Taxation law reviewer pdf. Download free Business Law And Taxation Cpa Reviewer Pdf software 2019-02-16

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Taxation Reviewer

taxation law reviewer pdf

It must be duly taken into consideration. Daily meal allowance for overtime work not exceeding twenty five percent 25% of the basic minimum wage. It is a contract whereby the parties, by reciprocal concessions avoid litigation or put an end to one already commenced. May A properly apply for the refund? Tax must be for public purpose; It must be imposed within territorial jurisdiction; Procedural Due Process 3. Residence does not mean mere physical presence, an alien is considered a resident or non-resident depending on his intention with regard to the length and nature of his stay.

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Taxation Reviewer

taxation law reviewer pdf

The motivation behind many taxation measures is the implementation of police power goals. Interest on loans at less than market rate to the extent of the difference between the market rate and the actual rate granted 6. Since the franchise tax on the broadcasting companies with yearly gross receipts exceeding ten million pesos has been abolished, the in lieu of all taxes clause has now become functus officio, rendered inoperative. Q: What is professional income? The Director of the Abra Valley College, together with his family, occupies the second floor of the school building as their residence. A: If the act is done: 1. Q: Brothers A, B and C borrowed a sum of money from their father which amount together with their personal monies was used by them for the purpose of buying real properties.

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Taxation Law Reviewer by Abelardo Domondon

taxation law reviewer pdf

A jurist said that a tax is what we pay for civilization, in our jurisdiction, which of the following statements may be erroneous: 1. Q: What is the significance in determining whether the trust is a trust administered in the Philippines or in a foreign country? A: When it is said that exemptions must be strictly construed in favor of the taxing power, this does not mean that if there is a possibility of a doubt it is to be at once resolved against the exemption. And besides, the certificates of stock have remained in this country up to the time when the deceased died in California and that one Syrena McKee, secretary of the Benguet Consolidated Mining Company, has the legal title to the certificates of stock held in trust for the true owner thereof. The shelter of protection under the due process and equal protection clause is given to all persons, both aliens and citizens. Domestic Corporation — If organized or created in accordance with or under the laws of the Philippines; Foreign Corporation — Organized or created in accordance with or under the laws other than the Philippines. In other words, the owner residing in California has extended here her activities with respect to her intangibles so as to avail herself of the protection and benefit of the Philippine laws. Some of the answers were purposely made to be lengthy in order to serve as explanatory devices.

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Business Law Reviewer Suarez Pdf

taxation law reviewer pdf

A: It means that all persons subjected to such legislation shall be treated alike, under like circumstances and conditions, both in the privileges conferred and in theliabilities imposed. The division of the profit was merely incidental to the dissolution of the co-ownership which was in the nature of things a temporary state. Petitioner alleged that said Ordinance is unconstitutional for being violative of the equal protection clause. End to be achieved, i. Subject matter of the tax 5.


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Download free Business Law And Taxation Cpa Reviewer Pdf

taxation law reviewer pdf

Are the contentions of such weight as to constitute grave abuse of discretion which may invalidate the law? Real property used in trade or business i. The above holding should be differentiated from Philippine Acetylene Co. After all, the amount withheld is paid to the government on its behalf, in satisfaction of its withholding taxes. As to basis Constitutional — Immunities from taxation which originate from the Constitution. Commissioner of Internal Revenue v. A: Ordinary Income includes the gain derived from the sale or exchange of ordinary asset while Ordinary Loss is the loss that may be sustained from the sale or exchange of ordinary asset. The power to tax proceeds upon the theory that the existence of a government is a necessity and this power is an essential and inherent attribute of sovereignty, belonging as a matter of right to every independent state or government Pepsi-Cola Bottling Co.

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Download free Business Law And Taxation Cpa Reviewer Pdf software

taxation law reviewer pdf

Q: Differentiate capital gain from capital loss. Recovery of bad debts previously charged off; 5. Actual yearly medical benefits not exceeding P10,000. They are the lifeblood of the nation. The donation is the legal means employed to transfer the incidence of income tax on the rental income.

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Taxation Law Reviewer

taxation law reviewer pdf

These revenues need not be shared with the local government units. The Constitution does not require that things which are different in fact be treated in law as though they were the same. Commissioner of Internal Revenue v. On January 1, 1998, R. Expenses for foreign travel; h. Progressive — A tax rate which increases as the tax base or bracket increases. The situs of excise taxes is the place where the privilege is exercised because it is that place that gives protection.

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Taxation Law Reviewer

taxation law reviewer pdf

The grant of a tax amnesty, similar to a tax exemption, must be construed strictly against the taxpayer and liberally in favor of the taxing authority. Kanga, Palkhiwala and Vyas, The Law and Practice of Income Tax Lexis Nexis Butterworths 6. It is not necessary that the classification be based on scientific or marked differences of things or in their relation. The fixed annual fee is in the nature of a license fee imposed through the exercise of police power, while the 5% tax on purchase or consumption is a local tax imposed through the exercise of taxing powers. Capital gains tax on sale of shares of stocks of a domestic corporation outside an exchange by a person who is not a dealer in securities and capital gains tax on sale of real property classified as a capital asset by a person who is not a real estate dealer or developer 5. Exemption from Taxation of Government Entities Q: May the government tax itself? If he donated the P200,000.

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Business Law Reviewer Suarez Pdf

taxation law reviewer pdf

Coal Geothermal Other energy operations pursuant to an operating or consortium agreement under a service contract with the Government. It is one of the inherent powers of the state. Promotion of general welfare — taxation may be used as an implement of police power to promote the general welfare of the people. Educational assistance to the employee or his dependents 10. Note: A violation of the inherent limitations constitutes taking without due process of law. Shares of stock that are not traded through the stock exchange Capital Gains Included in Gross Income for Income Tax Purposes - includes sale and other disposition of capital assets other than those enumerated above. Was there an invalid delegation of legislative power? Favoritism and preference is not allowed.

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Business Law Reviewer Suarez Pdf

taxation law reviewer pdf

Note: Actual gain or loss is immaterial since there is a conclusive presumption of gain. What are considered as de minimis benefits not subject to withholding tax on compensation income of both managerial and rank and file employees? Co-heirs who own inherited properties which produce income should not automatically be considered as partners of an unregistered corporation subject to income tax for the following reasons: a. It is a recognized principle that the rule on strict interpretation does not apply in the case of exemptions in favor of a government political subdivision or instrumentality. If the taxpayer ignores the invitation to the informal conference, or if the examiner is not satisfied with taxpayers explanation,, and he believes that proper taxes should be assessed, the Commissioner of Internal Revenue or his duly authorized representative shall then notify the taxpayer of the findings in the form of a pre-assessment notice. Q: Taxes are assessed for the purpose of generating revenue to be used for public needs. Taxable Value of Allowances d. The two laws extending the tax exemptions were revoked by Congress before their expiry dates.

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