04/21/12 d
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0.Hsing the preceding num"er, the amount not availa"le for input ta# credit "ut ma! "e recognied as cost or e#pense is a. Php 140,000 ". Php (0,000 c. Php 0,000 d. Php &0,000 1. hich of the following statements is not correct a. An article su"Dect to e#cise ta# ma!"e e#empt from vat ". An article su"Dect to e#cise ta# ma!"e su"Dect to vat c. A ta#pa!er ma! have two "usinesses where one is su"Dect to vat and the other is su"Dect to percentage ta# d. %anufacturers and importers of goods are su"Dect to e#cise ta# 2. A, a citien of the Philippines and a resident of Bacolod it!, died testate on April 1, 2012. Among his gross estate are properties purchased from his father who died on April 4, 200. hat percentage of deduction will "e used in computing the amount of vanishing deduction a. 20> ". 40> c. 0> d. 0 -. 7he donor and done are stranger to each other a. 9ift to the "rother of donor’s grandfather ". 9ift to the daughter of the granddaughter of the daughter of the donor’s granddaughter c. 9ift to the grandson of the donor’s sister d. 9ift to the granddaughter of the sister of the donor’s mother 4. Gne of the following is not e#empt from JA7 a. Fease of residential units with a monthl! rental not e#ceeding P12,&00 ". 3ervices su"Dect to percentage ta# c. 3ervices rendered "! individuals pursuant to emplo!erIemplo!ee relationship d. 5#port sales "! persons who are vatIregistered '.hich one of the following is not allowed with presumptive input ta# a 7hose engaged in the manufacturing of rened sugar " 7hose engaged in manufacturing pac+ed noodle "ased instant meals c 7hose engaged in the processing of canned products d 7hose engaged in pasteuriing mil+ . f the surviving heirs are the spouse and parents of the decedent, the legitime of the spouse under testamentar! succession is a. 1/4 ". 1/c. 1/& d. 1/2 (. Propert! su"Dect to vanishing deduction had the following data. 6air mar+et value when inherited 4 Q !ears "efore and at the death of P220,000 and P-20,000 respectivel!. %ortgage inde"tedness paid thereon "! the decedent is P20,000. 9ross estate and deductions Le#cept vanishing deduction and famil! home and standard deductionM of P2,000,000 and P'0,000, respectivel!. 7he vanishing deduction is a. P(&,000 ". P220,000 c. P1',000 d. P-,000 11
04/21/12
04/21/12
(. hich of the following is not a negotia"le instrument a. :Pa! to B or order P1,000 in 4 e)ual monthl! instalments.; 7o< = 3gd. A ". :Pa! to B or order P1,000 and de"it m! account thereafter; 7o< = 3gd. A c. :Pa! to the order of B within months from date the sum of P1,000 at 12> per annum; 7o< = 3gd. A d. :Pa! to B or "earer P1,000 one !ear after date. f not paid when due, agree to pa! collection and attorne!’s fees; 7o< = 3gd. A &. older altered the amount of a negotia"le note from P10,000 to P110,000 then negotiated the note to P. As a result, a. f P is a holder in due course, he can re)uire the ma+er to pa! P110,000. ". f P is not a holder in due course, he can re)uire the ma+er to pa! onl! the original sum of P10,000. c. P cannot re)uire the ma+er to pa! "ecause of alteration whether or not he is a holder in due course. d. f P is a holder for value, he can collect P110,000 from . . A is a ma+er and B is pa!ee of a negotia"le promissor! note pa!a"le to order. 7here is no valua"le consideration for the note B delivers the instrument to , without indorsement, under circumstances that otherwise would have made a holder in due course such as, that did not +now of the a"sence of consideration. %a! recover from A a. ?es, "ecause A’s personal defense cannot "e used against . ". ?es, "ecause the promissor! note is negotia"le. c. @o, "ecause A has a real defense which can "e used even against a holder in due course. d. @o, "ecause ac)uires onl! B’s rights and A can set up against B the defense of a"sence of consideration. 10.7he following statements pertain to a voting trustee, e#cept a. 7he representative ac)uires legal title to the shares. ". t is good onl! for the meeting for which it was intended. c. t is generall! irrevoca"le and the representative ma! vote even in the presence of the stoc+holder. d. 7he agreement giving the representative the power to vote must "e dul! notaried and a cop! thereof must "e su"mitted to the 35 to "e eective and enforcea"le. 11.7he articles of incorporation of AB orporation provides for ( directors. n the monthl! meeting of the "oard of directors held on April &, 200, directors B, , * and 5 were present and the following resolutions were approved<
