TAXATION 2012.pdf - 2012 BAR EXAMINATIONS TAXATION 14 October 2012 2:00P.M 3:30P.M MULTIPLE CHOICE QUESTIONS(MCQs INSTRUCTIONS The following

TAXATION 2012.pdf - 2012 BAR EXAMINATIONS TAXATION 14...

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2012 BAR EXAMINATIONS TAXATION 14 October 2012 2:00P.M.-3:30P.M. MULTIPLE CHOICE QUESTIONS (MCQs) INSTRUCTIONS The following questionnaire consists of seventy-five (75) MCQs numbered 1 up to 75 contained in TWENTY TWO (22) pages. Answer each question on the MCQ Answer Sheet by shading completely the appropriate circle corresponding to the letter you have chosen. (Read the Marking Instructions on the Answer Sheet) A void erasures on the Answer Sheet. If you need to make corrections, erase completely the answer you want to change. Do not explain your answers in the MCQ portion of the exam. You will not earn any credit for that. Keep the Answer Sheet clean. Do not make unnecessary marks on it. Do not fold, roll, scratch, crumple or tear it. You may write on the questionnaire and use it as scratch paper but make sure to transfer your answer to the Answer Sheet. Provide ample time to transfer the answers if you choose to do this. Answer first the MCQs completely before going to the essay-type questions. HAND IN YOUR ANSWER SHEET. THERE IS NO NEED TO RETURN THIS QUESTIONNAIRE TO THE HEAD WATCHER. GOOD LUCK!!! Chairperso,---2012 Bar Examinations Committee PLEASE CHECK THAT THIS SET CONTAINS TWENTY THREE (23) PAGES (INCLUDING THIS PAGE). WARNING: NOT FOR SALE OR UNAUTHORIZED USE
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~~T:_ax_at_io_n _______________ :~~-: ___________ ?_~_e_2.,of23] 1. Bank A deposited money with Bank B which earns interest that is subjected to the 20°/o fin a! withholding tax. At the same tirne, Bank A is subjected to the 5°/o gross receipts tax on its interest income on loan transactions to customers. Which statement INCORRECTLY describes the transaction? below - 2. Which of the following statements is NOT correct? given or
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