CRC-ACE REVIEW SCHOOL

INTEGRATED REVIEW FEB 18, 2016; 12:00-2:00PM

MIDTERM EXAMINATIONS TAXATION

INSTRUCTIONS: Select the correct answer for each of the following questions. Mark only one answer
for each item by SHADING corresponding to the letter of your choice on the answer sheet provided.
STRICTLY NO ERASURES ALLOWED. Use Pencil No. 1 or No. 2 only.
TAXATION (1-70)

PART I - TRUE OR FALSE

CHOICES FOR ITEMS 1-15
A. TRUE B. FALSE

1. Properties acquired by onerous title during the marriage at the expense of the common fund, where
the acquisition is for only one of the spouses is classified as exclusive property. FALSE
2. Pieces of jewelry as gifts during the marriage shall be considered exclusive property under both
conjugal partnership of gains and absolute community of properties. TRUE
3. Under absolute community of properties, properties if is specifically provided by the donor, testator
or grantor that such property shall form part of the community. TRUE
4. Any loss due to robbery, theft or embezzlement shall be allowed as a deduction from the
decedent’s gross estate provided such loss is sustained within six (6) month before the decedent’s
death and all the other requisites for deductions are met. FALSE
5. Any amount received by the heirs from the decedent’s employer as a consequence of the death of
decedent-employee in accordance with R.A. No. 4917 is allowed as deduction provided that the
amount of the separation benefit is included as part of the gross estate of the decedent. TRUE
6. Unpaid real estate tax at the time of the decedent’s death which will be paid by the estate is a
deduction from the gross estate because the tax accrued at the beginning of the year. TRUE
7. An oral transfer to the National Government exclusively for public purposes from the gross estate is
allowed whether or not the property transferred is situated in the Philippines. FALSE
8. Notice of death is required to be filed within 2 months after the decedent’s death, or within like
period after qualifying as such executor or administrator in all cases of transfer subject to tax or
where, though exempt from tax, the gross value of the gross estate exceeds P20,000. TRUE
9. The estate tax returns shall be supported with statements certified to by a CPA when the estate’s
gross value is P2,000,000 and above. FALSE
10. Estate tax may be paid before, upon, or after the filling of the estate tax return. FALSE
11. Donation inter vivos happens when the donor intends that the donation shall take effect during the
lifetime, though the property shall be delivered till after his death. TRUE
12. The law in force at the time of the completion of the donation shall govern the imposition of donor’s
tax. TRUE
13. A transfer is gratuitous or without consideration and accordingly qualifies as a donation, if no
economic benefit measurable in money or money’s worth flowed to the transferor from the
transferee. TRUE
14. A legally adopted child is entitled to all the right and obligations of legitimate children as provided
by law and therefore, donation to him shall not be considered a donation made to a stranger. TRUE
15. The donation of immovable property requires that the donation be made in a public document
specifying therein the property donated and the value of the charges which the donee must satisfy.
TRUE

16. A person who inherits personal property thru a will:

a. Devisee c. Heir
b. Legatee d. Successor

17. A person who inherits real property thru a will:

a. Devisee c. Heir
b. Legatee d. Successor
MIDTERM EXAMINATIONS: TAXATION P2
18. The payment of estate tax is a personal liability of
A. The heirs or successors
B. The executor or administrator
C. The surviving spouse
D. The estate itself

19. It refers to income received or earned but is not taxable as income because it is exempted by law
or by treaty.
A. Exclusion C. Deduction
B. Inclusion D. Taxation

20. Which of the following will change the status of the taxpayer?
A. Marriage of a dependent within the taxable year.
B. Dependent becoming 21 years old during the year.
C. Dependent gaining employment during the year.
D. Marriage of taxpayer himself during the year.

21. Which of the following franchise grantees shall not be subject to Value-Added Tax?
a. Franchise grantees of electric utilities
b. Franchise grantees of gas and water
c. Franchise grantees of telephone and telegraph
d. Franchise grantees of radio and/ or television broadcasting

22. The VAT on non-life insurance is based on:

a. total premiums collected, whether paid in money, notes, credits or any substitute for money.
b. total premiums collected in money.
c. premiums or payments received front the plan holders.
d. total amount received as enrollment fee from their members plus other charges received.

