate?Select one:a.Php 200, 000 b.Php 150, 000 c.Php 125, 000 d.Php 50, 000

The executor of a married decedent provided the following data about his estate:I. Properties within the Philippines, Php 1, 250, 000II. Properties outside the Philippines, Php 2, 500, 000III. Actual funeral expenses in the Philippines, Php 45, 000IV. Actual funeral expenses outside the Philippines, Php 30, 000 Assuming that the decedent was a citizen or resident of the Philippines, How much is the deductible funeral expenses?Select one:a.Php 100, 000b.Php 75, 000 c.Php 45, 000 d.Php 187, 500

Lisa, the decedent, owns a property amounting to Php 750, 000 at the time of his death. The said property was sold at Php 350, 000 by Lisa during her lifetime to Enrique. Nevertheless, its fair market value was Php 600, 000. It was agreed that the transfer of ownership will be done after Lisa's death. For estate tax purposes, how much should be included in the gross estate of Lisa?Select one:a.Php 600, 000b.Php 750, 000c.Php 250, 000d.Php 400, 000Clear my choiceQuestion 72Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhen the donee or beneficiary is stranger, the tax payable by the donor shall be?a.25% of the net giftsb.28% of the net giftsc.30% of the net giftsd.29% of the net giftsClear my choiceQuestion 73Not yet answeredMarked out of 1.00Flag questionTipsQuestion textGlobal Link Communication, Inc. has gathered the following data for the last quarter of 2015:   Gross Receipts on Overseas Communication from Philippines,     Php 800,000   Gross Receipts on Overseas Communication from Philippines which are exempted from percentage tax (included above),     Php 142, 500.The amounts above are exclusive of the percentage tax. How much is the percentage tax due?Select one:a.Php 14, 250b.Php 65, 750c.Php 80, 000d.Php 142, 500Clear my choiceQuestion 74Not yet answeredMarked out of 1.00Flag questionTipsQuestion textBelow is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.   Purchases, all from VAT suppliers,     Exclusive of VAT                                                   Php 750, 000   Sales, exclusive of any tax:     Exports, VAT business                                           850, 000     Exports, non-VAT business                                     600, 000     Domestic sales, VAT business                                 200, 000     Domestics sales, non-VAT business                         250, 000 How much is VAT payable on domestic sales?Select one:a.Php 14, 400b.Php 0c.Php 53, 000 d.Php 27, 000 Clear my choiceQuestion 75Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT considered a percentage tax?Select one:a.10 % - 20 % stock transaction tax on shares not traded through the local stock exchangeb.1/2 of 1 % stock transaction tax on shares traded through the local stock exchangec.10 % overseas communication taxd.3 % tax on keepers of garageClear my choiceQuestion 76Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich deductions from the gross estate is allowable provided that the amount to be deducted shall be the lowest among the actual, 5 % of the gross estate, or Php 200, 000?Select one:a.Family home allowanceb.Funeral expensesc.Medical expensesd.Standard deductionsClear my choiceQuestion 77Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 88,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 17,000.00a.Php 7,607.14b.Php 7,608.14c.Php 7,609.14d.Php 7,606.14Clear my choiceQuestion 78Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT "exclusive" Sales/ Receipts:Total VAT Sales (VAT exclusive) = Php 59,000.00Total purchases with VAT receipts (VAT exclusive) = Php 31,000.00.a.Php 3,359.00b.Php 3,350.00c.Php 3,360.00d.Php 3,370.00Clear my choiceQuestion 79Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much minimum quarterly gross receipt must be considered for the public utility bus - Exceeding 50 passengers before implementing percentage tax?a.Php 7,200.00b.Php 7,300.00c.Php 7,500.00d.Php 7,400.00Clear my choiceQuestion 80Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for the taxable net estate:Townhouse – P 700,000Toyota Car   - P 300,000Other properties – P 1,100,000Grose Estate – P 2,100,000Less allowed deductionsExpenses, losses etc. – Php 110,000Medical expenses - P 80,000Vanishing deductions – P170,000Family home allowance – P 185,000Standard deductions – P 150,000a.P 1,400,000b.P 1, 410,000c.P 1,405,000d.P 1,404,000

Which is not included as part of gross estate for purposes of determining the net estate subject to estate tax?Select one:a.Conjugal assets of the spousesb.Exclusive assets of the decedentc.Share of decedent in properties jointly owned with a third persond.Capital of the surviving spouseClear my choiceQuestion 32Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich deductions from the gross estate is allowable provided that the amount shall not be over Php 1,000,000?Select one:a.Standard deductionsb.Family home allowancec.Funeral expensesd.Medical expensesClear my choiceQuestion 33Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDone not involving, occurring in, or forming part of a legal proceedinga.Sociedad Anonimab.Inter vivosc.Mortis causad.ExtrajudiciallyClear my choiceQuestion 34Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe following are the amounts of total invoice  costs/prices:Mr. A, a non-VAT taxpayer, sells to Mr. B, a VAT taxpayer   Php 27, 500Mr. B, a VAT taxpayer, sells to Mr. C, a VAT taxpayer   Php 44, 000Mr. C, a VAT taxpayer, sells to Mr. D, a VAT taxpayer and an exporter   Php 77, 000Mr. D, a VAT taxpayer, exports   Php 137, 500Compute for the value added tax of Mr. B.Select one:a.Php 1, 650 b.Php 1, 500 c.Php 5, 280d.Php 3, 000 Clear my choiceQuestion 35Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 95,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 37,000.00a.Php 6,216.28b.Php 6,214.38c.Php 6, 214.28d.Php 6,215.28Clear my choiceQuestion 36Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much is the inspection fee for cigarettes?Select one:a.Php 0.10 per thousand sticks or fraction thereofb.Php 0.03 per kilogram or fraction thereofc.Php 0.50 per thousand pieces or fraction thereofd.Php 0.02 per kilogram or fraction thereofClear my choiceQuestion 37Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich refers to the tax on the right of the deceased individual to transmit his estate to his lawful heirs and beneficiaries?Select one:a.Income taxb.Property taxc.Donor's taxd.Estate taxClear my choiceQuestion 38Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means taking all units as a whole.a.Uncombinedb.Particularc.Individuald.AggregateClear my choiceQuestion 39Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto, by any person regardless of whether or not the person engaged therein is a nonstock, nonprofit private organization (irrespective of the disposition of its net income and whether or not it sells exclusively to members or their guests), or government entity.a.in the course of compensation and benefitsb.in the course of trade and businessc.in the course of agricultured.in the course of real estateClear my choiceQuestion 40Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT exempted from the excise tax?Select one:a.Petroleum products from exempt entities or agencies covered by tax treaties, conventions and other international agreements for their use or consumptionb.None of the abovec.Petroleum products sold to international carriers of Philippine or foreign registry on their use or consumption outside the Philippinesd.Petroleum products from entities which are by law exempt from direct and indirect taxes

Compute for the taxable net estate:Townhouse – P 500,000Toyota Car   - P 200,000Other properties – P 1,100,000Grose Estate – P 1,800,000Less allowed deductionsExpenses, losses etc. – Php 130,000Medical expenses - P 70,000Vanishing deductions – P150,000Family home allowance – P 200,000Standard deductions – P 150,000a.P1,100,000b.P1,200,000c.P 1,400,000d.P 1,300,00

An amount equivalent to the current fair market value of the decedent's family home: Provided, however, That if the said current fair market value exceeds One million pesos (P1,000,000), the excess shall be subject to estate tax.a.Transfer for Public Useb.The Family Homec.Standard Deductionsd.Medical Expenses