TRANSFER AND BUSINESS TAXATION BY WIN LU BALLADA 2014 https://www.fa!"##$.#%/pa&!s/F'(a('a)*A#+(t'(&*B##$s*,a)'-*S#)+t'#(*a(+a)/211042345!f6"##$%a5$s
7hapt!5 2 True or False 1. T 2. T 3. T 4. F 5. T Multiple Multiple Choice 1. D 2. A, B, D 3. C 4. C 5. B
6. 7. 8. 9. 10.
F F T F T
6. 7. 8. 9. 10.
11. 12. 13. 14. 15.
F F F T T
Multiple Choice 1. C 2. A 3. D 4. C 5. B
A D B C A
True or False 1. F 2. T 3. T 4. T 5. T
6. 7. 8. 9. 10.
6. 7. 8. 9. 10.
Multiple Choice 1. B 2. B 3. D 4. C 5. B
A B D B B
T F T F T 6. 7. 8. 9. 10.
A D B B C
7hapt!5 / True or False 1. T 2. T 3. T 4. T 5. F Identificat Identification ion Clas Classi sifi fica cati tion on 1. A 2. A 3. C 4. A 5. A
6. 7. 8. 9. 10.
True or False 1. F 2. T 3. T 4. T 5. T
F T T T T
of Property Property 6. B 7. B 8. C 9. B 10. B
Identificat Identification ion Kind of Transfer 1. A 2. B 3. B 4. D 5. C
6. 7. 8. 9. 10.
A C D A C
11. 12. 13. 14. 15.
C C C C C
6. 7. 8. 9. 10.
16. 17. 18. 19. 20. 21. 22. 23.
Problem Problem Adequacy of A. 0 B. P750 P750,0 ,000 00 C. P1.25M
T T T T F
B C A C C C B A
Multiple Choice 1. A 2. C 3. D 4. B 5. D
6. 7. 8. 9. 10.
Identifica Identification tion Classific Classification ation 1. A 2. A 3. C 4. C 5. A
of Pro of Propert pertyy 6. C 7. A 8. C 9. B 10. B
B D A C A
Multiple Choice 1. C 2. D 3. A 4. B 5. C
11. 12. 13. 14. 15.
C C C C C
6. 7. 8. 9. 10.
B B A C D
16. 17. 18. 19. 20. 21.
B C A C C A
Cons Consid ider erat atio ion n A. P900,000 B. P400,000 C. 0
Essay Essay 1. Proceeds shall form ar! of !he "ross es!a!e #eca$se !he #e%ef&c&ar' #e%ef&c&ar' &s !he es!a!e. Th&s &s re"ardless of (he!her !he des&"%a!&o% &s re)oca#le o r &rre)oca#le. 2. Proceeds shall form ar! of !he "ross es!a!e #eca$se !he #e%ef&c&ar' #e%ef&c&ar' &s !he adm&%&s!ra!or of !he es!a!e. Th&s &s re"ardless of (he!he r !he des&"%a!&o% &s re)oca#le or &rre)oca#le. or &rre)oca#le. 3. Proceeds shall form ar! of !he "ross es!a!e. *&%ce !he des&"%a!&o% of !he #e%ef&c& !he #e%ef&c&ar' ar' &s s&le%! as !o &!s re)oca#&l&!', &! &s res$med res$med #' la( !o # e re)oca#le. 4. Proceeds shall form ar! form ar! of !he of !he "ross es!a!e #eca$se es!a!e #eca$se !he des&"%a!&o% of !he of !he #e%ef&c #e%ef&c&ar' &ar' &s re)oca#le. 5. Proceeds shall %o! form ar! form ar! of !he of !he "ross es!a!e #eca$se !he des&"%a!&o% of !he of !he #e%ef&c&ar #e%ef&c&ar' ' &s &rre)oca#le. Problem Problem Claims 1. A 2. B 3. D 4. A 5. B 6. D
+
Valuation 1. P3M 2. P1.4M 3. P27 P272,00 2,000 0 4. P80,000 5. P550 P550,0 ,000 00+ +
Situs of Prope of Property rty 1. (&!h&% 2. (&!h&% 3. (&!h&% 4. (&!h&% 5. (&!ho$!
Pa&d&% ca&!al -P4 800,000 shs/ e!a&%ed ear%&%"s *!ocholders e$&!' D&)&de #' D&)&de #' o$!s!a%d&%" shares Boo )al$e Boo )al$e er er sshare M$l!&l' #' M$l!&l' #' shares held al$e !o &%cl$de &% "ross es!a!e
6. 7. 8. 9. 10.
(&!h&% (&!ho$! (&!h&% (&!ho$! (&!h&%
P3,200,00 ,000 1,200,000 P4,400,000 800,000 P 5.50 100,000 P 550,000
11. 12. 13. 14. 15.
(&!ho$! (&!h&% (&!h&% (&!ho$! (&!ho$!
16. 17. 18. 19. 20.
(&!ho$! (&!h&% (&!h&% (&!h&% (&!ho$!
21. 22. 23. 24. 25.
(&!h&% (&!h&% (&!h&% (&!ho$! (&!ho$!
26. 27. 28. 29.
(&!h&% (&!h&% (&!ho$! (&!h&%
1
Problem Problem a, #, a, #, a%d c. ross es!a!e P31.2M P31.2M -All &!ems are added./ d. ross es!a!e P10.025M -Co%s&der &!ems -Co%s&der &!ems 4, 5, 7, 8, 9, 18, 19, 20 a%d 23./ e. ross es!a!e P16.7M P16.7M -Co%s -Co%s&de &der r &!ems &!ems 2, 4, 5, 7, 8, 9, 11, 14, 16, 17, 18, 19, 20, 21, 22 a%d 23./ Problem Problem a, #, a, #, a%d c. ross ross es!a!e P31.025M -All &!ems are added./ d. ross es!a!e P8.525M -Co%s&der -Co%s&der &!ems &!ems 2, 3, 6, 7, 9, 10, 11, 19 a%d 21./ e. ross es!a!e P18.725M -Co%s&der &!ems -Co%s&der &!ems 2, 3, 6, 7, 8, 9, 10, 11, 13, 16, 18, 19, 20 a%d 21./ Problem Problem a, #, a, #, a%d c. ross ross es!a!e P26,987,500 -All &!ems are added./ d. ross es!a!e P7.6 P7.65M 5M -Co% -Co%ss&der &der &!ems &!ems 3, 4, 5, 6, 8, 11 a%d 15./ e. ross es!a!e P13.975 P13.975M M -Co%s& -Co%s&der der &!ems &!ems 1, 3, 4, 5, 6, 8, 11, 13, 15, 16, 20, 21, 22, 23, 26, 28 a%d 29./
7hapt!5 4 True or False 1. T 2. F 3. T 4. T 5. F
6. 7. 8. 9. 10.
