[PDF] TAXATION LAW PHILIPPINE BAR EXAMINATIONS 2007-2013

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Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 1 of 125

A Compilation of the

Questions and Suggested Answers

In the

PHILIPPINE BAR EXAMINATIONS 2007-2013

In

TAXATION LAW

Compiled and Arranged By:

Baratbate-Ladot, Delight

6MOLVH +HŃPRU FOULVPRSOHU ´-M\-$UOµ -UB 0B

(University of San Jose-Recoletos School of Law)

ANSWERS TO BAR EXAMINATION QUESTIONS by the

UP LAW COMPLEX (2007-2013)

PHILIPPINE ASSOCIATION OF LAW SCHOOLS (2008)

Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 2 of 125

FOREWORD

This work is a compilation of the ANSWERS TO BAR EXAMINATION QUESTIONS by the UP LAW COMPLEX , Philippine Association of Law Schools from 2007-2010 and ORŃMO OMR VPXGHQPV MQG OMR\HUV· IRUXP VLPHV IURP 2011-2013 and not an original creation or formulation of the author. The authors were LQVSLUHG N\ POH RRUN RI 6LOOLPMQ 8QLYHUVLP\·V College of Law and its students of producing a very good material to everyone involved in the legal field particularly the students and the reviewees for free. Hence, this work is a freeware. Everyone is free to distribute and mass produce copies of this work, however, the author accepts no liability for the content of this reviewer, or for the consequences of the usage, abuse, or any actions taken by the user on the basis of the information given. The answers (views or opinions) presented in this reviewer are solely those of the authors in the given references and do not necessarily represent those of the authors of this work.

The Authors.

Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 3 of 125

TABLE OF CONTENTS

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General Principles

BIR Rulings ´5XOLQJV of First Impressionµ (2007)..................................................... 10

Power of Taxation: Equal Protection of the Law; Rational Basis Test (2010).............. 11 Power of Taxation: Limitations: Inherent Limitations (2009)..................................... 11

Power of Taxation: Limitations: Tax Treaties (2009)................................................. 12

Principle of Administrative Feasibility (2009)........................................................... 12

Set-off; ´Doctrine of Equitable Recoupmentµ (2009)................................................. 12

Tax Avoidance; Exchange of Real Property and Shares of Stock (2008)..................... 13

Taxes considered as NIRC Taxes (2007).................................................................... 14

Income Taxation

Basic: Closed and Complete Transaction (2012) ...................................................... 14

Charitable Institutions: Income from Profit-Driven Activities (2013) ...................... 14 Corporate Income Tax: Accumulated Profits; ´Immediacy Testµ (2010) .................... 15 Corporate Income Tax: Accumulated Profits; Capitalization Rules (2010) ................ 15 Corporate Income Tax: Carry-Over Option is Irrevocable (2012) .............................. 15 Corporate Income Tax: Carry-Over Option is Irrevocable (2013) .............................. 16

Corporate Income Tax: Joint Venture (2007) .......................................................... 17

FRUSRUMPH HQŃRPH 7M[ 6MOH RI 5HMO 3URSHUP\ N\ M 5HMO (VPMPH %URNHU 2008""BB" 17 Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 4 of 125

Corporate Income Tax: Who is a Contractor (2013)........................................................18

)LQMO JLPOOROGLQJ 7M[ HQIRUPHU·V 5HRMUG 2010 .........................................................18

Final Withholding Tax: Royalties Paid to Non-Resident Corporation (2010)....................18

Foreign Corporate Tax: Local Agent for a Foreign Airline (2009)....................................19

)RUHLJQ FRUSRUMPH 7M[ ´6LQJOH (QPLP\ FRQŃHSPµ %UMQŃO 5HPLPPMQŃHV 2012................20

Foreign Corporate Tax: Situs of Taxation (2012)............................................................21

Fringe Benefit Tax: De Minimis Benefits (2007).............................................................22

Partnership: Income Tax (2013).....................................................................................22

Personal Income Tax: Accounting Period (2010).............................................................23

Personal Income Tax: Passive Income (Interest Income); Situs of Taxation (2007).........23 Personal Income Tax: Passive Income (Rental Income); Situs of Taxation (2008)............23

Personal Income Tax: Payment by Installment (2010)....................................................24

Personal Income Tax: Personal Exemptions of a Non-resident Alien (2010)....................24

Trust: Income from Trust (2009)....................................................................................24

Deductions, Exemptions, Exclusions & Inclusions

GHGXŃPLRQV ´$OO-HYHQPV 7HVPµ 2009)......................................................................... 25

GHGXŃPLRQV ´$OO (YHQPV 7HVPµ 2010......................................................................... 25

Deductions: Claimed by a Partner (2013)................................................................... 25

Deductions: Income Tax Withheld by US Government (2010).........................................26

Deductions: Non-deductible; Casualty Loss (2010).........................................................26

Deductions: Non-deductible; Maintenance of Goodwill (2009)........................................26

Deductions: Optional Standard Deduction (2010)...........................................................27

Deductions: Optional Standard Deductions; Irrevocability of Election (2009).................27 Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 5 of 125

Deductions: Premiums for Health Insurance (2010).................................................. ....27

Deductions: Premiums for Life Insurance (2007)........................................................ ....27

Deductions: Vanishing Deductions (2008).................................................................. ....28

Exemptions: Gains from Redemption of Shares of Stock in Mutual Fund Company (2010)............................................................... ....28

Exemptions: Gifts, Bequests and Devises (2008)........................................................ ....29

Exemptions: Income Abroad by Non-Resident Filipino (2010)................................... ....29

Exemptions: Income from Religious Activities (2009)................................................ ....29

Exemptions: Pensions from Foreign Government Agencies and other Institutions (2007)...................................................................29

Exemptions: Personal & Additional Exemptions (2012)............................................. ....30

Exemptions: Proceeds from Accident Insurance (2007)............................................. ....31

Exemptions: Proceeds from Life Insurance (2007)..................................................... ....31

Capital Gains Tax

Exemption of Family Home; Conditions (2013)............................................................32

Exchange of Real Property by an Individual and Domestic Corporation (2008)...............33

Fair Market Value (2007)...............................................................................................33

Nature of Real Properties: Capital or Ordinary Asset (2008)...........................................34

Purchase of Condominium (2007)..................................................................................35

Sale of a Capital Asset (2010)......................................................................................35

Sale of Shares of Stock Not Traded in the Local Stock Exchange (2008).........................36

Tax Rate; Period to File Return (2012)...........................................................................37

Taxation Law Q&As (2007-2013) hectorchristopher@yahoo.com dbaratbateladot@gmail.com

͞Neǀer Let The Odds Keep You From Pursuing What You Know In Your Heart You Were Meant To Do."-Leroy Satchel Paige

Page 6 of 125

Other Percentage Taxes

Sale of Shares of Stock Traded through the Local Stock Exchange (2008)......................37 (VPMPH GRQRU·V 7M[HV

GRQRU·V 7M[ FMSLPMO RU 2UGLQMU\ $VVHP 2012........................................................... ....38

GRQRU·V 7M[ GRQMPLRQ PR 5HOMPLYHV 2008 ....................................................................39

GRQRU·V 7M[ GRRU\ ([ŃOXVLRQ 200E ............................................................................39

GRQRU·V 7M[ Exemptions; Properties used by Religious Institutions (2007)....................39

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