58
INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS SOLUTION MANUAL REX BANGGAWAN 2017 EDITION CHAPTER 1 – INTRODUCTION TO TAXATION EXERCISE DRILL 1. N 2. I 3. C & I 4. N 5. C 6. C & I 7. C 8. C 9. C 10. C 11. C 12. I 13. C 14. N 15. C 16. C 17. I 18. C 19. N 20. N TRUE OR FALSE 1 1. FALSE 2. TRUE 3. TRUE 4. TRUE 5. FALSE 6. FALSE 7. TRUE 8. FALSE 9. TRUE 10. TRUE TRUE OR FALSE 2

INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

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Page 1: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

SOLUTION MANUAL REX BANGGAWAN 2017 EDITION

CHAPTER 1 – INTRODUCTION TO TAXATION

EXERCISE DRILL

1. N

2. I

3. C & I

4. N

5. C

6. C & I

7. C

8. C

9. C

10. C

11. C

12. I

13. C

14. N

15. C

16. C

17. I

18. C

19. N

20. N

TRUE OR FALSE 1

1. FALSE

2. TRUE

3. TRUE

4. TRUE

5. FALSE

6. FALSE

7. TRUE

8. FALSE

9. TRUE

10. TRUE

TRUE OR FALSE 2

Page 2: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. FALSE

2. FALSE

3. TRUE

4. TRUE

5. TRUE

6. TRUE

7. FALSE

8. FALSE

9. FALSE

10. FALSE

MC- THEORY: PART 1

1. A

2. D

3. D

4. A

5. D

6. D

7. A

8. A

9. B

10. C

11. D

12. D

13. C

14. C

15. B

16. D

17. D

18. A

19. D

20. D

21. C

22. C

23. C

24. C

25. B

26. C

27. C

28. D

29. C

30. A

31. B

32. D

Page 3: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

33. A

34. B

MC-THEORY: PART 2

1. A

2. B

3. B

4. A

5. C

6. D

7. C

8. B

9. B

10. B

11. D

12. C

13. C

14. D

15. C

16. A

17. B

18. D

19. C

20. D

21. A

22. B

MC- THEORY: PART 3

1. B

2. A

3. C

4. A

5. C

6. A

7. D

8. D

9. A

10. C

11. B

12. C

13. B

14. C

15. D

Page 4: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

16. A

17. B

18. D

19. B

20. D

21. C

22. D

23. D

24. B

CHAPTER 2 – TAXES, TAX LAWS, AND TAX ADMINISTRATION

EXERCISE DRILL 1

1. OTHER PERCENTAGE TAX

2. DONOR’S TAX

3. REGRESSIVE TAX

4. INDIRECT TAX

5. AD VALOREM

6. FISCAL OR REVENUE TAX

7. NATIONAL TAX

8. EXCISE TAX

9. ESTATE TAX

10. PERSONAL, POLL, OR CAPITATION

11. PROPORTIONAL TAX

12. SPECIFIC TAX

13. DIRECT TAX

14. REGULATORY

15. EXCISE / PRIVELEGE TAX

EXERCISE DRILL 2

1. REVENUE

2. TAX

3. SPECIAL ASSESSMENT

4. CUSTOM’S DUTIES

5. LICENSE FEE

6. TAX

7. DEBT

8. TOLL

9. PENALTY

10. DEBT

EXERCISE DRILL 3

Page 5: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. 200,000/QUARTER

2. 1,000,000/YEAR

3. 1,000000/YEAR

4. 1,000,000/YEAR

5. 200,000/QUARTER

6. 1,000,000/YEAR

1. 1,000,000,000 IN A YEAR