T T F T T
Multiple Multiple Choice
1. 2. 3. 4. 5.
B B B D A
11. 12. 13. 14. 15.
True or False 1. T 2. T 3. F 4. F 5. T
F F T F F
Multiple Choice
6. 7. 8. 9. 10.
D C A D D
1. 2. 3. 4. 5.
A D A D D
6. 7. 8. 9. 10.
A D B A C
+ m#alm&%" char"es B$r&al aarel of !he of !he decede%! Cos! of c of coff&% Mo$r%&%" aarel d$r&%" #$r&al d$r&%" #$r&al of !he of !he s$r)&)&%" so$se Mo$r%&%" aarel o%e $%marr&ed m&%or ch&ld *%acs a%d dr&%s d$r&%" !he (ae o%orar&a of r&es! r&es! for da&l' for da&l' mass for !hree for !hree da's: P500 a da' Telecomm$%&ca!&o% char"es !o &%form rela!&)es &% !he ro)&%ce !he ro)&%cess Char"es for dea!h for dea!h %o!&ce $#l&sh %o!&ce $#l&shed ed &% a %e(saer Cos! of )&deo of )&deo foo!a"e of !he of !he #$r&al #$r&al a%d &%!erme%! F$%eral car ser)&ce car ser)&ce d$r&%" &%!erme%! o%orar&$m of r&es! r&es! (ho cele#ra!ed !he mass d$r&%" &%!erme%! Cos! of ! of !om#s!o%e To!al Ac!$al f$%eral ee%ses -as com$!ed/ 5; P1,800,000 Ma&m$m l&m&! Ded$c!&o% allo(ed
T F T T F
Problem ! A%s(er P78,800+
P 2,000 2,200 15,000 1,500 1,000 1,500 1,500 200 700 2,100 400 700 50,000 P78,800 P 78,800 90,000 200,000 P78,800
Multiple Multiple Choice 1. A 2. B 3. C 4. C 5. B
6. 7. 8. 9. 10.
C C A B C
11. 12. 13. 14. 15.
D C D C D
16. 17. 18. 19. 20.
B A B B D
31. 32. 33. 34. 35.
36. 37. 38. 39. 40.
B C C C B
41. 42. 43. 44. 45.
B C B D C
46. 47. 48. 49. 50.
C C C A A
B A C A C
Funeral Expenses Expe nses Problem Problem 1. P50,000 2. P100,000 3. P175,000 4. P175,000 5. P200,000
6. 7. 8. 9. 10.
21. 22. 23. 24. 25.
A D C B B
26. 27. 28. 29. 30.
C D A D C
2
Problem
Problem !
eal a%d erso%al roer!&es
P3,500,000
eal a%d erso%al roer!&es
P4,250,000
Fam&l' ome
1,750,000
Fam&l' ome
1,500,000
ross s!a!e
P5,250,000
ross s!a!e
P5,750,000
=rd&%ar' Ded$c!&o%s
=rd&%ar' Ded$c!&o%s
F$%eral e%ses
P
=!her Ded$c!&o%s
200,000
1,250,000
F$%eral e%ses P1,450,000
*ec&al Ded$c!&o%s Fam&l' ome
P
=!her Ded$c!&o%s
200,000 950,000
P1,150,000
*ec&al Ded$c!&o%s P1,000,000
*!a%dard Ded$c!&o%
Fam&l' ome
1,000,000
Med&cal e%ses
350,000
P1,000,000
*!a%dard Ded$c!&o% 2,350,000
1,000,000
Med&cal e%ses
500,000
2,500,000
To!al Ded$c!&o%s
P3,800,000
To!al Ded$c!&o%s
P3,650,000
>e! Taa#le s!a!e
P1,450,000
>e! Taa#le s!a!e
P2,100,000
Problem "
Problem #
eal a%d erso%al roer!&es
P3,750,000
Fam&l' ome
900,000
ross s!a!e
P4,650,000
eal a%d erso%al roer!&es Fam&l' ome
=rd&%ar' Ded$c!&o%s
=rd&%ar' Ded$c!&o%s P
=!her Ded$c!&o%s
200,000
1,200,000
F$%eral e%ses P1,400,000
*ec&al Ded$c!&o%s Fam&l' ome
750,000
ross s!a!e
P2,800,000 P3,550,000
P
=!her Ded$c!&o%s
177,500 1,050,000
P1,227,500
*ec&al Ded$c!&o%s P
*!a%dard Ded$c!&o%
900,000
Fam&l' ome
1,000,000
Med&cal e%ses
200,000
*!a%dard Ded$c!&o% 2,100,000
Med&cal e%ses
P
750,000 1,000,000 400,000
2,150,000
To!al Ded$c!&o%s
P3,500,000
To!al Ded$c!&o%s
P3,377,500
>e! Taa#le s!a!e
P1,150,000
>e! Taa#le s!a!e
P
7hapt!5 Problem 1. eem! 2. P2,500 3. P7,500 4. P12,500 5. P19,000
6. 7. 8. 9. 10.
P59,000 P99,000 P190,000 P410,000 P690,000
11. 12. 13. 14. 15.
P990,000 P1,315,000 P1,915,000 P4,215,000 P5,215,000
7hapt!5 Problem
ross es!a!e Parcel of la%d &% Cal&for%&a, ?.*.A. o$se a%d lo! &% @$eo% C&!' -fam&l' home/ *hares of s!oc &% a fore&"% corora!&o% (&!h off&ce &% Cal&for%&a, ?.*.A. Car &% Cal&for%&a, ?.*.A. Ba% deos&! Cla&m a"a&%s! a% &%sol)e%! erso%
P2,500,000 2,250,000 1,125,000 312,500 125,000 62,500
P
200,000
P6,375,000
172,500
3
Med&cal ee%ses -ma&m$m l&m&!/ $d&c&al ee%ses Cla&ms a"a&%s! !he es!a!e Cla&ms a"a&%s! a% &%sol)e%! erso% Fam&l' home *!a%dard ded$c!&o% >e! !aa#le es!a!e
500,000 43,750 90,625 62,500 1,000,000 1,000,000
2,896,875 P3,478,125
s!a!e !a =%
P2,000,000 1,478,125 11; P3,478,125
P135,000.00 162,593.75 P297,594.00
Problem !
ross es!a!e F&sho%d &% e%eral *a%!os C&!'
