lOMoARcPSD|8317777

Income Taxation Rex Banggawan Solman

Accountancy (First Asia Institute of Technology and Humanities )

StuDocu is not sponsored or endorsed by any college or university

Downloaded by Krysthel Anne Cabillo ([email protected])
 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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 Commented [SO1]:

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

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

Downloaded by Krysthel Anne Cabillo ([email protected])

 lOMoARcPSD|8317777

8. D
9. A
10. B
11. B
12. B
13. A
14. C
15. C
16. B
17. C
18. D

Downloaded by Krysthel Anne Cabillo ([email protected])