2. 300,000,000 AT A YEAR END

3. 800,000,000 IN THE PRECEDING YEAR

MC- THEORY: PART 1

1. B

2. A

3. C

4. C

5. B

6. A

7. A

8. B

9. C

10. D

11. A

12. B

13. B

14. C

15. C

16. D

17. D

18. D

19. C

20. D

21. D

22. B

23. A

24. B

25. B

26. A

27. D

28. B

29. B

30. C

31. D

Page 6: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

32. D

33. C

34. A

35. D

36. B

37. D

38. B

39. D

40. A

41. B

42. A

43. D

44. A

45. C

MC- THEORY: PART 2

1. A

2. C

3. A

4. D

5. D

6. C

7. C

8. A

9. D

10. B

11. C

12. D

13. D

14. A

MC- THEORY: PART 3

1. B

2. C

3. A

4. A

5. B

6. D

7. D

8. C

9. A

10. A

11. D

12. B

Page 7: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

13. B

14. D

15. C

16. D

17. C

18. A

19. C

20. D

21. D

22. B

CHAPTER 3 – INTRODUCTION TO INCOME TAXATION

EXERCISE DRILL 1

1. 1,000,000 – 0

2. 400,000 – 100,000

3. 300,000 – 0

4. 0 – 600,000

5. 1,200,000 – 0

EXERCISE DRILL 2

1. INCOME TAX

2. INCOME TAX

3. INCOME TAX

4. TRANSFER TAX

5. TRANSFER TAX

6. INCOME AND TRANSFER TAX

EXERCISE DRILL 3

1. TAXABLE

2. TAXABLE

3. EXEMPT

4. EXEMPT

5. TAXABLE

6. TAXABLE

7. TAXABLE

8. EXEMPT

9. EXEMPT

10. TAXABLE

11. TAXABLE

12. EXEMPT

Page 8: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

13. EXEMPT

14. EXEMPT

15. EXEMPT

16. TAXABLE

17. TAXABLE

18. EXEMPT

19. EXEMPT

20. EXEMPT

21. EXEMPT

22. EXEMPT

EXERCISE DRILL 4

1. NRA- NETB

2. NRC

3. NRC

4. RC

5. RC

6. NRA- NETB

7. RA

8. RA

9. DC

10. RFC

11. RC

12. NT

13. DC

14. NRFC

15. NRC

16. NT

17. DC

18. DC

EXERCISE DRILL 5

1. PI

2. PI

3. PI

4. PI

5. WI

6. PI

7. PI

8. WI

9. WI

10. PI

EXERCISE DRILL 6

Page 9: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. 60K – 40K

2. 600K – 400K

3. 40K – 100K

4. 120K – 0

5. 0 – 500K

6. 40K – 0

7. 2M – 0

8. 50K – 0

9. 20K – 30K

10. 24K – 16K

11. 100K – 0

12. 150K – 100K

13. 0 – 100K

14. 0 – 20K

15. 400K – 0

MC- THEORY: PART 1

1. C

2. D

3. A

4. A

5. A

6. D

7. B

8. B

9. B

10. B

11. B

12. A

13. C

14. D

15. D

16. D

MC- THEORY: PART 2

1. A

2. B

3. B

4. C

5. D

6. B

7. C

8. A

9. A

Page 10: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

10. A

11. C

12. B

13. C

14. D

15. C

16. A

17. D

18. C

MC- THEORY: PART 3

1. A

2. A

3. A

4. D

5. D

6. C

7. D

MC- PROBLEMS

1. B

2. C

3. C

4. A

5. C

6. C

7. A

8. C

9. C

10. D

11. C

12. D

13. D

14. C

15. A

16. D

17. C

18. D

19. D

20. A

21. B

22. C

23. D,C,B,D

CASE PROBLEMS 1