23. In which of the following cases shall the selling price be deemed inclusive of VAT?
I. If the gross selling price is based on the zonal value or market value of the property
II. If the VAT is not billed separately
a. I only c. Both I and II
b. II only d. Neither I nor II

Nos. 24 and 25 are based on the following:

24. A citizen of the Philippines with a brother 4 years old living with him, with one employer only in the
Philippines, had the following data on compensation income in the City of Manila (he is not a
minimum wage earner) for a calendar year:
Salaries and bonuses P240,000
Thirteenth month pay 20,000
Christmas bonus 20,000
Mid-year bonus 20,000
Payroll deductions:
Philhealth contributions 1,200
SSS premiums 3,000
Pagibig contributions 4,000
Labor union dues 1,000
Payment of loan from employer 5,000
Correct withholding income tax on the compensation income?
A. P48,572 B. P36,294 C. P43,222 D. P40,200

25. If a year-end computation is made, how much will be the income tax still due or refundable?
A. P40,200 B. P48,572 C. P43,222 D. P0

SET A
MIDTERM EXAMINATIONS: TAXATION P3
26. A citizen and resident of the Philippines had a compensation income (net of exclusions) of
P200,000 and a net income from business of P700,000 for a year (P250,000 for the first quarter,
P100,000 for the second quarter, P500,000 for the third quarter, and loss of P150,000 for the fourth
quarter). Income tax was correctly withheld on compensation income. The income tax refundable
for the year is:
A. P42,000 B. P25,000 C. P237,000 D. P37,500

27. Miss Y is a resident citizen of the Philippines. Data for a year:

Gross income from business P700,000
Royalty from books 40,000
Gain on direct sale to buyer of shares of stock of a domestic corporation 70,000
held as capital asset
Loss on sale of land in the Philippines held as capital asset on a selling 500,000
price of P1,000,000, when the fair market value was P1,200,000
Business expenses 300,000

How much is the total income tax expense of the year?

A. P80,000
B. P77,500
C. P156,000
D. P159,500

28. Which of the following statement is wrong?

A. When husband and wife are legally separated, each is a claimant of the additional
exemption/s for the child/ren with him or her.
B. An income tax still due from one spouse and an income tax refundable from the other spouse
will give one net income tax due or one net income tax refundable in one income tax return.
C. The husband is the proper claimant of the additional exemption.
D. Husband and wife in different far places may file separate tax returns.

29. Statement 1. A legitimate child who was insane at the beginning of the year, but who recovered his
sanity within the year is not a unit of additional exemption for the year for the parent.
Statement 2. A married minor daughter whose marriage was annulled and who now lives with and
depend on the parent for support, is a unit of additional exemption for the parent.

A. True, true.
B. False, false.
C. True, false.
D. False, true.

30. The personal exemption of the non-resident alien engaged in trade or business in the Philippines is
equal to that allowed by:
A. The income tax law of his country to a citizen of the Philippines not residing there.
B. The income tax law of his country allows to a citizen of the Philippines not residing there or
the amount provided by the NIRC to a citizen or resident alien, whichever is higher.
C. The income tax law of his country to a citizen of the Philippines not residing there or the
amount provided by the NIRC to a citizen or resident, whichever is lower.
D. The National Internal Revenue Code to a citizen or resident.

31. Which statement is wrong? Length of stay is determinative of purpose.

A. A citizen of the Philippines who shall have stayed outside the Philippines for one hundred
eighty-three days or more by the end of the year shall be considered a non-resident citizen
by mere fact of the length of stay abroad.
B. An alien who shall have stayed in the Philippines in the last one hundred days of a calendar
year and continuously to the first one hundred days of the succeeding calendar year shall be
considered a non-resident alien in business in the Philippines.
C. An alien who shall have stayed in the Philippines for more than one year by the end of the
calendar year shall be considered a resident alien.
D. An alien who shall come to the Philippines and stay for an aggregate period of more than
one hundred eighty days during (and by the end of) a calendar year shall be considered a
non-resident alien in business in the Philippines.

SET A
MIDTERM EXAMINATIONS: TAXATION P4

32. In the case of shares of stock not listed and traded in the local stock exchanges, what shall be
considered as the fair market value?
a. The closing price on the day when the shares are sold, transferred, or exchanged.
b. The book value of the shares of stock as shown in the financial statements duly certified
by an independent certified public accountant nearest to the date of sale.
c. The acquisition cost of the shares sold, transferred or exchanged.
d. The selling price or the bid price nearest to the date of sale as published in any
newspaper or publication of general circulation, whichever is higher.