$e)a c&a do%a!ed mortis causa !o s&s!er T&me deos&! e! !aa#le es!a!e
P2,500,000 625,000 593,750 375,000 262,500 150,000 P
P4,506,250
25,000 287,500 20,000 593,750 1,000,000
1,926,250 P2,580,000
s!a!e !a =%
P2,000,000 580,000 11; P2,580,000
P135,000 63,800 P198,800
Problem "
ross es!a!e Farm, Camar&%es *$r Ba% deos&! o$se a%d lo! &% $adal$e, Maa!& C&!' -fam&l' home/ %)es!me%! &% a domes!&c ar!%ersh& e! !aa#le es!a!e
P4,375,000 2,125,000 1,875,000 1,500,000
P
200,000 237,500 1,000,000 1,000,000
s!a!e !a =%
P5,000,000 2,437,500 15; P7,437,500
P465,000 365,625 P830,625
4
P9,875,000
2,437,500 P7,437,500
Problem #
1. ross es!a!e Cash &% #a%, Maa!& C&!' %)es!me%! &% a domes!&c ar!%ersh& Car Fore&"% shares Domes!&c shares Acco$%!s rece&)a#le a!&o%al ed Cross e! !aa#le es!a!e
P1,200,000 1,000,000 700,000 700,000 500,000 100,000
P4,200,000
P150,000 100,000 100,000 200,000 160,000 50,000 100,000 1,000,000
1,860,000 P2,340,000
s!a!e !a =%
P2,000,000 340,000 11; P2,340,000
P135,000 37,400 P172,400
2. ross es!a!e Cash &% #a%, Maa!& C&!' %)es!me%! &% a domes!&c ar!%ersh& Car Domes!&c shares
P1,200,000 1,000,000 700,000 500,000
P150,000 100,000 200,000 160,000 P610,000
P610,000
P493,809.52
a!&o%al ed Cross e! !aa#le es!a!e
50,000.00 100,000.00
s!a!e !a =%
P2,000,000.00 756,190.48 11; P2,756,190.48
P3,400,000.00
P135,000.00 83,180.95 P218,181.00
5
643,809.52 P2,756,190.48
3. ross es!a!eCar
P700,000
P
35,000 100,000 200,000 160,000 P495,000
P495,000
P 82,500
a!&o%al ed Cross e! !aa#le es!a!e
50,000 100,000
232,500 P467,500
s!a!e !a =%
P200,000 267,500 5; P467,500
em! P13,375
7hapt!5 True or False 1. T 2. F 3. T 4. T 5. F
6. 7. 8. 9. 10.
Multiple Choice 1. B 2. A 3. A 4. D 5. C
T T F F F
6. 7. 8. 9. 10.
D B D C C
Problem
cl$s&)e Co%$"al Proer!&es Aar!me%!, 3 $%&!s Ba% deos&! Domes!&c shares Car cl$s&)e Proer!&es Fam&l' home aca%! lo! ross s!a!e -o!e a'a#le cl$s&)e Ded$c!&o%s e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
1,250,000 300,000 1,550,000
-20,000/ 1,530,000
Co%$"al
To!al
1,000,000 700,000 500,000 400,000
2,600,000
2,600,000
1,550,000 4,150,000
-90,000/ -300,000/ -60,000/
-90,000/ -300,000/ -60,000/
2,150,000
-20,000/ 3,680,000
-1,075,000/ -1,000,000/ -1,000,000/ 75,000
530,000
-1,075,000/ -1,000,000/ -1,000,000/ 605,000
s!a!e Ta D$e =%
500,000 105,000 605,000 6
a!
8;
15,000 8,400 23,400
Problem !
cl$s&)e Co%$"al Proer!&es Fam&l' home To#acco la%!a!&o% Ba% deos&!, PDCP Perso%al roer!' >o!es rece&)a#le cl$s&)e Proer!&es Fam&l' )aca!&o% ho$se, Ta"a'!a' Fam&l' lo! ross s!a!e -e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
Co%$"al
To!al
1,350,000 2,000,000 650,000 300,000 200,000
4,500,000
800,000 500,000 1,300,000
4,500,000
1,300,000 5,800,000
1,300,000
-80,000/ -200,000/ 4,220,000
-80,000/ -200,000/ 5,520,000
-325,000/
-2,110,000/ -675,000/ -1,000,000/
-2,110,000/ -1,000,000/ -1,000,000/
975,000
435,000
1,410,000
s!a!e Ta D$e =%
500,000 910,000
a!
15,000 72,800
8;
1,410,000
87,800
Problem "$
cl$s&)e Co%$"al Proer!&es Perso%al roer!' Aar!me%! a%d lo! cl$s&)e Proer!&es e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
Co%$"al
To!al
1,300,000 1,000,000
2,300,000
2,300,000
420,000 2,720,000
-50,000/ -70,000/
-50,000/ -70,000/
-30,588/ 389,412
2,180,000
-30,588/ 2,569,412
389,412
-1,090,000/ -1,000,000/ 90,000
-1,090,000/ -1,000,000/ 479,412
100,000 20,000 300,000 420,000
*ched$le of a%&sh&%" Ded$c!&o% al$e !ae%
50,000 20,000
40,000 2,720,000
+
120,000
70,000 30,000 40,000 ++
1,765
7
F&%al Bas&s
38,235
M$l!&l' #' ra!e a%&sh&%" ded$c!&o%
80; 30,588
+ ross es!a!e ++ F$%eral ee%ses, ?%a&d mor!"a"e, aar!me%! lo! Problem "$! cl$s&)e 420,000
ross s!a!e -e! s!a!e Af!er Ded$c!&o%s -
-10,000/ -38,088/ 371,912
>e! Taa#le s!a!e
371,912
Co%$"al 2,300,000
To!al 2,720,000
-50,000/ -70,000/
-50,000/ -70,000/
2,180,000
-10,000/ -38,088/ 2,551,912
-1,090,000/ -1,000,000/
-1,090,000/ -1,000,000/
90,000
461,912
*ched$le of a%&sh&%" Ded$c!&o% al$e !ae%
50,000 20,000
50,000 2,720,000
+
130,000
F&%al Bas&s M$l!&l' #' ra!e a%&sh&%" ded$c!&o%
++
70,000 20,000 50,000 2,390 47,610 80; 38,088
+ ross es!a!e ++ F$%eral ee%ses: ?%a&d mor!"a"e, aar!me%! lo!, la%d Problem #
cl$s&)e Co%$"al Proer!&es o$se a%d lo! -Fam&l' ome/ Aar!me%! Perso%al roer!' cl$s&)e Proer!&es F&sho%d ross s!a!e -e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
To!al
1,500,000 3,000,000 400,000
4,900,000
4,900,000
500,000 5,400,000
-120,000/ -500,000/ -80,000/
-120,000/ -500,000/ -80,000/
-20,000/ -52,000/ 428,000
4,200,000
-20,000/ -52,000/ 4,628,000
428,000
-2,100,000/ -750,000/ -1,000,000/ 350,000
-2,100,000/ -750,000/ -1,000,000/ 778,000
500,000 500,000
8
s!a!e Ta D$e
Co%$"al
=%
500,000 278,000 778,000
a!
