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The proceeds received under a life insurance

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(58) The proceeds received under a life insurance endowment contract is NOT considered part of gross income(A) if it is so stated in the life insurance endowment policy.(B) if the price for the endowment policy was not fully paid.(C) where payment is made as a result of the death of the insured.(D) where the beneficiary was not the one who took out the endowment contract.
(59) The excess of allowable deductions over gross income of the business in a taxable year is known as
(60) No action shall be taken by the BIR on the taxpayer’s disputed issues until the taxpayer has paid the deficiency t
(61) Is an article previously exported from the Philippines subject to the payment of customs duties?
(62) Prior to the enactment of the Local Government Code, consumer's cooperatives registered under the CooperativDevelopment Act enjoyed exemption from all taxes imposed by a local government. With the Local Government Codewithdrawal of exemptions, could these cooperatives continue to enjoy such exemption?(A) Yes, because the Local Government Code, a general law, could not amend a special law such as the CooDevelopment Act.(B) No, Congress has not by the majority vote of all its members granted exemption to consumers' cooperativ(C) No, the exemption has been withdrawn to level the playing field for all taxpayers and preserve the LGUs'position.(D) Yes, their exemption is specifically mentioned among those not withdrawn by the Local Government Code

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Term
Winter
Professor
NoProfessor
Tags
Taxation in the United States

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