33. The tax base and the tax rates of the capital gains tax on the sale of shares of stock not traded in
the stock exchange shall be:
I – the net capital gain.
II – 5% on the first P100,000; 10% on excess of P100,000.
a. Both I and II are correct.
b. Neither I nor II is correct.
c. Only I is correct.
d. Only II is correct.

34. These are entities, organized in accordance with the provisions of the Corporation Code of the
Philippines and licensed by the appropriate government agency, which arranges for coverage or
designated managed care services needed by plan holders/members for fixed prepaid membership
fees and for a specified period of time.
a. Non-life insurance companies
b. Life insurance companies
c. Pre-need companies
d. Health Maintenance Organizations

35. If the input tax inclusive of input tax carried over from the previous quarter exceeds the output tax,
the excess input tax shall be:
a. credited in every quarter but not to exceed seventy percent (70%) of the output tax.
b. carried over to the succeeding quarter or quarters.
c. disregarded because carry over is no longer allowed under the new regulations.
d. deducted from income tax due.

36. Which of the following sales to senior citizen shall not be exempt from VAT?
a. Sale of food, drinks, dessert and other consumable items served by the establishments,
including value-meals and promotional meals, offered for consumption of the general public
b. Sale of single serving seat meals with beverage for an individual senior citizen
c. Bulk orders which are within the context of pre-contracted or pre-arranged group meals or
packages
d. Sale of medicines from drug stores, hospital, pharmacies, medical and optical clinics and
similar establishments including non-traditional outlets dispensing medicines

37. The following are examples of non-taxable compensation for injuries, except
a. Actual damages for injuries suffered
b. Compensatory damages for unrealized profits
c. Moral damages for grief, anxiety and physical sufferings
d. Exemplary damages
 
38. Which of the following fringe benefits is taxable?
a. Those benefits which are given to rank and file employees
b. Contributions of the employer for the benefit of the employee to retirement, insurance
and hospitalization benefit plans
c. Benefits given to supervisory employees under a collective bargaining agreement
d. De minimis benefits

SET A
MIDTERM EXAMINATIONS: TAXATION P5
39. The following are the requisites in order that claims against the decedent's estate may be
deductible, except:
a. They must be existing against the estate
b. They must be reasonably certain as to amounts
c. They must have been prescribed
d. They must be enforced by the claimants.

40. The following information taken from the books of a VAT-registered enterprise was provided to you:
Domestic sales of goods P 3,000,000
Sales of packaging materials to an export-
oriented enterprise whose export sales
exceed 70% of the total annual production 2,000,000
Local sales of goods to Asian Development
Bank (ADB) 500,000
Consignment of goods (not returned within
60 days following the date of consignment) 200,000
Goods transferred for the personal use of the owner 100,000

How much was the total taxable sales?

a. P 3, 000,000 c. P 3, 800,000
b. P 3, 300,000 d. P 5, 800,000

ITEMS NO. 41 TO 45 are based on the following:

Amor Corporation’s computed normal income tax and MCIT, and creditable income taxes withheld from
1st to 4th quarters including excess MCIT and excess withholding taxes from prior year/s are as follows:
Normal Excess Excess
Income MCIT Taxes MCIT Prior Withholding
Quarter Tax Withheld Year tax Prior Year
1st P 100,000 P 80,000 P 20,000 P 30,000 P 10,000
2nd 120,000 250,000 30,000 -
3rd 250,000 100,000 40,000 -
4th 200,000 100,000 35,000 -

41. How much is the annual income tax payable?

a. P670,000
b. P505,000
c. P165,000
d. P100,000

42. How much is the income tax payable for the first quarter?
a. P100,000
b. P 80,000
c. P 60,000
d. P 40,000

43. How much is the income tax payable for the second quarter?
a. P 330,000
b. P 230,000
c. P 100,000
d. P 80,000

44. How much is the income tax payable for the third quarter?
a. P 470,000
b. P 400,000
c. P 80,000
d. P 70,000

45. Pancho is a married resident citizen. The only income he derived in 2014 was the P2.5 million
sales proceeds of the house and lot where he and his family resided. His wife died in January