15,000 22,240 37,240
8;
*ched$le of a%&sh&%" Ded$c!&o% al$e !ae%, F&sho%d
140,000 40,000 100,000
100,000 5,400,000
+
720,000
F&%al Bas&s M$l!&l' #' ra!e a%&sh&%" ded$c!&o%
++
13,333 86,667 60; 52,000
+ ross es!a!e ++ F$%eral ee%ses: ?%a&d mor!"a"eaar!me%!, f&sho%d: Cla&ms a"a&%s! !he es!a!e Problem %
Co%$"al ross s!a!e o$se a%d lo! -Fam&l' ome/ F&sho%d, Da"$a% Domes!&c shares of s!oc %)es!me%! &% a #$s&%ess ar!%ersh& T&me deos&! -e! s!a!e Af!er Ded$c!&o%s -
1,500,000 1,200,000 300,000 250,000 1,600,000 -192,500/ -350,000/ -500,000/
-1,903,750/ -750,000/ -1,000,000/
>e! Taa#le s!a!e
4,850,000
-1,042,500/ 3,807,500
-3,653,750/ 153,750
s!a!e Ta D$e =%
153,750
em!
Problem &
cl$s&)e Co%$"al Proer!&es o$se a%d lo! -Fam&l' ome/ A$carera, Tarlac %)es!me%! &% a domes!&c ar!%ersh& Perso%al roer!' Cash &% #a% cl$s&)e Proer!&es Aar!me%!, @C ross s!a!e -
700,000 700,000
Co%$"al
To!al
1,350,000 1,800,000 400,000 160,000 200,000
3,910,000
3,910,000
700,000 4,610,000
-130,000/ -140,000/ -24,000/ -75,000/
-130,000/ -140,000/ -24,000/ -75,000/
-100,000/
-100,000/
9
>e! s!a!e Af!er Ded$c!&o%s -
600,000
3,541,000
4,141,000
-1,770,500/
-1,770,500/
Fam&l' home *!a%dard ded$c!&o% >e! Taa#le s!a!e
-675,000/ -1,000,000/ 95,500
600,000
-675,000/ -1,000,000/ 695,500
s!a!e Ta D$e =%
500,000 195,500 695,500
a!
15,000 15,640 30,640
8;
Problem '
cl$s&)e Co%$"al Proer!&es eal Proer!&es cl$s&)e Proer!&es Fam&l' ome =!her cl$s&)e Proer!&es ross s!a!e e! Co%$"al s!a!e *ec&al Ded$c!&o%s Fam&l' ome *!a%dard Ded$c!&o% Med&cal e%ses To!al Ded$c!&o%s >e! s!a!e e! Co%$"al s!a!e -P2,700,000G2/
1,750,000 2,800,000 4,550,000
Co%$"al
To!al
4,500,000
4,500,000
4,500,000
4,550,000 9,050,000
-200,000/ -1,600,000/ -1,800,000/ 2,700,000
-200,000/ -1,600,000/ -1,800,000/
-1,000,000/ -1,000,000/ -500,000/ -4,300,000/ 4,750,000 4,500,000 -1,800,000/ 2,700,000 -1,350,000/
>e! Taa#le s!a!e
3,400,000
>o!es 1. F &s !he ecl$s&)e roer!' of !he decede%!, he%ce, &! does %o! form ar! of !he co%$"al "ross es!a!e. 2. The es!a!e &s allo(ed !o cla&m !he ma&m$m P1 m&ll&o% F ded$c!&o% $%der Hsec&al ded$c!&o%s.H
10
Problem (
cl$s&)e Co%$"al Proer!&es Fam&l' ome
Co%$"al 2,500,000
To!al
=!her eal Proer!&es cl$s&)e Proer!&es ross s!a!e e! Co%$"al s!a!e *ec&al Ded$c!&o%s Fam&l' ome *!a%dard Ded$c!&o% Med&cal e%ses To!al Ded$c!&o%s >e! s!a!e e! Co%$"al s!a!e -P4,400,000G2/
3,800,000 2,200,000 2,200,000
6,300,000
-200,000/ -1,700,000/ -1,900,000/ 4,400,000
6,300,000 2,200,000 8,500,000
-200,000/ -1,700,000/ -1,900,000/
-1,000,000/ -1,000,000/ -480,000/ -4,380,000/ 4,120,000 6,300,000 -1,900,000/ 4,400,000 -2,200,000/
>e! Taa#le s!a!e
1,920,000
Problem )
cl$s&)e Co%$"al Proer!&es Fam&l' ome =!her eal Proer!&es cl$s&)e Proer!&es ross s!a!e e! Co%$"al s!a!e *ec&al Ded$c!&o%s Fam&l' ome *!a%dard Ded$c!&o% Med&cal e%ses To!al Ded$c!&o%s >e! s!a!e e! Co%$"al s!a!e -P6,100,000G2/
Co%$"al 1,700,000 7,000,000
2,500,000 2,500,000
8,700,000
-200,000/ -2,400,000/ -2,600,000/ 6,100,000
To!al
8,700,000 2,500,000 11,200,000
-200,000/ -2,400,000/ -2,600,000/
-850,000/ -1,000,000/ -500,000/ -4,950,000/ 6,250,000 8,700,000 -2,600,000/ 6,100,000 -3,050,000/
>e! Taa#le s!a!e
3,200,000
11
Problem *
cl$s&)e Co%$"al Proer!&es =!her eal Proer!&es Fam&l' ome
Co%$"al
To!al
3,300,000 1,100,000
4,400,000
cl$s&)e Proer!&es =!her eal Proer!&es Fam&l' e! Co%$"al s!a!e *ec&al Ded$c!&o%s Fam&l' ome cl$s&)e e! s!a!e e! Co%$"al s!a!e -P2,750,000G2/
2,200,000 450,000 2,650,000
4,400,000
-150,000/ -1,500,000/ -1,650,000/ 2,750,000
2,650,000 7,050,000
-150,000/ -1,500,000/ -1,650,000/
450,000 550,000
-1,000,000/ -1,000,000/ -450,000/ -4,100,000/ 2,950,000
4,400,000 -1,650,000/ 2,750,000 -1,375,000/
>e! Taa#le s!a!e
1,575,000
7hapt!5 8 True or False 1. T 6. 2. T 7. 3. T 8. 4. T 9. 5. T 10.
