31. Mr. Panchito, a lawyer by profession, had the following income and donations during the year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
31. Mr. Panchito, a lawyer by profession, had the following income and donations during the year 2020: P1,500,000 400,000 200,000 .100,000 .30,000 .50,000 ..80,000 Professional fees...... Expenses related to practice of profession. Facilitation fees... Donations to government priority activities.. Donations to pursuant to treaties.. Donations to accredited charitable institutions. Donations to the government for public purpose... Donations to non-accredited charitable institutions.. Donations to a foreign charitable institution.. Donations to street beggars..... How much is the total deductible contribution expense? a. P290,000 c. P370,000 b. P270,000 d. P320,000 32. Burn Inc. leases its lot to Sta. Barbara for 15 years with an annual rental of P50,000. They have agreed that Sta. Barbara shall construct a building thereon with a stipulation that at the end of the lease term, the ownership of the building will go to Burn Inc. The building has a fair market value of P1,200,000 with an estimated life of 20 years. On the 10th year of the lease, the building was destroyed by tornado. A part of it was saved with an estimated amount of P40,000 and the same was covered by insurance amounting to P100,000. How much is the loss on the building? c. P60,000 d. P50,000 a. P160,000 b. P40,000 ..60,000 ..40,000 ..50,000 33. Alibaba Corp. is engaged in the business of bakery and providing parlor services with net sales and revenue of P6,000,000 and P4,000,000, respectively. The actual entertainment, amusement and recreation expenses for the taxable year totaled P100,000. For income tax purposes, how much is the total deductible entertainment, amusement and recreation expenses for each business, respectively? a. P60,000;P40,000 b. P30,000;P40,000 c. P60,000;P20,000 d. P50,000; P50,000 34. The running of the Statute of Limitations provided in Sections 203 and 222 of the NIRC on the making of assessment and the beginning of distraint or levy a proceeding in court for collection, in respect of any deficiency, shall be suspended on the following instances, EXCEPT: a. taxpayer requests for a motion for reinvestigation which is granted by the Commissioner b. taxpayer requests for a motion for reconsideration which is granted by the Commissioner c. taxpayer cannot be located in the address given by him in the return filed upon which a tax is being assessed or collected d. when the warrant of distraint or levy is duly served upon the taxpayer 31. Mr. Panchito, a lawyer by profession, had the following income and donations during the year 2020: P1,500,000 400,000 200,000 .100,000 .30,000 .50,000 ..80,000 Professional fees...... Expenses related to practice of profession. Facilitation fees... Donations to government priority activities.. Donations to pursuant to treaties.. Donations to accredited charitable institutions. Donations to the government for public purpose... Donations to non-accredited charitable institutions.. Donations to a foreign charitable institution.. Donations to street beggars..... How much is the total deductible contribution expense? a. P290,000 c. P370,000 b. P270,000 d. P320,000 32. Burn Inc. leases its lot to Sta. Barbara for 15 years with an annual rental of P50,000. They have agreed that Sta. Barbara shall construct a building thereon with a stipulation that at the end of the lease term, the ownership of the building will go to Burn Inc. The building has a fair market value of P1,200,000 with an estimated life of 20 years. On the 10th year of the lease, the building was destroyed by tornado. A part of it was saved with an estimated amount of P40,000 and the same was covered by insurance amounting to P100,000. How much is the loss on the building? c. P60,000 d. P50,000 a. P160,000 b. P40,000 ..60,000 ..40,000 ..50,000 33. Alibaba Corp. is engaged in the business of bakery and providing parlor services with net sales and revenue of P6,000,000 and P4,000,000, respectively. The actual entertainment, amusement and recreation expenses for the taxable year totaled P100,000. For income tax purposes, how much is the total deductible entertainment, amusement and recreation expenses for each business, respectively? a. P60,000;P40,000 b. P30,000;P40,000 c. P60,000;P20,000 d. P50,000; P50,000 34. The running of the Statute of Limitations provided in Sections 203 and 222 of the NIRC on the making of assessment and the beginning of distraint or levy a proceeding in court for collection, in respect of any deficiency, shall be suspended on the following instances, EXCEPT: a. taxpayer requests for a motion for reinvestigation which is granted by the Commissioner b. taxpayer requests for a motion for reconsideration which is granted by the Commissioner c. taxpayer cannot be located in the address given by him in the return filed upon which a tax is being assessed or collected d. when the warrant of distraint or levy is duly served upon the taxpayer
Expert Answer:
Answer rating: 100% (QA)
31 The total deductible contribution expense is P270000 Deductible contributions Donations to govern... View the full answer
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date:
Students also viewed these law questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Please use the information below to prepare an individual income tax return with the required schedules and attachments. All forms and instructions can be obtained from the IRSs website at...