Page 11: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. 1,040,000

2. 760,000

CASE PROBLEM 2

1. 750,000

2. 340,000

CASE PROBLEM 3

1. A

CHAPTER 4 – INCOME TAX SCHEMES, ACCOUNTING PERIODS, METHODS, & REPORTING

TRUE OR FALSE 1

1. F

2. T

3. F

4. T

5. T

6. F

7. T

8. F

9. T

10. T

11. T

12. F

13. T

14. F

15. T

TRUE OR FALSE 2

1. T

2. T

3. T

4. T

5. T

6. F

7. T

8. F

9. T

10. F

11. F

Page 12: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

12. F

13. T

14. F

15. T

16. F

17. T

18. T

19. T

20. T

MC- THEORY: PART 1

1. A

2. D

3. B

4. C

5. D

6. D

7. D

8. A

9. B

10. A

11. B

12. B

13. C

14. B

15. C

16. B

17. C

18. A

19. B

20. C

MC- PROBLEM 1

1. B

2. C

3. B

4. C

5. B

6. B

7. B

8. C

9. C

10. A

MC- PROBLEM 2

Page 13: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. A

2. B

3. B

4. D

5. C

6. D

7. C

8. C

9. D

10. A

11. B

12. C

13. A

14. B

15. B

16. A

17. D

18. A

19. B

20. D

MC- PROBLEM 3

1. A

2. C

3. D

4. C

5. B

6. B

7. C

8. A

9. A

CHAPTER 5 – FINAL INCOME TAXATION

TRUE OR FALSE 1

1. T

2. F

3. F

4. T

5. F

6. T

7. F

Page 14: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

8. F

9. F

10. F

11. F

12. F

13. F

14. F

15. T

16. F

17. F

TRUE OR FALSE 2

1. F

2. F

3. F

4. F

5. T

6. T

7. F

8. F

9. T

10. T

11. T

12. F

13. T

14. F

15. T

MC- THEORY 1

1. A

2. B

3. D

4. D

5. B

6. C

7. A

8. D

9. C

10. C

11. C

12. C

13. C

14. C

15. A

Page 15: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

MC- THEORY 2

1. B

2. B

3. D

4. B

5. D

6. D

7. A

8. C

9. C

10. D

11. A

12. D

13. A

14. A

15. D

16. D

17. D

18. C

MC- PROBLEM 1

1. D

2. C

3. A

4. A

5. C

6. C

7. C

8. D

9. B

10. B

11. A

12. A

13. B

14. A

15. D

MC- PROBLEM 2

1. B

2. C

3. B

4. D

5. A

6. B

Page 16: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

7. B

8. D

9. C

10. D

11. D

12. D

13. C

14. A

15. B

MC- PROBLEM 3

1. B

2. A

3. D

4. D

5. B

6. D

7. D

8. A

9. C

10. C

11. D

12. C

13. A

CHAPTER 6 – CAPITAL GAINS TAXATION

TRUE OR FALSE 1

1. T

2. F

3. T

4. F

5. F

6. F

7. T

8. T

9. T

10. T

11. T

12. T

13. T

14. F

15. F

Page 17: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

16. F

17. T

18. F

19. F

20. F

TRUE OR FALSE 2

1. T

2. F

3. F

4. F

5. T

6. T

7. F

8. T

9. F

10. T

11. T

12. F

13. T

14. T

15. F

16. T

17. F

18. T

19. F

20. T

MC- THEORY: PART 1

1. C

2. A

3. C

4. D

5. D

6. C

7. A

8. C

9. D

10. A

11. C

12. D

