MCIT(6,050,000 x 6/12 x 2%)P 60,500(6,050,000 x 6/12 x 1%)30,25090,750Tax due547,538DC–OSDTotal income6,050,000Less: OSD (40% x 6,050,000)2,420,000Taxable net income3,630,000RCIT(3,630,000 x 6/12 x 30%)P544,500(3,630,000 x 6/12 x 20%)363,000907,500MCIT(6,050,000 x 6/12 x 2%)P 60,500(6,050,000 x 6/12 x 1%)30,25090,750Tax due907,500GPP–OSDTaxable net income3,630,000Interest income (80,000 x 80%)64,000Interest income–FCDU (20,000 x 85%)17,000Dividends–DC90,000Distributable income3,801,000Ordinary partnership–PSDNet income after tax (3,630,000 xx 80%)2,904,000Interest income (80,000 x 80%)64,000Interest income–FCDU (20,000 x 85%)17,000Dividends–DC90,000Distributable income2,712,000Situation 97:376–A377–D378–BBusiness income(1,000,000–580,000–240,000)180,000Rent income (95,000/95%)100,000Dividend income20,000Ordinary Asset:A. (200,000–240,000)(40,000)B. (200,000–180,000)20,000C. (10,000,000–9,800,000)200,000Capital Asset:A. [(250,000–180,000) * 50%]35,000C. [(10,000–40,000) * 50%](15,000)20,000Taxable income500,000Capital gains tax:(800,000 x 6%)48,000(120,000 x 15%)18,00066,000STT (220,000 x 0.006)1,320
Situation 98:379 - D 380–ACPG:ExclusiveConjugalTotalIncome from farmland500,000500,000Apartment units–QC4,000,0004,000,000Rental income - QC80,00080,000Rest house–Tagaytay5,000,0005,000,000Income–Tagaytay400,000400,000Car1,950,0001,950,000House and Lot4,000,0004,000,000Car–gift750,000750,000Gross Estate11,700,0004,980,00016,680,000Less: Allowable DeductionsUnpaid mortgage200,000200,000Losses, indebtedness, taxes1,500,0001,500,000Vanishing deduction*1,436,9301,436,930Vanishing deduction**673,561673,561Estate after deductions9,389,5093,480,00012,869,509Less: Special deductionsFamily Home4,000,000Standard Deduction5,000,000Share of Surviving Spouse1,740,000Net Taxable Estate2,129,509Tax rate6%Estate Tax due127,771*Value to take3,000,000Less: Mortgage paid1,000,000Initial basis2,000,000Less: Prorated LITE (2,000,000/16,680,000 x 1,700,000)203,837Final basis1,796,163Rate80%Vanishing Deduction1,436,930**Value to take/Initial basis750,000Less: Prorated LITE (750,000/16,680,000 x 1,700,000)76,439Final basis673,561Rate100%Vanishing Deduction673,561ACP:ExclusiveCommunityTotalFarmland5,400,0005,400,000Income–farmland500,000500,000Apartment–QC4,000,0004,000,000Rental income80,00080,000Rest house5,000,0005,000,000Income–rest house400,000400,000Car1,950,0001,950,000Jewelry300,000300,000House and Lot4,000,0004,000,000Car–gift750,000750,000Gross estate6,700,00015,680,00022,380,000Less: Allowable deductionsUnpaid mortgage200,000200,000Losses, indebtedness, taxes1,500,0001,500,000Vanishing deduction*1,478,4631,478,463Vanishing deduction**693,029693,029Estate after deductions4,328,50814,180,00018,508,508Less: Special deductionsFamily Home4,000,000Standard Deduction5,000,000Share of Surviving Spouse7,090,000Net Taxable Estate2,418,508Tax rate6%Estate Tax Due145,110
*Value to take3,000,000Less: Mortgage paid1,000,000Initial basis2,000,000Less: Prorated LITE (2,000,000/22,380,000 x 1,700,000)151,921Final basis1,848,079Rate80%Vanishing deduction1,478,463**Value to take/Initial basis750,000Less: Prorated LITE (750,000/22,380,000 x 1,700,000)56,971Final basis693,029Rate100%Vanishing deduction693,029SITUATION 99:381–A382–AResident CitizenNon-resident CitizenA.320,000240,000240,000B.80,000C.40,00048,00048,000D.E.30,00020,00060%12,000F8,0008,00010,00010,0009,00011,000G.200,000H.I.360,000360,000240,000J.40,00040,000K.L. [(200-150)50%]25,00025,000[(140-100)100%](20,000)(20,000)Taxable income1,661,000723,000SITUATION 100:383 - D384–C385–A386–BTo Mr. Kepweng–P0; not exceeding P250,000 for personal useTo Mr. Pol:Amount of LoanP250,000DST 1.50/2001,875Term90 daysOver365 daysDST DueP 462To Kanor Corporation:Debt instrumentAmount of Loan2,000,000DST Rate1.50On each200DST on Loan15,000Mortgage5,000401,995,0007,9808,020Higher15,000
To Thirdy Corporation:Debt instrumentAmount of Loan2,500,000DST Rate1.50On each200DST on Loan18,750Mortgage5,000402,495,0009,98010,020DST Due28,770Situation 101:387 - A388 - C389 - B390 - D391–CInput tax on Taxable goods6,000Input tax on capital goods (100/400 x 24,000)6,000Creditable input tax for the month12,000Input tax on zero–rated sales3,600Input tax on capital goods (100/400 x 24,000)6,000Input tax attributable to Zero-rated sales9,600Input tax on sales to government4,800Input tax on capital goods (100/400 x 24,000)6,000Input tax attributable to sales to government10,800Input tax on VAT-exempt sale2,400Input tax on capital goods (100/400 x 24,000)6,000Input tax attributable to VAT-exempt sales8,400Output VATPrivate entities (100,000 x 12%)12,000Sales to government (100,000 x 12%)12,00024,000Less: Input VAT
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Term
Summer
Professor
Jane Smith
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