Transfer and business taxes by ampongan 6th sol man 22
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EXERCISES 22-1. MULTIPLE CHOICE QUESTIONS
1.
Answer: A
2.
Answers: B
3.
Answer: D
4.
Answer: B
5.
Answer: D
6.
Answer: C
7.
Answer: D
8.
Answer: A
Gift tax due per return
P120,00
0
30,00
0
1,00
0
151,00
0
Add: Surcharge (25% x P120,000)
Interest (120,000 x 20% x .
5/12)
Total amount due
9.
Answer: C
Gift tax due per return
P120,00
0
60,00
0
1,00
0
181,00
0
Add: Surcharge (50% x P120,000)
Interest (120,000 x 20% x .
5/12)
Total amount due
10.
Answer: C
Gift tax due
P120,00
0
30,00
0
150,00
0
120,00
0
30,00
0
Add: Surcharge (25% x 120,000)
Total amount due
Less: Amount paid
Amount still due
11.
Answer: B
Tax due per audit
P 75,000
90
Less: Tax paid
Deficiency estate tax
Add: Interest (25,000 x 20% x
18/12)
Amount still due
12.
50,000
25,000
7,500
32,500
Answer: D
Total tax due
Add: Surcharge (32,500 x 25%)
Interest (32,500 x 20% x
3/12)
Total amount due
13.
P 32,500
8,125
1,625
42,250
Answer: C
Estate tax due per return
P240,00
0
60,00
0
52,00
0
352,00
0
50%
176,00
0
Add: Surcharge (25% x 240,000)
Interest (240,000 x 20% x
13/12)
Total amount due
Times portion paid
Amount paid
14.
Answer: C
Amount still due
P176,00
0
8,800
Add: Interest (176,000 x 20% x
3/12)
Total amount payable
15.
184,800
Answer: C
Interest (P20,000 x 20% x 12/12)
16.
P
4,000
Answer: C
Estate tax
P
10,000
2,500
500
13,000
Surcharges (P10,000 x 25%)
Interest (10,000 x 20% x 3/12)
Estate tax due on September 30,
2001
17.
Answer: D
18.
Answer: A
Interest (P 40,000 x 20% x 6/12)
P 4,000
91
19.
Answer: C
20.
Answer: D
VAT due
Surcharges (6,000 x 25%)
Interest (6,000 x 20% x 2/12)
Payable as of June 25, 2007
21.
Answer: D
22.
Answer: A
6,000
1,500
200
7,700
Amount due (150,000 / 4)
23.
37,500
Answer: C
Installment due
Add: Interest (April 15 to May 15)
(112,500 x 20% x 1/12)
Due, May 15, 2009
24.
37,500
1,875
39,375
Answer: D
Installment due
Add: Interest (May 15 to June 15)
(75,000 x 20% x
1/12)
Due, June 15, 2009
25.
37,500
1,250
38,750
Answer: B
Tax due
Less: Payment, April 15
Balance (basis of interest on May)
Add: Interest (April 15 to May 15)
Total
Less: Payment, May 15
Balance (basis of interest on June
Add: Interest (May 15 to June 15)
Total
Less: Payment, June 15
Balance
Add: Interest (June 15 to July 15)
(37,500 x 20% x
1/12)
Amount due, July 15, 2009
150,000
37,500
112,500
1,875
114,375
39,375
75,000
1,250
76,250
38,750
37,500
625
38,125
92