T T T T F cl$s&)e
Problem
Comm$%al Proer!&es $e)a c&a ross s!a!e -e! s!a!e Af!er Ded$c!&o%s
Comm$%al
To!al
1,800,000 1,200,000
3,000,000
3,000,000
600,000 3,600,000
-100,000/ -200,000/ -70,000/ -30,000/
-100,000/ -200,000/ -70,000/ -30,000/
-150,000/ -100,000/ 350,000
2,600,000
-150,000/ -100,000/ 2,950,000
350,000
-1,300,000/ -1,000,000/ 300,000
-1,300,000/ -1,000,000/ 650,000
600,000 600,000
12
-e! Taa#le s!a!e s!a!e Ta D$e =%
500,000
15,000
150,000
a!
8;
650,000
12,000 27,000
Problem !
cl$s&)e Comm$%al Proer!&es Fam&l' home %)es!me%! &% a #$s&%ess ar!%ersh& F&sho%d Perso%al roer!' cl$s&)e Proer!&es a%ch ross s!a!e -e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
Comm$%al
To!al
1,300,000 2,000,000 1,000,000 700,000
5,000,000
5,000,000
200,000 5,200,000
-80,000/ -300,000/ -20,000/
-80,000/ -300,000/ -20,000/
-50,000/ 150,000
4,600,000
-50,000/ 4,750,000
150,000
-2,300,000/ -650,000/ -1,000,000/ 650,000
-2,300,000/ -650,000/ -1,000,000/ 800,000
200,000 200,000
s!a!e Ta D$e =%
500,000 300,000
a!
8;
800,000
15,000 24,000 39,000
Problem "
cl$s&)e Comm$%al Proer!&es Fam&l' home %her&!ed from fa!her =(%ed #' Mrs. e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
Comm$%al
To!al
3,000,000 1,200,000 300,000
4,500,000
4,500,000
1,120,000 5,620,000
-50,000/ -100,000/ -70,000/ -150,000/
-50,000/ -100,000/ -70,000/ -150,000/
-20,000/ 1,100,000
4,130,000
-20,000/ 5,230,000
1,100,000
-2,065,000/ -1,000,000/ -1,000,000/ 65,000
-2,065,000/ -1,000,000/ -1,000,000/ 1,165,000
1,115,000 5,000 1,120,000
13
s!a!e Ta D$e =%
500,000 665,000
a!
8;
1,165,000
15,000 53,200 68,200
Problem #
cl$s&)e Comm$%al Proer!&es
Comm$%al
To!al
Fam&l' home ac$&red d$r&%" marr&a"e =(%ed #' Mr. Cas!a%eda #efore marr&a"e =(%ed #' Mrs. Cas!a%eda #efore marr&a"e cl$s&)e Proer!&es %her&!a%ce ross s!a!e -e! s!a!e Af!er Ded$c!&o%s -e! Taa#le s!a!e
4,000,000 300,000 200,000
4,500,000
4,500,000
2,000,000 6,500,000
-200,000/ -80,000/ -35,000/
-200,000/ -80,000/ -35,000/
-200,000/ -736,615/ 1,063,385
4,185,000
-200,000/ -736,615/ 5,248,385
1,063,385
-2,092,500/ -1,000,000/ -1,000,000/ 92,500
-2,092,500/ -1,000,000/ -1,000,000/ 1,155,885
2,000,000 2,000,000
s!a!e Ta D$e =%
500,000 655,885 1,155,885
*ched$le of a%&sh&%" Ded$c!&o% al$e !ae%, Proer!' &%her&!ed
1,000,000 6,500,000
a!
+
15,000 52,471 67,471
8;
515,000
++
F&%al Bas&s M$l!&l' #' ra!e a%&sh&%" ded$c!&o% + ross es!a!e ++ F$%eral ee%ses, $d&c&al ee%ses, ?%a&d o#l&"a!&o%s, ?%a&d mor!"a"e o% roer!' &%her&!ed
14
7hapt!5 3 Multiple Choice 1. C 2. C 3. B 4. D 5. A
6. 7. 8. 9. 10.
D C B A D
11. 12. 13. 14.
A D C C
1,100,000 100,000 1,000,000 79,231 920,769 80; 736,615
Problem
a. Ph&l&&%e es!a!e !a =% P2,000,000
P135,000
Allo(a#le !a cred&! +imitation ?*A -P600,000GP2M P135,000/ Ac!$al Allo(ed
P 40,500 250,000 P40,500
*&%"aore -P400,000GP2M P135,000/ Ac!$al Allo(ed To!al -<&m&!a!&o% 1/
P 27,000 120,000 27,000 P67,500
+imitation ! -P1MGP2M P135,000/ Ac!$al -P250,000 I P120,000/ Allo(ed
P 67,500 370,000 P67,500
Ta cred&! !o #e ded$c!ed -e&!her l&m&!a!&o%/
P67,500
#. Ph&l&&%e es!a!e !a s!&ll d$e Ph&l&&%e es!a!e !a
P135,000 67,500 P 67,500
Problem !
1a. Ph&l&&%e es!a!e !a =% P
500,000 700,000 8; P1,200,000
P15,000 56,000 P71,000
#. Allo(a#le !a cred&! +imitation %do%es&a -P400,000MG1.2M P71,000/ Ac!$al Allo(ed
P23,666.67 10,000.00 P10,000
&e!%am -P200,000GP1.2M P71,000/ Ac!$al Allo(ed To!al -<&m&!a!&o% 1/
P11,833.33 2,000.00 2,000 P12,000
+imitation ! -P600,000GP1.2M P71,000/ Ac!$al -P10,000 I P2,000/ Allo(ed
P35,500.00 12,000.00 P12,000 15
Ta cred&! !o #e ded$c!ed -e&!her l&m&!a!&o%/
P12,000
c. Ph&l&&%e es!a!e !a s!&ll d$e Ph&l&&%e es!a!e !a - com$!ed &% JaK/
P71,000 12,000 P59,000
2a c. =% P500,000
P15,000
100,000 8; P600,000
8,000 P23,000
#. >o allo(a#le !a cred&!.
7hapt!5 10 True or False 1. F 2. T 3. T 4. T 5. F
6. 7. 8. 9. 10.
T T F T T
Multiple Choice 1. B 2. C 3. A 4. B 5. C
6. 7. 8. 9. 10.
T T T T T
Multiple Choice 1. C 2. A 3. B 4. D 5. B
6. 7. 8. 9. 10.
A, B D B B D
7hapt!5 11 True or False 1. F 2. T 3. F 4. T 5. T
6. D 7. D 8. B
7hapt!5 12 True or False 1. F 2. T 3. T 4. T 5. T
6. 7. 8. 9. 10.
F T T F T
Multiple Choice 1. C 2. B 3. C 4. D 5. A 6. B
7hapt!5 1/ Multiple Choice, 1. C 2. C 3. B 4. B 5. D
Problems 6. D 7. A 8. A 9. D 10. A
11. 12. 13. 14. 15.
