CHAPT-5 EXCLUDE FROM GROSS INCOME

CHAPT-5 EXCLUDE FROM GROSS INCOME - INCOME TAXATION 5TH...

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SUGGESTED ANSWERS Chapter 5: Exclusion from Gross Income CHAPTER 5 EXCLUSION FROM GROSS INCOME Problem  5  – 1  TAXABLE OR NONTAXABLE with  income  tax 1.  Nontaxable 11.  Taxable 21.  Taxable 2.  Taxable 12.  Nontaxable 22.  Nontaxable 3.  Nontaxable 13.  Taxable 4.  Nontaxable  with  IT 14.  Nontaxable 5.  Taxable 15.  Nontaxable 6.  Taxable 16.  Nontaxable 7.  Nontaxable 17.  Taxable 8.  Nontaxable 18.  Taxable 9.  Taxable 19.  Nontaxable 10.  Nontaxable 20.  Taxable Problem  5  – 2  TAXABLE OR NONTAXABLE with  income  tax 1.  Nontaxable 12.  Nontaxable,  if not  exceeding  10  days 2.  Nontaxable   13.  Taxable 3.  Nontaxable 14.  Taxable  (based  on  proceeds  or selling  price  or zonal  value,          whichever  is higher). 4.  Nontaxable 15.  Taxable   5.  Nontaxable 16.  Taxable 6.  Nontaxable 17.  Taxable,  except  when  BIR registered  with  50  year  old retiree;  10   years  service  and  first  time  to avail. 7.  Nontaxable 18.  Taxable 8.  Taxable 19.  Nontaxable  if Philippine  Sweepstakes  and  Lotto 9.  Nontaxable 20.  Taxable 10.  Taxable 21.  Taxable 11.  Taxable 22.  Nontaxable Problem  5  – 3 TRUE OR FALSE  1. False  – nontaxable   2. True 3. True 4. False  – Proceeds  of life insurance  is not  taxable  regardless  of whoever  would  be  the   recipient,  except  when  the  insured  person  outlived  his  life insurance  and  received  the   proceeds.  The  excess  of proceeds  over  premium  paid  is taxable. 5. False  – include  in gross  income 6. False  – Bequest  is a personal  property. 7. True 8. True 9. True 10. False  – Nontaxable   11. True 12. False  – Nontaxable   13. False  – Some  prizes  and  awards  are  not  taxable.  Eg.  Ramon  Magsaysay  Awards 14. True   15. True   16. False  – Include  in gross  income  because  income  from  gift is subject  to income  tax.
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This note was uploaded on 01/03/2012 for the course ACC 284 taught by Professor Sevton during the Spring '11 term at Abraham Baldwin Agricultural College.

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CHAPT-5 EXCLUDE FROM GROSS INCOME - INCOME TAXATION 5TH...

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