SET A
MIDTERM EXAMINATIONS: TAXATION P6
2014, and his only child, who was 20 years old, got married on December 29, 2014. Since the
newly married couple were jobless, they stayed with Pancho and depended upon him entirely for
support. How much could Pancho claim as his basic personal and additional exemptions from the
income he earned in 2014:
a. P50,000 b. P75,000 c. P125,000 d. None

46. Paloma inherited from her father a 300-sqaure-meter lot. At the time of her father’s death on March
14, 2014, the property was valued at P 720,000.00 On February 28, 2015, to defray the cost of the
medical expenses of her sick son, she sold the lot for P 600,000.00, on cash basis. The prevailing
market value of the property at the time of the sale was P 3,000.00 per square meter.
A. Is Paloma liable to pay capital gains tax on the transaction?
B. Is Paloma liable to pay VAT on the sale of the property?
A B
a. Yes Yes
b. No No
c. Yes No
d. No Yes

47. On January 15, 2014, a VAT-registered domestic corporation, engaged in the real estate business,
sold land and building for P10 million. Is the sale subject to Value-added tax (VAT)?

a. No, because the property sold does not form part of its goods available for sale.
b. No, because the sale of the property was only a one-time transaction.
c. Yes, because the sale of the property was made in the ordinary course of trade or business of
the corporation, being engaged in the real estate business.
d. Yes, because all sales of property whether used in business or not are subject to value added
tax (VAT).

48. A local bank employee has the following information on her payroll for the current taxable year:
Basic salary (P25,000 x 12 months) P300,000
13th month pay 25,000
Christmas bonus 5,000
Total gross pay 330,000
Deductions:
SSS, Philhealth and Pag-IBIG P20,000
Tax withheld 50,000 70,000
Take home pay P260,000
The gross compensation income of the employee is:
A. P260,000 B. P280,000 C. P300,000 D. P310,000

49. A sold to B, his brother-in-law, his residential lot located in Makati City with a zonal value of
P5,000,000 for only P3,000,000. A’s cost of the lot is P1,000,000. B is financially capable of buying
the property. What tax should be imposed and collected from A as a result of the transaction?
a. Donor’s tax
b. Real property tax
c. Presumed capital gains tax
d. Tax on transfer of real property.

Items No. 50 and 51 are based on the following:

SM Corporation (SMC), a closely-held corporation, has an authorized capital stock of 500,000,000
ordinary shares with par value of P1.00 per share as of January 1, 2014. Of the 500,000,000
authorized shares, 125,000,000 thereof is subscribed and paid up by the following shareholders:
A 25,000,000
B 25,000,000
C 25,000,000
D 25,000,000
E 25,000,000
Total shares outstanding 125,000,000
50. An additional 50,000,000 ordinary shares were issued through primary offering for Initial Public
Offering (IPO) at a price of P1.50 per share in the local stock exchange. The OPT rate to be used
for this primary offering (IPO) of shares by SMC is:
a. 1/2 of 1% b. 1% c. 2% d. 4%

SET A
MIDTERM EXAMINATIONS: TAXATION P7

51. Continuing No. 50, the OPT payable by SMC is:

a. P375,000 b. P750,000 c. P1,500,000 d. P3,000,000

52. A domestic corporation sold its idle land located in the city of Manila. This land was acquired 5
years ago for P5,000,000 and was mortgaged at the local bank for P6,000,000. The land has now
(2014) a BIR zonal value of P10,000,000. The terms of the sale are as follows:
Cash downpayment, 10/1/14 P 500,000
Mortgage assumed by Vendee 6,000,000
Promissory note due, 10/1/15 500,000
Promissory note due, 10/1/16 500,000
Promissory note due, 10/1/17 500,000
The final capital gains tax due for the taxable year 2014 under the installment method is:
a. P120,000 b. P150,000 c. P240,000 d. P300,000

53. Fees for lodging paid by students to Unisex Dormitory, a private entity operating a student
dormitory at a monthly fee of P10,000 per boarder and where the gross fees received per annum is
in the vicinity of P1.5 million to P2.0 million, is:
A. Subject to VAT at 12%
B. Subject to OPT at 3%
C. Subject to VAT at 0%
D. Exempt from VAT and OPT

54. Sale of fresh vegetables by Aling Puring at the Bagsakan Ng Gulay sa Urdaneta City is:
A. Subject to VAT at 12% if the gross sales exceeded P1,919,500 annually.
B. Subject to OPT at 3% if the gross sales did not exceed P1,919,500 annually.
C. Exempt from VAT and OPT, irregardless of whether or not the sales volume of P1,919,500
per annum was exceeded.
D. Shall be considered principally for subsistence or livelihood and not in the course of trade or
business even when the annual gross sales exceeded P100,000.
E. Taxpayers are husband and wife. The gross compensation income of the wife is P60,000
while the business income of the husband is P100,000.

