Suggested Answers To 2021 Bar Exams Taxation

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Found: 10 Jun 2021 | Rating: 97/100

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Found: 10 Jun 2021 | Rating: 91/100

Principles Of Taxation Law 2021

KLM Corp. If the Taxpayer disagrees with the findings stated in the PAN, he shall then have fifteen 15 days from his receipt of the PAN to file a written reply contesting the proposed assessment. A FAN, on the other hand, is a declaration of deficiency taxes issued to a taxpayer who: 1 fails to respond to a PAN within the prescribed period of time, or 2 whose reply to the PAN was found to be without merit. A FAN contains not only a computation of tax liabilities, but also a demand for payment within a prescribed period.

Found: 20 Apr 2021 | Rating: 93/100

PALS Suggested Answers To The 2006 Bar Examinations

If the Taxpayer disagrees with the findings stated in the FAN, he shall then have thirty 30 days from receipt of FAN to file a protest, either a request for reconsideration or a request for reinvestigation. After the investigation of BIR, if it is determined that there exists sufficient basis to assess the taxpayer for any deficiency tax or taxes, the BIR shall issue to the taxpayer, at least by registered mail, a PAN for the proposed assessment, showing in detail the facts and the law on which the assessment is based.

Found: 9 Apr 2021 | Rating: 89/100

Bar Exams Q & A (2011-2015)

The taxpayer must be informed of his liability for deficiency taxes through a PAN and the non-service of a PAN is fatal to the validity of the assessment. The tax rate is set at zero. The seller of such transactions charges no output tax, but can claim a refund of or a tax credit certificate for the VAT previously charged by suppliers. Effectively zero-rated transactions, however, refer to the sale of goods or supply of services to persons or entities whose exemption under special laws or international agreements to which the Philippines is a signatory effectively subjects such transactions to zero rate.

Found: 20 Apr 2021 | Rating: 92/100

AIBE XVI (16) Answer Key 2021 - Download Previous Year Answer Key

The said law removed funeral expenses from the list of deductible items for purposes of estate taxation. The conditions for the deductibility of family home from the gross estate of the decedent are as follows: i. The family home must be the actual residential home of the decedent and his family at the time of his death, as certified by the barangay captain of the locality where the family home is situated; ii. The total value of the family home must be included as part of the gross estate of the decedent; and iii. Considering that all the said requisites are complied with, the Php 10,, As provided under R. A deduction in the amount of five million pesos shall be allowed without need of a substantiation.

Found: 13 Apr 2021 | Rating: 89/100

NY Board Of Law Examiners Answers Questions/ Remember To Apply For The NY Bar Exam

As such, it is taxable on income derived from sources within the Philippines and not on Gross Philippine Billings, subject to any applicable tax treaty. Air Canada vs. Commissioner of Internal Revenue G. Differentiate tax exclusions from tax deductions. Tax exclusions are something received or earned by the taxpayer which do not form part of gross income while tax deductions are something spent or paid in earning gross income. It is exempted by a statute; and c. It does not fall within the definition of income. On the other hand, tax deductions are the amounts which the law allows to be subtracted from gross income in order to arrive at net income. B transferred his ownership over a 1,square meter commercial land and three- door apartment to ABC Corp. The transfer was in exchange of 10, shares of stock of ABC Corp. B paid no tax on the exchange, maintaining that it is a tax avoidance scheme allowed under the law. Should B pay taxes on the exchange?

Found: 18 Apr 2021 | Rating: 93/100


As a general rule, upon the sale or exchange of property, the entire amount of the gain or loss, as the case may be, shall be recognized. One of the accepted exceptions to th said rule is when a property is transferred to a corporation by a person in exchange for stock or unit of participation in such a corporation of which as a result of such exchange said person, alone or together with others, not exceeding four persons, gains control of said corporation: provided, that stocks issued for services shall not be considered as issued in return for property NIRC. In the case, B transferred his ownership over a 1,square meter commercial land and three-door.

Found: 15 Apr 2021 | Rating: 92/100

2021 Bar Exam Suggested Answers In Taxation By The UP Law Complex

GHI Inc. As of December 31, , the total cost of the machineries and equipment amounted to P,, However, GHI, Inc. Its factory was temporarily closed effective Sept 15, Thereafter, GHI, Inc. Under Sec. In this case, GHI Inc. Hence, the sale is subject to normal corporate income tax. As to taxability, an ordinary asset is subject to income tax; whereas, a capital asset is subject to capital gains tax; 2. As to nature, as a rule, an ordinary asset is regularly used in the normal course of trade or business; whereas, a capital asset is an asset not regularly used in the normal course of trade or business Under Sec. In , City X amended its Revenue Code to include a new provision imposing a tax on every sale of merchandise by a wholesaler based on the total selling price of the goods, inclusive of value-added taxes VAT. ABC Corp. The new provision is a form of prohibited double taxation because it essentially amounts to City X imposing VAT which was already being levied by the national government; and 2.

