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Income Taxation

75 answers

A government officer considered as tax enforcer by having the power to ascertain the validity of tax laws subject to the review of the Courts of Justice
  • Secretary of JusticeCorrect Correct
265
A tax evader sidesteps the law, while the tax avoider breaks it.
  • FALSECorrect Correct
101
All amounts received from a life insurance annuity are taxable.
  • FALSECorrect Correct
299
All BIR approved retirement pays are exempted from income tax.
  • TRUECorrect Correct
104
All damage recoveries are not taxable.
  • TRUECorrect Correct
302
All government entities regardless of their functions are exempted from taxes because it would be impractical for the government to be taxing itself.
  • FALSECorrect Correct
295
All of the following are administrative functions of taxation except
  • selection of object of taxCorrect Correct
233
All of the following are inherent restrictions on the exercise of taxation power, except
  • rule of uniformityCorrect Correct
251
All of the following are National taxes as to collecting authority except
  • real property taxCorrect Correct
192
All of the following are not taxes except
  • custom dutiesCorrect Correct
264
An increase in the value of property is income.
  • TRUECorrect Correct
48
As a rule, excess amount of liquidating dividends over cost of shares surrendered is taxable.
  • TRUECorrect Correct
43
Below are the legal sources of income. Select three sources of income.
  • Salary, Gambling, Bonus, RebatesCorrect Correct
209
Cash method of reporting income can deduct prepaid expenses in the year of payment.
  • FALSECorrect Correct
244
Distinctions of Income
  • Capital, Revenue, ReceiptsCorrect Correct
196
Dividends received by a cooperative from a domestic corporation are tax exempt.
  • TRUECorrect Correct
334
Gain from redemption of shares in mutual fund is exempted from income tax.
  • TRUECorrect Correct
116
Gross income includes other income from other sources.
  • TRUECorrect Correct
161
If the taxpayer is an individual, his taxable income shall be computed on the basis of calendar year.
  • FALSECorrect Correct
316
In general, bills need not to be signed by the President to become a law.
  • FALSECorrect Correct
188
In installment method, the excess of mortgage assumed over cost of property sold is considered as part of the initial payment.
  • FALSECorrect Correct
272
In tax capitalization, the buyer absorbs the payment if tax and includes the same as part of the cost of the acquired property.
  • TRUECorrect Correct
68
In taxation, it is one's civil liability to pay taxes which gives rise to criminal liability.
  • TRUECorrect Correct
145
Income that is not realized is taxable.
  • FALSECorrect Correct
131
It is a civil penalty imposed by law in addition to the main tax required to be paid dud to delinquency or misrepresentation of taxes.
  • SurchargesCorrect Correct
258
It is a contract whereby the parties, by reciprocal concessions, avoid litigation or put an end to one already commenced.
  • CompromiseCorrect Correct
209
It is a legal claim granted to the government to secure the proper payment of the tax, surcharges, interest and costs on all property subject to levy or distraint.
  • Tax LienCorrect Correct
300
It is a scheme of reducing payment of taxes through legally permissible means.
  • Tax AvoidanceCorrect Correct
225
It is a system of collecting taxes in accordance with the country's tax policies.
  • Tax AdministrationCorrect Correct
270
It is the government agency primarily in charge to assess and collect all taxes and charges imposed.
  • Bureau of Internal RevenueCorrect Correct
283
It is twenty five percent (25%) surcharge.
  • Simple NeglectCorrect Correct
228
It terminates or condenses the taxpayer's period.
  • Jeopardy AssessmentCorrect Correct
226
Local tax ordinances must be uniformly and equally applied throughout the country.
  • FALSECorrect Correct
170
Most taxpayers elect to report income in a fiscal year basis.
  • FALSECorrect Correct
277
No person shall be imprisoned for nonpayment of income taxes.
  • FALSECorrect Correct
52
Normal taxes are usually subject to creditable withholding tax.
  • TRUECorrect Correct
242
Passive income is subjected to normal tax only if not subjected to final tax.
  • TRUECorrect Correct
194
Protection is the basic consideration that justifies tax situs.
  • TRUECorrect Correct
150
Revenues derived from taxes cannot be used for the exclusive use of private persons.
  • TRUECorrect Correct
269
Select the right answer.