-
Choose a company or product that you have been noticing or admiring. Develop a plan to advertise this product that involves the United States and at least one other country, and three forms of media....
-
1. How do all levels of management demonstrate leadership of the Business Continuity Management System? 2. Steering committees in some organizations tend to be counterproductive. If this is the case,...
-
How do sleep, illness, and injury affect physical health at work?
-
What is the average power delivered when you raise a \(2-\mathrm{kg}\) object by \(50 \mathrm{~cm}\) in \(50 \mathrm{~ms}\) ?
-
The following cumulative frequency polygon shows the selling price ($000) of houses sold in the Billings, Montana, area. a. How many homes were studied? b. What is the class interval? c. One hundred...
-
The following trial balance was extracted from the books of accounts of KOWA partnership operated by Kori and Wangui partners for the period ended 31/12/2018 after preparing a trading account. KOWA...
-
In this mini-case you will perform some procedures required as a part of audit planning. For ease your audit manager has already organized the workpapers and completed several of the required...
-
MCK Ltd is investigating the financial viability of a new product called Kimble The Kimble is a short life product for which a market has been identified at an agreed design specification The product...
-
Oriole Taffy Inc. manufactures an high-speed candy making machine with an estimated life of 10 years and leases it to Waterway Candy for a period of 8 years. The normal selling price of the machine...
-
Cathy, an Aboriginal woman, is being supported by staff after the loss of her home and her son in a bushfire. Explain how staff should communicate with Cathy to respond to her needs in relation to...
-
Using a four-month moving average on the data given in the spreadsheet, determine one-step-ahead and two-step-ahead forecasts for July through December 2016. Compare their performance. (Hint: In the...
-
The principal at your school decides to retire, and several well-qualified teachers on the staff apply for the position. Mr. England has been teaching for four years and has his administrator's...
-
Several sectors in the global economy have been hit especially hard due to the COVID-19 pandemic. A couple of the hardest-hit sectors include automotive, healthcare services, pharma, hospitality, and...
-
A mathematical model for tumor growth is given by dX/DT =c ln (k/x) where X = X(t) is the size of the tumor, is the carrying capacity, i.e. the maximum size that can be reached with the available...
-
If there is an unrealized holding gain on available-for-sale investments, it is reported as?
-
On November 1, 2012, Chris purchased all the issued shares of Transtek Inc. from an acquaintance, Tom. Transtek carries on a transmission repair business and has done so since its incorporation on...
-
Kresna Dubchuk lives in Kenya and is in the process of selling her Canadian real property, situated in New Brunswick, which has been rented to various tenants over the last 10 years. The selling...
-
Ms. Debbie, the sole shareholder of Shining Limited, a CCPC, has been considering selling her common shares to Let's-Make-a-Deal Ltd., a CCPC. However, Ms. Debbie recalls reading somewhere that one...
-
Consider the sequence \[x(n)=\delta(n)+2 \delta(n-1)-\delta(n-2)+\delta(n-3)\] (a) Compute its length-4 DFT. (b) Compute the finite-length sequence \(y(n)\) of length- 6 whose DFT is equal to the...
-
Given the DFT coefficients represented by the vector \[\mathbf{X}=\left[\begin{array}{llllllll}9 & 1 & 1 & 9 & 1 & 1 & 1 & 1\end{array} ight]^{\mathrm{T}}\] (a) determine its length-8 IDFT; (b)...
-
Repeat Exercise 3.9 for the case of two complex antisymmetric sequences. Exercise 3.9 Show how to compute the DFT of two even complex length- \(N\) sequences performing only one length \(N\)...
Study smarter with the SolutionInn App