Found: 15 Apr 2021 | Rating: 89/100

Follow Pinay Jurist

In this case, the hybrid status of the taxpayer cannot be applied, regardless of his initial 2-month stay in the Philippines and subsequent transfer to Japan. For all intents and purposes, F is considered a non-resident citizen in the year Hence, the income tax for should only be assessed on income earned within the Philippines. The NIRC states that non-resident aliens that have an aggregate number of days staying in the Philippines less than days, are considered to be not engaged in trade or business. J only stayed for five months or days in the Philippines. As a way to augment the income of the employees of DEF Inc.

Found: 14 Apr 2021 | Rating: 90/100

Taxation Bar Questions And Answers Pdf

I KM Corporation, doing business in the City of Kalookan, has been a distributor and retailer of clothing and household materials. May local government units impose tax on businesses already subjected to tax under the NIRC? KKI is a Philippine corporation engaged on architectural design, engineering, and construction work. Its principal office is located in Makati City, but it has various infrastructure projects in the country and abroad. Thus , KKI employs both local and foreign workers. Below are some of the employees of KKI.

Found: 12 Apr 2021 | Rating: 85/100

AIBE XVI (16) Answer Key (Provisional & Final) - Download Here

Determine whether the compensation they receive from KKI in is taxable under Philippine laws and whether they are required to file tax returns with the Bureau of Internal Revenue BIR. Since KKI provides for housing and other basic needs, Kamilo requested that all his salaries, paid in Taiwanese dollars, be paid to his wife in Manila in its Philippine Peso equivalent; and Karen Karenina. All the corporations mentioned are majority-owned in common by the Koh family and covered by a BIR-qualified multiemployer-employee retirement plan MEERP , under which the employees may be moved around within the controlled group i. Good Luck, Sir Kim. Kornelio, in turn, sold the property in to Katrina for Php 6. Katrina, in turn, donated the land to Klaret School last August 30, to be used as the site for additional classrooms.

Found: 25 Apr 2021 | Rating: 88/100

TAXATION LAW Bar Exam Suggested Answers -

The Philippine branch constructed a manufacturing plant in Kabuyao, Laguna, and the construction lasted three 3 years. Commercial operations in the Laguna plant began in However, the head office in Korea instructed the branch not to remit the profits to the Korean head office until instructed otherwise. Unknown to many, Karissa was only holding the property in trust for a rich politician who happened to be her lover. It was the politician who paid for the full purchase price of the Kawayan property. No deed of trust or any other document showing that Karissa was only holding the property in trust for the politician was executed him and Karissa.

Found: 15 Apr 2021 | Rating: 91/100

Bar Exams Q & A ()

Karissa died single on May 1, due to freak surfing accident. She left behind a number of personal properties as well as a real properties, including the Kawayan property. The following were claimed as deductions in the estate tax return. The siblings had no plans to use the property. Thus, they decided to donate the land but were not sure to whom the donation should be made. They consult you, as well-known tax law expert, on the tax implications of the possible donations they plan to make, by giving you a list of the possible donees: The Kanlaon City High School Alumni Association KCHS AA , since the siblings are all alumni of the same school are active members of the organization.

Found: 25 Apr 2021 | Rating: 86/100

PALS Suggested Answers To The Bar Examinations By Philippine Association Of Law Schools (PALS)

KCHS AA is an organization intended to promote and strengthen ties between the school and its alumni; The Kanlan City Water District which intends to use the Land for its office;or Their second cousin on the maternal side, Kikay, who serves as the caretaker of the property. Advise the siblings which donation would expose them to the least tax liability. Is the transfer subject VAT? This property is being used by Klaus, Inc. Krimson recently grew tired of the long commute from Katipunan to his office in Makati City and caused the company to sell the house and lot. The sale as recorded in the book of Klaus, Inc. Is the sale of the said property subject VAT? He earns extra from the land he inherited from his parents, and which land he has been leasing to a private, non-stock, non-profit school since Moreover, it said that Koko was not regularly engaged in the real estate business and, therefore, was not subject to VAT.

Found: 2 Apr 2021 | Rating: 85/100

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