  • Installment of payments. → Annuities, Reward for an event. → Winning, By month. → Salary, Illegal source of income → Embezzlement, Reward for a contest. → Prize, By hour, day, week. → Wage, Allowance on his retirement. → Pension, Amount of wealth plus savings and earnings. → Income, Leasehold improvement is recognized. → Outright Method, Total earnings from whatever source. → Gross Income Correct
229
Sovereign equality dictates that a nation cannot impose taxes on the property of another country.
  • TRUECorrect Correct
82
Tax Administration is a system involving enforcement of taxes through the use of
  • Tax Assessment and CollectionCorrect Correct
164
Tax affects the area or nation as a community rather than as individuals. This is a specific explanation of
  • Public PurposeCorrect Correct
94
Tax exemption is transferable and assignable.
  • FALSECorrect Correct
197
Taxation co-exist with the four elements of the state which includes all, except
  • PropertyCorrect Correct
297
Taxation could be described as a power, as a process, or as a means. As a power, taxation is a way of apportioning the cost of government among those who are privileged to enjoy its benefits.
  • FALSECorrect Correct
260
Taxation is the government's legitimate means of interfering with private properties of its subjects.
  • TRUECorrect Correct
230
Taxation is the primary source of government revenue. Hence, all government funds come from taxes.
  • FALSECorrect Correct
182
Taxes collected by the BIR are local taxes.
  • FALSECorrect Correct
113
The 13th month pay and other benefits amounting to P82,000 and below are not taxable.
  • TRUE Correct
251
The benefits from taxation have to be experienced to justify the legitimacy of collection of taxes from the people.
  • FALSECorrect Correct
314
The deferred payment method adopts the present value of reporting income.
  • FALSECorrect Correct
274
The existence of a Constitution is necessary for the exercise of the inherent powers of the Sovereign State.
  • FALSECorrect Correct
299
The following are business taxes except
  • custom dutiesCorrect Correct
222
The monetary value of availed vacation and sick leaves is compensation income.
  • FALSECorrect Correct
260
The net worth method is commonly used in determining the taxable income of taxpayers with complete accounting records.
  • TRUECorrect Correct
224
The Philippine tax laws are not political and penal in nature.
  • TRUECorrect Correct
88
The power to tax includes the power to destroy because the taxpayer has no option but to pay the tax imposed to him.
  • Marshall DictumCorrect Correct
379
The State can still exercise its taxing powers over its citizen, even if he resides outside the taxing State's territory.
  • TRUECorrect Correct
213
The tax doctrine of Marshall Dictum explains that tax is a power to destroy.
  • TRUECorrect Correct
191
The th month pay and other benefits amounting to P, and below are not taxable
  • TRUECorrect Correct
3
These are procedures or actions available both to the government to collect taxes and to the taxpayer to avoid abuses in the payment of taxes.
  • Tax RemediesCorrect Correct
340
These refer to the last day for filing return and payment of tax.
  • Due datesCorrect Correct
192
This refers to the process of taxation to determine the amount of tax based on existing tax law.
  • AssessmentCorrect Correct
51
This tax assessment is being asked to be cancelled because there is a question as to its validity or legality.
  • Disputed AssessmentCorrect Correct
341
Tips are taxable.
  • TRUECorrect Correct
177
Where are the sources of Income come from?
  • Within the Philippines, Partly within the Philippines, Partly without the Philippines, Outside PhilippinesCorrect Correct
117
1
Which of the following characteristics describes our internal revenue laws?
  • Generally, prospective in operation although the tax statute may nevertheless operate retrospectively provided it is clearly the legislative intentCorrect Correct
152
Which of the following is not an activity involving tax administration?
  • Passage of tax laws and ordinance through the legislatureCorrect Correct
245
Which of the following is not within the scope of authority of the BIR Commissioner?
  • To exercise the levying function of taxationCorrect Correct
146
Which of the following nature of laws describes tax laws?
  • civilCorrect Correct
63
Which of the following remedies against double taxation requires tax treaty?
  • ReciprocityCorrect Correct
283
Which of the following tax rates behaves in the same direction with the taxable value?
  • progressiveCorrect Correct
325
Which statement is wrong? A revenue bill
  • may have a House version and a Senate version approved separately and then consolidated, with both houses approving the consolidation versionCorrect Correct
228
Who is the BIR Commissioner?
  • Commissioner Caesar R DulayCorrect Correct
73
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