D B D A C
16. 17. 18. 19. 20. 21.
B B D A B B
Problems 6. C 7. B 8. C 9. D 10. A
11. 12. 13. 14. 15.
C A D B A
16. 17. 18. 19. 20.
C D B A C
7hapt!5 14 Multiple Choice, 1. D 2. D 3. D 4. B 5. P90,000
21. D
16
For %os. 621, lease see com$!a!&o% #elo(. Mrs- .errera 1. Do%ors !a !o #e #ased o% !he !a#le for do%a!&o%s !o %o%s!ra%"ers. ross "&f!, $%e 13, To e! "&f! Add Pr&or %e! "&f! ross "&f!, a%. 25, To
P700,000 300,000 P400,000 P400,000 10,000
390,000 P790,000
Multiple Choice 1. C 2. A 3. C 4. A 5. A
6. 7. 8. 9. 10. 11.
C A C B C D
Do%ors !a, !o!al %e! "&f! =% P500,000 P14,000 290,000 6; 17,400 P790,000
P2,000 7,600
P31,400
9,600 P21,800
30; Do%ors !a for do%a!&o%s !o s!ra%"ers. ross "&f!, Dec. 25, To Pa!!' e! "&f! Add Pr&or %e! "&f! ross "&f!, a%. 25, To Pam e! "&f! ross "&f!, Ar. 8, To BP e! "&f! ross "&f!, Ma'. 13, To Ca)&!e Pro). e! "&f!
P430,000 30,000 P400,000 P400,000 0 P400,000 P400,000 400,000 0 P2,000,000 2,000,000 0
To!al %e! "&f! M$l!&l' #' Do%ors !a o% !o!al %e! "&f!
400,000 P800,000 30; P240,000 120,000 P 120,000
Mr- .errera
1. Do%ors !a !o #e #ased o% !he !a#le for do%a!&o%s !o %o%s!ra%"ers. ross "&f!, Dec. 25, To Pa!!' e! "&f! Add Pr&or %e! "&f! ross "&f!, a%. 25, To
P430,000 30,000 P400,000 P400,000 10,000
390,000 P790,000
P31,400
P2,000 7,600
9,600 P21,800 17
2.
30; Do%ors !a for do%a!&o%s !o s!ra%"ers. ross "&f!, $%e 13, To e! "&f! Add Pr&or %e! "&f!
P700,000 300,000 P400,000
ross "&f!, a%. 25, To Pam e! "&f!
P400,000 0
ross "&f!, Ar. 8, To BP
P400,000
P400,000
e! "&f!
ross "&f!, Ma'. 13, To Ca)&!e Pro). e! "&f!
400,000 0
P2,000,000 2,000,000 0
To!al %e! "&f! M$l!&l' #' Do%ors !a o% !o!al %e! "&f!
400,000 P800,000 30; P240,000 120,000 P120,000
7hapt!5 1 Problem
a. Ph&l&&%e do%ors !a =% P2,000,000
P135,000
Allo(a#le !a cred&! +imitation >e!herla%ds -P600,000GP2M P135,000/ Ac!$al Allo(ed
P 40,500 250,000 P40,500
e%e$ela -P400,000GP2M P135,000/ Ac!$al Allo(ed To!al -<&m&!a!&o% 1/
P 27,000 120,000 27,000 P67,500
+imitation ! -P1MGP2M P135,000/ Ac!$al -P250,000 I P120,000/ Allo(ed
P 67,500 370,000 P67,500
Ta cred&! !o #e ded$c!ed -e&!her l&m&!a!&o%/
P67,500
#. Ph&l&&%e do%ors !a s!&ll d$e Ph&l&&%e do%ors !a
P135,000 67,500 P 67,500
Problem !
1a. Ph&l&&%e do%ors !a =% P
500,000 700,000 8; P1,200,000
P15,000 56,000 P71,000 18
#. Allo(a#le !a cred&! +imitation Cam#od&a -P400,000MG1.2M P71,000/ Ac!$al Allo(ed
Ar$#a -P200,000GP1.2M P71,000/ Ac!$al Allo(ed To!al -<&m&!a!&o% 1/
P23,666.67 10,000.00 P10,000 P11,833.33 2,000.00 2,000 P12,000
+imitation ! -P600,000GP1.2M P71,000/ Ac!$al -P10,000 I P2,000/ Allo(ed
P35,500.00 12,000.00 P12,000
Ta cred&! !o #e ded$c!ed -e&!her l&m&!a!&o%/
P12,000
c. Ph&l&&%e do%ors !a s!&ll d$e Ph&l&&%e do%ors !a - com$!ed &% JaK/
P71,000 12,000 P59,000
2a c. =% P500,000 100,000 8; P600,000
P15,000 8,000 P23,000
#. >o allo(a#le !a cred&!.
7hapt!5 1 True or False 1. T 2. T 3. F 4. T 5. T
6. 7. 8. 9. 10.
T T T T F
Multiple Choice 1. C 2. B 3. C 4. A 5. A
Problems *$'sa% eal!' L %e! a"e lease.
1. 2.