13. A

14. C

15. D

Page 18: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

MC- THEORY: PART 2

1. D

2. C

3. D

4. D

5. C

6. A

7. C

8. D

9. C

10. B

11. D

12. C

13. B

14. A

15. B

16. A

17. B

MC- THEORY: PART 3

1. A

2. C

3. A

4. B

5. C

6. D

7. A

8. D

9. C

10. D

11. A

12. B

13. D

14. D

15. A

MC- PROBLEM 1

1. D

2. D

3. C

4. D

5. C

6. C

7. D

Page 19: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

8. A

9. A

10. B

11. D

12. B

13. C

14. B

15. A

16. A

MC- PROBLEM 2

1. A

2. D

3. D

4. D

5. C

6. D

7. B

8. A

9. A

10. C

MC- PROBLEM 3

1. A

2. D

3. C

4. A

5. D

6. C

7. B

8. D

9. D

10. A

11. A

12. B

MC- PROBLEM 4

1. A

2. B

3. C

4. B

5. C

6. C

7. B

Page 20: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

8. C

9. D

10. D

11. C

12. B

CHAPTER 7 – INTRODUCTION TO REGULAR INCOME TAX

TRUE OR FALSE 1

1. T

2. F

3. F

4. F

5. T

6. F

7. F

8. T

9. F

10. T

TRUE OR FALSE 2

1. T

2. F

3. F

4. T

5. F

6. T

7. T

8. T

9. T

10. F

MC- THEORY: PART 1

1. C

2. A

3. D

4. C

5. A

6. D

7. A

8. D

Page 21: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

9. B

10. B

11. D

12. B

13. B

14. A

15. C

16. D

17. C

18. D

19. A

20. A

21. D

22. A

MC- THEORY: PART 2

1. D

2. D

3. C

4. D

5. A

6. A

7. B

8. A

9. D

10. A

11. B

12. A

13. B

14. B

15. D

16. C

17. D

18. A

19. C

20. D

21. D

22. D

23. A

24. B

25. A

MC- PROBLEM 1

1. A

Page 22: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

2. C

3. A

4. D

5. A

6. C

7. B

8. A

9. C

10. A

11. C

12. A

13. D

MC- PROBLEM 2

1. B

2. C

3. D

4. A

5. B

6. A

7. B

8. B

CHAPTER 8– REGULAR INCOME TAX: EXCLUSIONS FROM GROSS INCOME

TRUE OR FALSE 1

1. T

2. T

3. F

4. F

5. F

6. T

7. T

8. F

9. T

10. F

11. T

12. T

13. F

14. F

15. F

Page 23: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

TRUE OR FALSE 2

1. F

2. T

3. F

4. T

5. T

6. F

7. T

8. T

9. F

10. T

11. F

12. T

13. F

14. T

15. F

MC- THEORY 1

1. C

2. B

3. C

4. D

5. B

6. B

7. A

8. D

9. B

10. D

11. A

12. D

13. C

14. A

15. C

MC-THEORY 2

1. D

2. D

3. A

4. B

5. A

6. C

7. D

8. C

9. A

Page 24: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

10. C

11. B

12. C

13. B

14. C

15. A

MC- PROBLEM 1

1. D

2. D

3. C

4. C

5. B

6. A

7. D

8. A

9. C

10. C

11. A

12. B

13. C

14. A

15. D

MC- PROBLEM 2

1. B

2. A

3. A

4. C

5. D

6. D

7. A

8. C

9. D

10. A

11. B

12. C

13. A

14. C

15. D

