Sale of real estate is subject to vat a true if made

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College Accounting, Chapters 1-27
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Chapter 10 / Exercise E 10-2B
College Accounting, Chapters 1-27
Heintz/Parry
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6. Sale of real estate is subject to VAT a. True, if made in the regular course of trade or business b. False, it is exempt if the real estate is classified as capital asset c. False, it is exempt if what is sold is a residential unit d. a and b are correct
7. The following are exempt from amusement tax:
8. Sale, barter, exchange or other disposition of shares of stocks which are traded in the local stock exchange is subject to:
9. Under RA 9337, a presumptive input tax credit is allowed to processors/manufacturers of milk, sardines, mackerel, refined sugar, cooking oil, and packed noodle-based instant meals at the rate of:
10. The following can avail of the Input Tax Credit, except: a. Importer of goods/articles previously subjected to VAT b. Purchaser of domestic goods upon consummation of the sale c. Exporter of goods and services not registered under the VAT system d. Purchaser of services, lessee or licensee upon payment of compensation, rental, royalty or fee
11. Educational services rendered by private educational institutions are exempt from VAT if duly accredited by the following, except:
12. For VAT purposes in connection with deferred payment sale of real property, the term “initial payments” shall include:
13. There is prima facie evidence of a false or fraudulent return where the
14. In “Operation Kandado,” the BIR temporarily closed business establishments, including CCC Corporation that failed to comply with VAT regulations. CCC contends that it should not be temporarily closed since it has a valid and existing VAT registration, it faithfully issued VAT receipts, and filed the proper VAT returns. The contention may be rejected if the BIR investigation reveals that a. the taxpayer has not been regularly filing its income tax returns for the past 4 years. b. the taxpayer deliberately filed a false and fraudulent return with deliberate intention to evade taxes. c. the taxpayer used falsified documents to support its application for refund of taxes. d. there was an understatement of taxable sales or receipts by 30% or more for the taxable quarter.
We have textbook solutions for you!
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College Accounting, Chapters 1-27
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise E 10-2B
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified

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