They have six (6) qualified dependent children but within the year one child died. Their total
personal exemptions is:
a. P100,000 b. P200,000 c. P225,000 d. P250,000

55. A common carrier by land is engaged in the transport of passengers, goods and cargoes. He is not
VAT-registered. What business taxes shall he be liable to?
A. 12% value-added tax.
B. 3% common carrier’s tax.
C. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and
3% common carrier’s tax on gross receipts from transport of passengers.
D. 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier’s tax
on gross receipts from transport of passengers.

56. Gelavi is the owner of a small grocery store with gross sales in any one (1) year period that do not
exceed P1,500,000. She is not a VAT registered taxpayer. She submits the following data for the
month of January 2015.
Merchandise inventory, December 31, 2014 P123,450
Gross sales 67,800
Purchases from VAT registered suppliers 156,980

The percentage tax due is

A. P34,823 b. P 6,780 c. P 2,034 d. P 9,876

57. GH Transport Company is a transportation contractor. During the month, it had the following gross
receipts:
From transport of passengers P485,000
From transport of cargo 220,000

SET A
MIDTERM EXAMINATIONS: TAXATION P8
From rental of its cargo trucks to individual lessees 33,000
From rental of its “rent-a-car” to balikbayans (with chauffeur) 30,000

Payments to VAT registered persons during the month amount to P99,000. The percentage tax due
is
A. P22,740
B. P21,150
C. P 7,590
D. P15,450

58. Elton Transportation Company is a holder of a franchise to operate five (5) units of passenger
buses (seating capacity is 44 passengers) in the Bicol Region. It also owns gas station which is
used exclusively to load its buses with diesel fuels, and a garage with service shop exclusively to
its own buses although in rare instances it is accepting repair jobs from outsiders. During the month
of December, it had the following gross receipts:
From the buses P280,000
From the gas station (in loading its own 300,000
business)
From the garage 12,000
How much is the common carrier’s tax payable?
A. P17,760
B. P 8,400
C. P 8,760
D. P17,400

59. Love Bus Transport Company operates ten (10) units of buses. During the month, it had the
following data in its books:
Receipts from passengers P2,000,000
Receipts from cargoes 500,000
Receivables for transport of 15,000
passengers
Receivables for transport of cargoes 5,000
Payments for repair of transport units 30,000
Salaries of personnel 300,000
Purchase of spare parts 60,000
Registration with LTO 10,000
Premiums on insurance 15,000
How much is the percentage tax payable?
A. P60,000
B. P60,450
C. P39,000
D. None

60. One of the following is subject to percentage tax

A. Long distance call by a son from Sta. Cruz, manila to his father in Iloilo City.
B. Monthly telephone bill from Bayantel.
C. Telephone bill on a call by a mother in the Philippines to her son in the United States.
D. Telephone call by Madga in Hongkong to her friend in Manila.

61. Lucky 7 Corporation had the following data during the month of February:
Net income during the month P40,000
Collections during the month:
From services rendered in January 50,000
From services rendered in February 300,000
From services to be performed in March
(advances) 10,000
The business tax payable if Lucky 7 Corporation is a bus company
A. P12,000 B. P22,800 C. P10,800 D. P21,000

62. Madayag Insurance Company had the following data on collections of premiums and
disbursements during the month:
Life insurance Non-life insurance
Cash collections P150,000 P145,700

SET A
MIDTERM EXAMINATIONS: TAXATION P9
Checks 45,000 34,600
Accounts receivable 25,200 58,900
Payments of expenses to VAT businesses 43,000
Payments of expenses to Non-VAT businesses 35,000
The amounts indicated pertaining to VAT transactions do not include the value-added tax.
The percentage tax is
A. P 8,000
B. P 9,750
C. P11,010
D. P 9,015

63. KPNG Corporation has the following data during the year:
1st 2nd
Quarter Quarter
Normal income tax P10,000 P12,000
Minimum corporate income tax 8,000 25,000
Taxes withheld during the quarter 2,000 3,000
Excess MCIT prior year 3,000
Excess W/tax prior year 1,000
The income tax payable by KPNG Corporation for the quarter is
A. P7,000
B. P4,000
C. P3,000
D. P2,000