CHAPTER 9 – REGULAR INCOME TAX: INCLUSIONS IN GROSS INCOME

Page 25: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

TRUE OR FALSE 1

1. T

2. T

3. F

4. T

5. F

6. T

7. T

8. T

9. T

10. T

11. T

12. F

13. T

14. T

15. F

16. F

17. T

18. F

19. T

20. T

TRUE OR FALSE 2

1. T

2. F

3. T

4. T

5. F

6. T

7. T

8. F

9. F

10. F

11. F

12. F

13. F

14. F

15. F

16. F

17. T

18. T

19. F

20. F

21. T

Page 26: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

22. F

23. T

24. F

25. T

26. F

27. T

MC- THEORY: PART 1

1. D

2. A

3. C

4. C

5. B

6. C

7. D

8. B

9. B

10. C

11. B

12. D

13. D

14. A

15. A

16. A

17. C

18. D

19. B

20. A

MC- THEORY: PART 2

1. A

2. D

3. D

4. B

5. C

6. B

7. D

8. B

9. C

10. C

11. D

12. B

13. D

14. C

Page 27: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

15. A

MC- PROBLEM 1

1. D

2. D

3. B

4. A

5. C

6. C

7. A

8. C

9. A

10. A

11. B

12. D

13. B

14. C

15. B

16. A

17. C

18. C

19. D

20. B

21. A

22. D

23. C

MC- PROBLEM 2

1. C

2. A

3. B

4. C

5. D

6. A

7. A

8. D

9. D

10. A

11. C

12. C

13. C

14. D

15. B

16. C

Page 28: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

17. A

18. A

19. D

20. A

MC- PROBLEM 3

1. D

2. B

3. D

4. D

5. C

6. A

7. A

8. A

9. B

10. C

CHAPTER 10 – COMPENSATION INCOME

TRUE OR FALSE 1

1. T

2. F

3. T

4. T

5. T

6. F

7. F

8. T

9. T

10. F

11. T

12. F

13. F

14. T

15. T

16. F

17. F

18. F

19. F

20. T

TRUE OR FALSE 2

1. F

Page 29: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

2. T

3. F

4. T

5. T

6. T

7. T

8. F

9. F

10. F

11. T

12. F

13. T

14. F

15. F

16. F

17. T

18. T

19. T

20. F

21. F

22. F

23. F

24. T

25. F

26. T

27. F

28. T

29. T

30. T

EXERCISE DRILL 1

1. DM-DM

2. SC-SC

3. DM-DM

4. DM-DM

5. OB-OB

6. RC-RC

7. DM-DM

8. OB-OB

9. OB-OB

10. DM-DM

11. DM-DM

12. EB-EBB

13. OB-FB

Page 30: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

14. RC-RC

15. SC-SC

16. OB-FB

17. SC-SC

18. SC-SC

19. EB-EB

20. RC-RC

21. OB-FB

22. DM&OB FOR EXCESS – DM&FB FOR EXCESS

23. EB-EB

24. EB-EB

25. SC-SC

EXERCISE DRILL 2

1. 62.5 – 5925

2. 4000 – 2000

3. 125 – 10500

4. 0 – 6000

5. 10000 – 2000

6. 5000 – 3000

7. 300 – 2400

8. 0 – 10000

9. 5000 – 3000

10. 1500 – 6000

EXERCISE DRILL 3

1. 242000

EXERCISE DRILL 4

1. 43000

2. 0

EXERCISE DRILL 5

1. 1328000 – 0 – 0

2. 1315000 – 0 – 13000

3. 0 – 1415000 – 13000

EXERCISE DRILL 6

1. 48000

2. 97000

3. 153000

MC- THEORY: PART 1

1. D

Comment [SO1]:

Page 31: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

2. C

3. C

4. A

5. C

6. C

7. D

8. C

9. C

10. A

11. D

12. D

13. A

14. B

15. D

MC- THEORY: PART 2

1. A

2. D

3. A

4. B

5. A

6. D

7. C

8. D

9. C

10. C

11. D

12. D

13. C

14. B

15. C

16. B

17. C

18. C

19. C

20. D

21. A

22. D

23. B

MC- PROBLEM 1

1. D

2. B

3. A

Page 32: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

4. D

5. A

6. C

7. D

8. A

9. C

10. D

11. A

12. D

13. D

14. B

15. B

MC- PROBLEM 2

1. C

2. C

3. C

4. A

5. B

6. B

7. C

8. A

9. A

10. B

11. A

12. B

13. C

14. D

15. C

16. C

17. B

CHAPTER 11 – FRINGE BENEFIT TAX

TRUE OR FALSE 1

1. F

2. F

3. T

4. T

5. T

6. F

7. F

8. F

Page 33: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

9. T

10. T

TRUE OR FALSE 2

1. F

2. T

3. F

4. T

5. T

6. T

7. T

8. T

9. T

10. T

11. T

12. F

13. T

14. T

15. F

MC- THEORY 1

1. D

2. A

3. A

4. B

5. C

6. B

7. D

8. A

9. C

10. C

11. A

12. C

13. A

14. C

15. A

MC- THEORY 2

1. D

2. A

3. A

4. B

5. C

6. C

Page 34: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

7. A

8. D

9. A

10. A

MC- PROBLEM 1

1. D

2. A

3. D

4. B

5. C

6. D

7. A

8. C

9. A

10. C

MC- PROBLEM 2

1. C

2. C

3. B

4. B

5. B

6. A

7. D

8. C

9. D

10. A

MC- PROBLEM 3

1. B

2. D

3. B

4. D

5. C

6. C

7. D

8. B

9. A

10. C

11. C

12. C

Page 35: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

CHAPTER 12 – DEALINGS IN PROPERTIES

TRUE OR FALSE 1

1. T

2. T

3. T

4. T

5. F

6. T

7. T

8. F

9. F

10. F

11. F

12. F

13. F

14. F

15. T

TRUE OR FALSE 2

1. T

2. T

3. T

4. F

5. F

6. T

7. T

8. F

9. T

10. F

11. F

12. F

13. T

14. T

15. F

MC- THEORY: PART 1

1. D

2. A

3. D

4. C

5. A

6. D

7. A

Page 36: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

8. B

9. D

10. A

11. C

12. B

13. C

14. A

15. A

16. C

17. B

18. C

19. C

20. A

21. A

22. B

23. B

24. C

25. D

26. C

27. A

28. D

29. C

30. B

MC- THEORY: PART 2

1. A

2. B

3. C

4. A

5. A

6. B

7. B

8. C

9. C

10. A

11. B

12. D

13. A

14. A

15. C

16. B

17. D

MC- PROBLEM 1

Page 37: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. D

2. C

3. B

4. D

5. A

6. C

7. B

8. D

9. C

10. C

11. D

12. D

13. A

14. A

15. A

16. D

MC- PROBLEM 2

1. D

2. D

3. C

4. A

5. B

6. C

7. D

8. D

9. D

10. D

11. C

12. A

13. B

14. D

15. B

16. A

17. D

CHAPTER 13 – PRINCIPLES OF DEDUCTIONS

EXERCISE DRILL 1

1. PE

2. BE

Page 38: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

3. BE

4. PE

5. PE

6. BE

7. PE

8. BE

9. BE

10. PE

11. PE

12. BE

13. PE

14. BE

15. BE

EXERCISE DRILL 2

1. - , - , 200K

2. 25K, 50K, 50K

3. -, 200K, -

4. -, 200K, -

5. 100K, 100K, -

EXERCISE DRILL 3

1. 1960000

EXERCISE DRILL 4

Page 39: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

EXERCISE DRILL 5

1. NDE

2. DE

3. CE

4. NDE

5. CE

6. NDE

7. CE

8. NDE

9. DE

10. CE

11. NDE

12. NDE

Page 40: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

13. NDE