P18,000 P250,000 12; P30,000 P125,000 12; P15,000 P100,000 12; P12,000 P25,000 12; P3,000 >o! co)ered P50,000 12; P6,000 P50,000 12; P6,000 To!al =$!$! Ta P72,000 3. P2,525,000 12G112 P270,535.71 -a/ P1,701,080 12; P204,129.60 -#/ P270,000 12; P32,400 -c/ AT D$e --a/ I -c// L --#/ I P18,500/ P80,306.11 Pro#lem 1 *ales *cheme %o reser)a!&o%, 10G40G50 *ell&%" Pr&ce er Co%!rac! -ecl$d&%" AT/, a%. 5, 2012 Do(%a'me%!, a%. 15, 2012 Bala%ce Bala%ce !o #e a&d as follo(s 40; &% e$al mo%!hl' amor!&a!&o%s 50; $o% !$r%o)er
3,199,200 319,920 2,879,280
Given Given 10; 90;
1,279,680 1,599,600 2,879,280
40; 50; 90;
19
o%al al$e Term -&% mo%!hs/ Mo%!hl' Amor!&a!&o% To!al Mo%!hl' Amor!&a!&o%s -a%. 31 !o Dec. 31, 2012/ %&!&al Pa'me%!s -DP a%d MA d$r&%" !he 'ear/ D&)&ded #' *P -see &f fa&r )al$e &s lo(er/ Tes! -(he!her sale &s o% &%s!allme%! or o% deferreda'me%!/ Nha! (&ll #e !he #as&s of ATO o( m$ch &s !he do(%a'me%! #efore ATO Nha! &s !he amo$%! !o #e a&d -eAT/ #efore !$r%o)erO o( m$ch (&ll !he mo%!hl' amor!&a!&o% -eAT/ #eO
2,800,000 36 35,546.67 426,560.00 746,480.00 3,199,200.00 23.33;
Given Given
12
d&d %o! eceed 25;
sell&%" r&ce er co%!rac! 319,920.00 1,599,600.00 35,546.67
Nha! &s !he !o!al amor!&a!&o%s -AT &%cl$s&)e/ d$r&%" !he 'ear of saleO Nha! &s !he &%&!&al a'me%!sO s !h&s sale o% &%s!allme%! or o% deferreda'me%! #as&sO o( m$ch &s !he o$!$! !a rela!ed !o !he e)e%! o% a%. 15, 2012O o( m$ch &s !he o$!$! !a rela!ed !o !he e)e%! o% a%. 31, 2012O o( m$ch &s !he !o!al o$!$! !a rela!ed !o !h&s sale for 2012O Pro#lem 2 *ales *cheme %o reser)a!&o%, 10G50G40 *ell&%" Pr&ce er Co%!rac! -ecl$d&%" AT/, a%. 5, 2012 Do(%a'me%!, a%. 15, 2012 Bala%ce Bala%ce !o #e a&d as follo(s 50; &% e$al mo%!hl' amor!&a!&o%s 40; $o% !$r%o)er
477,747.20 746,480.00 o% &%s!allme%! 38,390.40 4,265.60 89,577.60
2,700,000 270,000 2,430,000
Given Given 10; 90;
1,350,000 1,080,000 2,430,000
o%al al$e
2,525,000
Term -&% mo%!hs/ Mo%!hl' Amor!&a!&o% To!al Mo%!hl' Amor!&a!&o%s -a%. 31 !o Dec. 31, 2012/
36 37,500.00 450,000.00
%&!&al Pa'me%!s -DP a%d MA d$r&%" !he 'ear/ D&)&ded #' *P -see &f fa&r )al$e &s lo(er/ Tes! -(he!her sale &s o% &%s!allme%! or o% deferreda'me%!/
720,000.00 2,700,000.00 26.67;
Nha! (&ll #e !he #as&s of ATO o( m$ch &s !he do(%a'me%! #efore ATO Nha! &s !he amo$%! !o #e a&d -eAT/ #efore !$r%o)erO o( m$ch (&ll !he mo%!hl' amor!&a!&o% -eAT/ #eO Nha! &s !he !o!al amor!&a!&o%s -AT &%cl$s&)e/ d$r&%" !he 'ear of saleO Nha! &s !he &%&!&al a'me%!sO s !h&s sale o% &%s!allme%! or o% deferreda'me%! #as&sO o( m$ch &s !he o$!$! !a rela!ed !o !he e)e%! o% a%. 2012O o( m$ch &s !he o$!$! !a rela!ed !o !he e)e%! o% Fe#. 28, 2012O
50; 40; 90;
Given Given
12
eceeded 25;
sell&%" r&ce er co%!rac! 270,000.00 1,080,000.00 37,500.00 504,000.00 720,000.00 o% deferreda'me%! 324,000.00 ero
7hapt!5 18 Multiple Choice 1. B 2. A 3. D 4. D 5. C
20
7hapt!5 20 Multiple Choice 1. B 2. B 3. D 4. C 5. A
6. D 7. C
7hapt!5 2/ Multiple Choice Theory 1. B
1. A
6. B
11. D
Multiple Choice 1. B
6. D
11. B
2. 3. 4. 5.
B B B C
2. 3. 4. 5.
D C A B
7. 8. 9. 10.
D D D D
12. 13. 14. 15.
C B B C
2. 3. 4. 5.
D B C B
*ales
al$e
=$!$!
%$!
AT
Taa'er
Pr&ce
Added
Ta
Ta
Pa'a#le
Co%cess&o%a&re
100
100
10
0
10
Ma%$fac!$rer
250
10
2
10
15
Nholesaler
40
200
45
25
20
e!a&ler
700
250
0
4
2
o$sehold -P$rchase Pr&ce/
700
70
7. 8. 9. 10.
C C D D
12. D 13. A
Multiple Choice Multiple Choice Problem Problem 1. B 6. B 11. C 16. D 1. A 6. C 2. A 7. A 12. D 17. B 2. B 3. D 8. B 13. A 3. B 4. B 9. B 14. B 4. D 5. C 10. C 15. A 5. C
*B Corora!&o% To!al amo$%! er &%)o&ce
"oods
P270,000 12,000+ P542,000 17,000 P525,000 12; P 63,000
Add Deemed sales"oods !ae% for erso%al $se ross !aa#le salesGrece&!s Ded$c! Allo(a#le sales re!$r%s allo(. >e! !aa#le salesGrece&!s M$l!&l' #' =$!$! !a
e! $rchases M$l!&l' #' %$! Ta
P530,000 50,000 P320,000 7,500 P312,500 12; P 37,500
Ad)a%ce AT a/ %)o&ce )al$e -eso/+
P
905,000 -1/
#/ C$s!oms d$!&es o!her char"es ece! AT c/ 5; Mar$ -a I #/
200,000
5; -905,000 I 200,000/
55,250
To!al -a I # I c/
a/ %)o&ce )al$e #/ s!&ma!ed fre&"h! ee%ses c/ 5; Mar$ -a I #/
-2/
Ta #ase
P870,187.50
M$l!&l' #' AT ra!e
P104,422.50
75;
Ta #ase
P644,175
M$l!&l' #' AT ra!e -4/
Ad)a%ce AT
P 77,301
21
6. 7. 8. 9. 10.
B B C B D
11. 12. 13. 14. 15.
C C D C B
16. 17. 18. 19. 20.
D A A D B
21. 22. 23. 24. 25.
B C C D D
-3/
12;
+?*20,000 P45.25 905,000
Multiple Choice Problem 1. B 2. C 3. D 4. D 5. D
-2/
P858,900
M$l!&l' #' -3/
12;
Ad)a%ce AT
40,900
To!al -a I # I c/
75;
-1/
18,000
5; -800,000 I 18,000/
P 1,160, 250
M$l!&l' #'
P800,000
26. 27. 28. 29. 30.
A A D D A
-4/
Multiple Choice Problem 1. A 6. D 2. D 7. B 3. D 8. B 4. B 9. A 5. D 10. A 11. A%' a%s(er &s acce!a#le.
Multiple Choice Problem 1. A 2. A 3. B 4. A 5. C Amo$%! of &%$! !a
6. 7.
