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    Taxation Atty. Macmod, Cpa Partnership, Estates & Trusts: ST ND

    Uploaded by

    Faye Cecil Posadas Curaming
    1. The document discusses various tax issues related to partnerships, estates, and trusts under Philippine tax law. It provides statements about their tax treatment and asks multiple choice questions to test understanding. 2. Key points covered include: partnerships can be general or ordinary, with different tax treatment for partners' shares; estates and trusts are taxed if under administration or settlement; deductions and taxability differ between domestic and foreign trusts. 3. The document uses examples of partnerships and sample financial data to illustrate concepts and ask quantitative questions about taxable net income calculations in different scenarios.

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    Taxation Atty. Macmod, Cpa Partnership, Estates & Trusts: ST ND

    Uploaded by

    Faye Cecil Posadas Curaming
    269 views1 page
    1. The document discusses various tax issues related to partnerships, estates, and trusts under Philippine tax law. It provides statements about their tax treatment and asks multiple choice questions to test understanding. 2. Key points covered include: partnerships can be general or ordinary, with different tax treatment for partners' shares; estates and trusts are taxed if under administration or settlement; deductions and taxability differ between domestic and foreign trusts. 3. The document uses examples of partnerships and sample financial data to illustrate concepts and ask quantitative questions about taxable net income calculations in different scenarios.

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    Partnership-Estate-and-Trust

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    1. The document discusses various tax issues related to partnerships, estates, and trusts under Philippine tax law. It provides statements about their tax treatment and asks multiple choice questions to test understanding. 2. Key points covered include: partnerships can be general or ordinary, with different tax treatment for partners' shares; estates and trusts are taxed if under administration or settlement; deductions and taxability differ between domestic and foreign trusts. 3. The document uses examples of partnerships and sample financial data to illustrate concepts and ask quantitative questions about taxable net income calculations in different scenarios.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    269 views1 page

    Taxation Atty. Macmod, Cpa Partnership, Estates & Trusts: ST ND

    Uploaded by

    Faye Cecil Posadas Curaming
    1. The document discusses various tax issues related to partnerships, estates, and trusts under Philippine tax law. It provides statements about their tax treatment and asks multiple choice questions to test understanding. 2. Key points covered include: partnerships can be general or ordinary, with different tax treatment for partners' shares; estates and trusts are taxed if under administration or settlement; deductions and taxability differ between domestic and foreign trusts. 3. The document uses examples of partnerships and sample financial data to illustrate concepts and ask quantitative questions about taxable net income calculations in different scenarios.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    TAXATION ATTY.

    MACMOD, CPA
    Partnership, Estates & Trusts

    1. 1st statement- GPP is a taxable partnership.


    2nd statement- Any partnerships not falling under GPP are Partnership Pugo Pogi
    considered ordinary or taxable partnership. Gross Income P2,000,000 P1,000,000 P500,000
    a. True, True c. False, True Deductions 500,000 300,000 100,000
    b. False, False d. True, False P&L Ratio 4:6
    2. 1st statement- A partner’s share in the GPP is subject to Status Single Married
    final tax. Drawing Account 200,000 100,000 100,000
    2nd statement- A partner’s share in the net income of an Other Income 0 200,000 300,000
    ordinary partnership is subject to basic tax. 11. If the partnership is a GPP, the taxable income of the
    a. True, True c. False, True partnership is
    b. False, False d. True, False a. P1,500,000 c. P0
    3. 1st statement- A partner’s share in a GPP in New York, b. P1,300,000 d. P1,300,000
    USA is still subject to final tax if he is a resident citizen.
    2nd statement- A partner’s share in the net income is not 12. The TNI of Pugo is
    included in determining the 40% OSD. a. P1,450,000 c. P850,000
    a. True, True c. False, True b. P1,250,000 d. 900,000
    b. False, False d. True, False
    13. The TNI of Pogi is
    4. 1st statement- A co-ownership and partnership are the a. P1,550,000 c. P650,000
    same as to taxability. b. P1,350,000 d. P850,000
    2nd statement- Co-ownerships are treated as corporation if
    it has proprietary activities. 14. If the partnership is an Ordinary Partnership its income
    a. True, True c. False, True tax due is
    b. False, False d. True, False a. P450,000 c. P390,000
    b. P600,000 d. P0
    5. 1st statement- A CPA and a Lawyer can form an Ordinary
    Partnership. 15. The TNI of Pugo is
    2nd statement- A dentist and a CPA can form a GPP. a. P1,450,000 c. P900,000
    a. True, True c. False, True b. P850,000 d. P1,250,000
    b. False, False d. True, False
    16. The TNI of Pogi is
    6. 1st statement- GPP’s are tax exempt, hence no separate a. P1,350,000 c. P700,000
    juridical personality. b. P650,000 d. P800,000
    2nd statement- Joint accounts are considered informal
    partnerships. 17. Under no. 12 but Pugo opts to claim the OSD, his TNI is
    a. True, True c. False, True a. P1,330,000 c.P1,150,000
    b. False, False d. True, False b. P670,000 d. P850,000
    7. 1st statement- An Estate is subject to income tax if it is 18. Mr. Fernando Estrada, a resident citizen died leaving a net
    under administration and settlement. estate of P4,000,000. His estate is under administration.
    2nd statement- A Trust is subject to income tax if it is The net estate which included an apartment, realized a
    under administration or settlement. gross income of P500,000 (gross of 5% tax). The executor
    a. True, True c. False, True distributed P75,000 and P95,000 to the daughter and son
    b. False, False d. True, False respectively. The estate also incurred expenses amounting
    to P100,000 but 25% of which is a non-deductible
    8. 1st statement- Income distributed to heirs are ordinary expense. The estate ha P1M cash in bank which also
    deductions. earned an interest of P100,000, (PNB Mla.)
    2nd statement- Trusts administered in foreign countries The taxable net income of the estate is:
    have same deductions with domestic trusts. a. P205,000 c. P255,000
    a. True, True c. False, True b. P180,000 d. P305,000
    b. False, False d. True, False
    19. Mr. Reyes created two trusts in favor of his minor niece:
    9. 1st statement- When two or more trusts have the same Trust 1 Trust 2
    grantor, consolidation is required by BIR. Gross Income P800,000 P700,000
    2nd statement- When the beneficiary of the trust is the Deductions:
    grantor himself the trust is subject to corporate income Expenses 200,000 100,000
    tax. Income given to heirs 250,000 150,000
    a. True, True c. False, True
    b. False, False d. True, False Required:
    a.TNI of T1 and T2
    10. 1st statement- Co-ownerships and partnerships are b.TNI of the Consolidated Trusts and Income tax due
    governed by individual income taxation. from each trust.
    2nd statement- Estates and Trusts are governed by c. TNI of the beneficiary
    individual income taxation as a rule.
    a. True, True c. False, True 20. Which is a taxable trust?
    b. False, False d. True, False a. Revocable Trusts
    b. Trust whose income is to be distributed back to the
    Pugo and Pogi are partners who provided the following data grantor
    about their partnership and their own data in their separate c. Pension or Employee’s Trusts
    businesses: d. Trust in favor of an incapacitated or unascertained
    person.

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