14. NDE

15. NDE

16. DE

17. CE

18. CE

19. CE

20. DE

21. DE

22. DE

23. NDE

24. NDE

25. NDE

26. NDE

27. DE

28. NDE

29. NDE

30. NDE

TRUE OR FALSE 1

1. T

2. F

3. F

4. T

5. F

6. T

7. T

8. F

9. F

10. T

TRUE OR FALSE 2

1. F

2. T

3. T

4. F

5. T

6. F

7. T

8. F

9. F

10. F

MC- THEORY: PART 1

Page 41: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. C

2. A

3. A

4. A

5. C

6. B

7. B

8. B

9. B

10. C

11. D

12. D

13. B

14. D

15. B

16. D

17. A

18. A

19. B

20. D

21. D

22. C

23. C

24. D

25. C

MC- THEORY: PART 2

1. D

2. D

3. A

4. B

5. B

6. A

7. D

8. D

9. D

10. A

11. D

12. D

13. C

14. C

15. D

16. D

17. A

Page 42: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

18. D

19. A

20. D

21. B

22. C

23. A

24. D

25. D

MC- PROBLEM 1

1. A

2. A

3. A

4. C

5. B

6. C

7. B

8. B

9. C

10. A

11. C

12. D

13. A

14. B

15. D

16. A

MC- PROBLEM 2

1. A

2. A

3. C

4. B

5. C

6. B

7. A

8. B

9. A

10. D

11. C

12. A

13. B

14. B

15. D

MC- PROBLEM 3

Page 43: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. B

2. D

3. D

4. D

5. A

6. D

7. C

8. B

9. C

10. B

CHAPTER 13A – REGULAR ALLOWABLE ITEMIZED DEDUCTIONS

TRUE OR FALSE 1

1. F

2. T

3. F

4. T

5. T

6. T

7. F

8. T

9. F

10. T

11. F

12. F

13. T

14. F

15. T

TRUE OR FALSE 2

1. T

2. F

3. F

4. T

5. F

6. T

7. T

8. T

9. F

10. T

Page 44: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

11. F

12. T

13. T

14. F

15. T

TRUE OR FALSE 3

1. T

2. T

3. T

4. F

5. T

6. T

7. T

8. T

9. T

10. T

11. T

12. F

13. F

14. F

15. F

16. F

17. T

18. T

19. F

20. T

21. F

MC- THEORY: PART 1

1. C

2. A

3. A

4. D

5. C

6. C

7. C

8. D

9. C

10. D

11. C

12. A

13. B

14. C

Page 45: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

15. C

MC- THEORY: PART 2

1. C

2. D

3. A

4. A

5. D

6. C

7. B

8. A

9. D

10. D

MC- PROBLEM 1

1. A

2. C

3. D

4. A

5. D

6. B

7. C

8. D

9. B

10. A

11. C

12. C

13. C

14. C

15. C

MC- PROBLEM 2

1. B

2. A

3. D

4. C

5. B

6. B

7. C

8. C

9. C

10. B

11. B

12. C

Page 46: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

13. C

14. C

15. B

16. C

CHAPTER 13B – SPECIAL ALLOWABLE ITEMIZED DEDUCTIONS AND NET OPERATING LOSS CARRY-OVER

TRUE OR FALSE 1

1. F

2. F

3. T

4. F

5. T

6. T

7. F

8. T

9. F

10. F

11. T

12. T

13. T

14. T

15. T

16. F

17. T

18. F

19. T

20. T

EXERCISE DRILL

MC-PROBLEM 1

Page 47: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. D

2. B

3. B

4. A

5. B

6. B

7. B

8. D

9. B

10. D

11. D

12. D

13. A

14. D

15. D

16. C

17. A

18. C

19. B

20. B

21. B

22. C

MC- PROBLEM 2

1. B

2. A

3. B

4. A

5. B

6. A

7. B

8. C

9. D

10. A

11. B

CHAPTER 13C – OPTIONAL STANDARD DEDUCTION

TRUE OR FALSE

1. T

2. F

Page 48: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

3. F

4. T

5. F

6. F

7. F

8. T

9. T

10. T

11. F

12. T

13. T

14. F

15. T

16. F

17. F

18. T

19. F

20. F

EXERCISE DRILL 1

1. /

2. /

3. /

4.

5. /

6. /

7.

8.