64. The Joy Co. is a land transport operator, In a month, it had gross receipts and receivables and
payments, any tax not included, that follow:
Gross receipts from transporting passengers P4,000,000
Gross receipts from transporting cargoes 3,000,000
Receivables from transporting cargoes 2,000,000
Proceeds from insurance policies on transportation units 800,000
Amount paid, any VAT or percentage tax not included:
For repairs of transportation units 700,000
For materials used repairs 1,400,000
For premiums on insurance of transport units 350,000
For operating expenses 1,600,000

The percentage payable?

A. P270,000 b. P120,000 c. P150,000 d. Some other

Nos. 65 and 66, are based on the following information:

A, an individual, sold to B, a bosom friend, his idle lot with a market value of P1,000,000 for only
P600,000. A’s cost in the lot is P100,000. B is financially capable of buying the lot.
A also owns a fast growing business, X Company. A sold some of his shares of stock to his key
executives in X Company. These executives are not related to A. The selling price is P3,000,000,
although the market value is P5,000,000 on the date of the sale. A’s cost in the shares sold is
P1,000,000.

65. The tax or taxes to be imposed and collected from A arising from the sale of the lot is/are:
A. Donor’s tax only.
B. Presumed capital gains tax only.
C. Both donor’s tax and presumed capital gains taxes.
D. Real property tax and tax on transfer of real property.
66. The tax or taxes to be imposed and collected from A arising from the sale of the shares of stock
is/are:
A. Donor’s tax only.
B. Final capital gains tax only.
C. Both donor’s and final capital gains taxes.
D. Both donor’s and stock transaction taxes.

67. Derek died leaving the following assets to his wife:

Boarding house inherited from his parents before marriage P4,000,000

SET A
MIDTERM EXAMINATIONS: TAXATION P10
Accumulated income from the boarding house 3,000,000
Farm land – inherited by his wife during marriage 2,000,000
Personal properties acquired during marriage 5,000,000

Under the conjugal partnership of gains, how much is the amount of the gross estate of Derek?

Conjugal Exclusive Total

a. P 8,000,000 P 4,000,000 P 12,000,000
b. P 7,000,000 P 6,000,000 P 13,000,000
c. P 5,000,000 P 2,000,000 P 8,000,000
d. P 12,000,000 P 0 P 12,000,000

68. Which of the following statements is wrong:

A. Claims against insolvent person should be included in the gross estate even if uncollectible.
B. Transfer passing under special power of appointment is excluded from the gross estate.
C. Revocable transfers are includible whether or not the right to revoke is exercised.
D. Transfer in contemplation of death for adequate consideration is still includible in the gross
estate.

69. Which statement is incorrect about funeral expenses allowed:

A. The amount allowed is 5% of the gross estate or the actual expenses whichever is lower,
provided it will not exceed P200,000.
B. The actual expenses must be paid from the estate or chargeable to it.
C. The allowed deduction can never be more than the actual expenses paid.
D. The expenses necessary for burial even if paid by friends are also allowed as deduction.

70. Which statement is incorrect about claims against insolvent persons?

A. They must be included in the gross estate even if uncollectible.
B. They must be duly notarized as a rule.
C. The deduction is only the uncollectible portion.
D. The insolvency of the debtor must be established.

Estate Tax Table

Over But not over The tax shall be Plus over Of the excess
-0- 200,000 Exempt -0- -0-
200,000 500,000 -0- 5% 200,000
500,000 2,000,000 15,000 8% 500,000
2,000,000 5,000,000 135,000 11% 2,000,000
5,000,000 10,000,000 465,000 15% 5,000,000
10,000,000 And over 1,215,000 20% 10,000,000

Donor’s Tax Table

Over But not over The tax shall be Plus Of the Excess Over
- P100,000 Exempt
P100,000 200,000 0 2% P 100,000
200,000 500,000 2,000 4% 200,000
500,000 1,000,000 14,000 6% 500,000
1,000,000 3,000,000 44,000 8% 1,000,000
3,000,000 5,000,000 204,000 10% 3,000,000
5,000,000 10,000,000 404,000 12% 5,000,000
10,000,000 1,004,000 15% 10,000,000

End of Exams

SET A