Multiple Choice Problem 1. B 2. B 3. A 4. B + 5. A
A D
Problem 1. B 2. A 3. C 4. C 5. A 6. D
+2012 P11,832 -394,400 3;/. >o!e !ha! !he rece&!s of P350,000 &s #elo( !he %e( !hreshold of P394,400 -(h&ch &s P98,600 er ca# er $ar!er/. Mr. A L C$s!oms Broer -1/ P120,000.00 P7 70
=$!$! Ta D$e -P1,000,000 12;/
P200,000
-2/ Fre&"h! ser)&ces
80,000
To!al P$rchases
P280,000
M$l!&l' #' AT ra!e -#/ P$rchase of ser)&ce commo% !o #o!h !he ac!&)&!' s$#ec! !o AT a%d !he ac!&)&!' %o! s$#ec! !o AT L P300,000 -e%!al of off&ce sace/ $le o% Aor!&o%me%!
12;
P1,000,000GP1,600,000+ P300,000 P1,000,000 AT sale 600,000 >o%AT sale P1,600,000 +To!al *ales >e! AT Pa'a#le Problem 1. 20,000 2. 10,000 3. 8,000
4. 7,000 5. 9,000 6. 0
P187,500 12;
-33,600.00/
-22,500.00/ -2/ P 63,900.00 -3/
7. 18,000 8. 5,000 9. 8,000
@4 %$! !a a!!r&#$!a#le !o ATeem! sales for !he mo%!h %$! !a o% ATeem! sales a!a#le or!&o% of !he &%$! !a %o! d&rec!l' a!!r&#$!a#le !o a%' ac!&)&!' ATeem! sales To!al *ales P100,000 400,000
P2,000
%o! d&rec!l' a!!r&#$!a#le
P20,000
P5,000
22
To!al &%$! !a a!!r&#$!a#le !o ATeem! sales
P7,000
@5 %$! !a a!!r&#$!a#le !o sales !o "o)er%me%! for !he mo%!h %$! !a o% sale !o "o)er%me%! a!a#le or!&o% of !he &%$! !a %o! Amo$%! of &%$! !a d&rec!l' a!!r&#$!a#le !o a%' ac!&)&!' Taa#le sales !o "o)er%me%! To!al *ales P100,000 400,000
-2/
P4,000
%o! d&rec!l' a!!r&#$!a#le
To!al &%$! !a a!!r&#$!a#le !o sales
P20,000 000
P5,
P9,000
!o "o)er%me%! @7 Cred&!a#le &%$! !a for !he mo%!h %$! !a o% sale s$#ec! !o 12; %$! !a o% erora!ed sales a!a#le or!&o% of !he &%$! !a %o! d&rec!l' a!!r&#$!a#le !o a%' ac!&)&!' Taa#le sales -0; a%d 12;/ To!al *ales P200,000 400,000
P 5,000 3,000
%o! d&rec!l' a!!r&#$!a#le
P20,000
P10,000
To!al cred&!a#le &%$! !a for !he mo%!h
P18,000
The !a#le #elo( sho(s a s$mmar' of !he fore"o&%" !ra%sac!&o%s of DBA Corora!&o% %$! AT d&rec!l' a!!r&#$!a#le
=$!$! AT *ale s$#ec! !o 12; AT *ale s$#ec! !o 0; AT
12,000
%$! AT %o! d&rec!l' a!!r&#$!a#le !o a%' ac!&)&!'
5,000
0
3,000
*ale of em! oods
To!al %$! AT
5,000
Cred&!a#le %$! AT
10,000 (Q2) 10,000 (Q7)
Amo$%! of &%$! 5,000 !a 8,000 (Q3)
cess %$! AT for carr'o)er
>e! AT Pa'a#le 2,000
%$! AT for ref$%d 0
8,000 (Q7)
0
?%reco)er a#le %$! AT 0
0
0
8,000 (Q9)
0
*ale !o o)!. s$#ec! !o 5; F&%al N&!hhold&%" AT
0
2,000
5,000
7,000 (Q4)
4,000
5,000
9,000 (Q5)
0 (Q6)
0
0
7,000+ 12,000
7,000++
Q
5,000 (Q8)
0
2,000+ 20,000 (Q1) + These amo$%!s are %o! a)a&la#le for &%$! !a cred&! #$! ma' #e reco"%&ed as cos! or ee%se. ++*!a%dard &%$! AT of 7; o% sales !o o)er%me%! as ro)&ded &% *ec. 4.1142-a/. Q N&!hheld #' o)er%me%! e%!&!' as F&%al N&!hhold&%" AT.
23
7hapt!5 24 Problem 1. A -50,000 5;/ 2. D -50,000 7;/ 3. C -2,500 I 3,500/ 4. A 5. D
0
7hapt!5 2 6. 7. 8. 9. 10.
D C A C B
Multiple Choice, Problem 1. C 1. A 2. A 2. D 3. D+ 3. C 4. A 4. B 5. A 5. C
6. C 7. B
+15 21,900 3;
For %os. 810, lease see com$!a!&o% #elo(. >o!e % 2010, $o% re!erm&%a!&o%, !he loa% a"reeme%! shall #e
0
reclass&f&ed a%d !he correc! "ross rece&! !a, &%cl$d&%" r&or 'ears, shall #e recom$!ed o% !he #as&s of !he %e( ca!e"or' as sho(% here$%der ross ema&%&%" Amo$%! of Al&ca#le ece&!s Rear Ma!$r&!' %!eres!, e!c. Ta a!e Ta
For %os. 46, lease see com$!a!&o% #elo(.
%!eres! %come (&!h Ma!$r&!' of
P100,000
M$l!&l' #' T a!e
5;
e%!als
P5,000
-4/
3,500
-5/
P50,000
M$l!&l' #' T a!e
7;
2008
4
P100,000
2009
3
2010
>e! Trad&%" a&% for Ar&l 2012
P20,000
2011
e! Trad&%"
-10,000/
2012
Ad$s!ed >e! Trad&%" a&%
P10,000
M$l!&l' #' T a!e To!al
7;
100,000
5; 5;
P5,000 5,000
2
100,000
5;
5,000
1
100,000
5;
5,000
P9,200
-6/
To!al ross ece&!s Ta T D$e as ecom$!ed
B&'ahe P&l&&%as B$s P1,500,000 3; P45,000 P750,000 12; P90,000 P250,000 12; P30,000 To!al AT P120,000
MP Coma%' 3. 4. 5. 6. 7. 8.
AT 9M 12; P1,080,000 AT 9M 12; P1,080,000 ; Ta 9M 3; P270,000 AT 9M 12; P1,080,000 ; Ta 9M 2; P180,000 AT 8.65M 12; P1,038,000 ; Ta .35M 10; P35,000
UIO9D*A.D9
24
Professor’s Notes:
5;
5,00 P25,000
700
1. 2.
100,000
P25,000
-8/
9,000
-9/
P16,000
-10/
25