9. /

10. /

EXERCISE DRILL 2

1. 2080000

2. 1008000

EXERCISE DRILL 3

1. 3120000 – 3600000

2. 1380000 – 1740000

EXERCISE DRILL 4

1. 2000000

2. 840000

MC- THEORY 1

Page 49: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

1. A

2. D

3. A

4. B

5. A

6. D

7. A

8. B

9. D

10. A

11. D

12. D

MC- THEORY 2

1. C

2. A

3. D

4. D

5. C

6. B

7. D

8. D

9. A

10. C

11. D

12. C

13. C

14. A

MC- PROBLEM 1

1. D

2. A

3. A

4. D

5. B

6. C

7. B

8. A

9. B

10. A

MC- PROBLEM 2

1. C

2. B

Page 50: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

3. B

4. C

5. A

6. A

7. B

8. C

CHAPTER 14 – INDIVIDUAL INCOME TAXATION

TRUE OR FALSE 1

1. F

2. F

3. F

4. T

5. F

6. F

7. F

8. F

9. T

10. F

11. F

12. T

13. T

14. F

15. T

TRUE OR FALSE 2

1. F

2. F

3. T

4. F

5. F

6. T

7. F

8. T

9. F

10. T

11. F

12. T

13. F

14. F

15. F

Page 51: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

TRUE OR FALSE 3

1. T

2. T

3. F

4. T

5. T

6. T

7. F

8. F

9. T

10. T

11. T

12. F

13. T

14. T

15. F

16. F

17. T

18. F

19. T

20. F

MC- THEORY: PART 1

1. A

2. C

3. D

4. A

5. A

6. B

7. C

8. A

9. A

10. D

11. B

12. D

13. A

14. C

15. B

MC- THEORY: PART 2

1. D

2. C

3. A

4. D

Page 52: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

5. C

6. D

7. D

8. D

9. D

10. A

11. A

12. A

13. C

14. D

15. D

MC-THEORY: PART 3

1. C

2. D

3. A

4. C

5. A

6. A

7. D

8. D

9. A

10. D

11. A

12. A

13. D

14. C

15. A

16. B

17. C

18. C

19. D

20. C

MC- PROBLEM 1

1. A

2. A

3. C

4. B

5. B

6. A

7. B

8. C

9. C

Page 53: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

10. B

11. C

12. D

13. B

14. D

15. B

16. C

17. C

MC- PROBLEM 2

1. D

2. B

3. D

4. B

5. A

6. A

7. D

8. A

9. C

10. B

11. D

12. A

13. B

14. B

15. B

16. A

MC- PROBLEM 3

1. C

2. A

3. C

4. C

5. B

6. C

7. B

8. B

9. C

10. B

11. A

12. B

13. D

14. C

15. A

Page 54: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

CHAPTER 15A – CORPORATE INCOME TAXATION – SPECIAL CORPORATION

MC- THEORY 1

1. D

2. A

3. A

4. D

5. A

6. A

7. C

8. D

9. B

10. A

11. C

12. D

13. D

14. C

15. D

MC- THEORY 2

1. C

2. C

3. D

4. B

5. C

6. B

7. D

8. B

9. D

10. B

11. D

12. C

13. B

14. A

15. A

16. B

17. C

MC- PROBLEM 1

1. D

2. A

3. B

4. B

5. D

Page 55: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

6. A

7. B

8. C

9. C

10. A

11. C

12. B

MC- PROBLEM 2

1. A

2. C

3. B

MC- PROBLEM 3

1. B

2. B

MC- PROBLEM 4

1. A

2. D

3. D

4. C

5. D

6. C

7. C

8. B

MC- PROBLEM 5

1. D

2. B

MC-PROBLEM 6

1. D

2. B

MC- PROBLEM 7

1. C

2. C

MC- PROBLEM 8

1. D

2. A

3. A

4. C

Page 56: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

5. D

6. B

7. B

MC-PROBLEM 9

1. D

2. D

CHAPTER 15B – CORPORATE INCOME TACATION – REGULAR CORPORATION

MC- THEORY: PART 1

1. C

2. C

3. A

4. D

5. D

6. D

7. C

8. C

9. A

10. B

11. A

12. C

13. D

14. C

15. D

MC- THEORY: PART 2

1. B

2. B

3. C

4. A

5. D

6. D

7. A

8. A

9. D

10. C

11. A

12. D

13. A

14. B

15. A

Page 57: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

MC- THEORY: PART 3

1. A

2. A

3. A

4. B

5. A

6. D

7. C

8. A

9. D

10. D

11. D

12. B

13. C

14. B

15. A

MC- PROBLEM 1

1. C

2. B

3. C

4. A

5. D

6. D

7. B

8. C

9. C

10. C

11. D

12. A

13. C

14. C

15. C

16. B

17. D

MC- PROBLEM 2

1. C

2. D

3. A

4. D

5. B

6. B

7. C

Page 58: INCOME TAXATION: LAWS, PRINCIPLES AND APPLICATIONS

8. D

9. A

10. B

11. B

12. B

13. A

14. C

15. C

16. B

17. C

18. D