Reviewer Tax

In: Business and Management

Submitted By epsylon
Words 4504
Pages 19
COMPILED NOTES: SABABAN, MAMALATEO & CHAVEZ

MARIVIC B. DE GRACIA
TAXATION 2
MARIVIC DE GRACIA

TRANSFER TAX
-refers to the burden imposed upon the right to gratuitously transfer or transmit property, tangible or intangible from one person to another. Filing: within 6 months from the date of death

15%-relative
30%-stranger
Filing: within 30 days from the date of donation -are taxes imposed upon the gratuitous disposition of private property. ESTATE TAX
FORMULA:

KINDS OF TRANSFER TAXES:
ESTATE TAX

NIRC
Donation mortis causa
Tax levied on the transmission of properties from decedent to his heirs
Tax on the privilege to transmit property at death Excise tax or privilege tax Effective upon death
Tax base is the net estate Net estate amounting to P200,000 is exempted 20% highest rate

DONOR’S TAX

NIRC
Donation inter vivos
Tax levied on the transmission of properties from a living person to another living person.

Gross Estate (Sec. 85)

TAX ON THE
TRANSFER OF
REAL
PROPERTY
LGC

Less:

Ordinary Deductions (Sec. 86)_____________

Equals: Net Estate before share of surviving spouse
Less:

Share of surviving spouse________________

Equals: Net estate before special deductions
Less:

Special deductions______________________

Equals: Net taxable estate
Multiply:Tax Rate (Sec 84)______________________
Equals: Estate Tax Payable
If there’s tax credit available:

Excise tax or privilege tax
Effective during the life time of the donor
Tax base is the net gift within the calendar year
Net gift amounting to
P100,000 is exempted highest rates:

Estate tax payable
Less: Tax credit____________
Equals: Final estate tax payable
LAW GOVERNING THE IMPOSITION OF ESTATE TAX
-statute in force at the time of death of the decedent governs.

1

COMPILED NOTES: SABABAN, MAMALATEO & CHAVEZ

MARIVIC B. DE GRACIA
TAXATION 2
MARIVIC DE GRACIA

GROSS ESTATE

TWO FACTORS AFFECTING THE…...

Similar Documents

Intermediate Accounting Reviewer

...length transaction bet. knowledgeable parties, less cost to sell; net selling price >recovery from sale there is a binding sale agreement | sales price, adjusted for incremental costs | there is no binding sale agreement but asset is traded in an active market | market price (current bid price) lest cost to sell; sales price of recent transaction in similar assets | there is no binding sale agreement and asset is not traded in an active market | best estimate of knowledgeable & willing parties in an arm’s length transaction | Costs to sell > incremental costs directly attributable to the sale of an asset/CGUs (legal costs, stamp duty & other transaction taxes, removal cost, incremental costs); don’t include finance costs & income tax expense Active market > (a) items are homogeneous; (b) willing buyers & sellers at any time; (c) prices available to public * VALUE IN USE > present value or discounted value of future pretax net CF (inflows – outflows) expected to be derived from an asset >continuous use of asset >possibility of overoptimistic estimates of cash flows >PAS 36 requirements: (a) based on reasonable & supportable assumptions; (b) based on most recent budgets on fin. forecasts (5yrs); (c) CF beyond 5yrs should be estimated using steady/declining growth rate per year unless increasing rate can be justified Estimates of future CF include: (a) cash inflows from continuing use of asset; (b) cash outflows incurred to generate cash inflows; (c) net......

Words: 4552 - Pages: 19

Math Reviewer

...3RD GRADING PERIOD GRADE 6 MATH REVIEWER Name : ______________________________________ Lesson 1 : Place Value The 'zeroth power' of any number always equals one Ex. 3 = 1. 1994587685775 = 1. 8999 = 1. 92 = 1. The exponent equals the number of DECIMAL PLACES. 7 Ex. Exponent 7 = 7 places 1 2 3 4 5 6 7 10 = 10 000 000 1 x 10 = 1 10 = 10 10 = 100 10 = 1 000 10 = 10 000 10 = 100 000 -5 10 = 0.000 01 10 -1 = 0.1 10 -2 = 0.01 1 2 3 4 5 10 -3 = 0.001 Exponent -5 = 5 DECIMAL places INCLUDING 1 10 -4 = 0.0001 10 -5 = 0.00001 5. 27 x 101 = _______________ 6. 128 x 108 = _______________ 7. 77 x 10 -6 = _______________ 8. 122 x 10 - 9 = ______________ 9. 10. EXERCISE: PLACE VALUE 1. 2 x 101 = _______________ 2. 4 x 107 = _______________ 3. 9 x 10 - 5 = ______________ 4. 8 x 10 - 10 = _____________ Write in standard form: 1. seven hundred seventy seven an three hundred sixty eight thousandths _________________ 2. ninety two thousand and two hundred one ten thousandths ______________________ 3. five hundred eighty eight millionths ____________________________ Give the place value of the digit 7 in each number 1. 6.123457 ____________________________ 2. 9457.2234 _____________________ 3. 3.2355622547 ______________________________ 4. 712.4532......

Words: 702 - Pages: 3

Computerized Definition Reviewer

...life. According to Atkinson, once something has been learned, it becomes stored in our memory and to maintain our ability to retrieve what we have learned from memory becomes essential to review. The review of definitions has become common in education and in studying and while using markers to highlight terms in texts of book or notes after hours of leafing through piles of scribbles to find the right pages is a tried and tested way to review terms and their definitions. Printed commercial examination reviewers are available in bookstores. In Lee Morgan’s article “What are the Limitations of Print Media,” he touches on two issues printed material face: they are unchangeable and no motion. It is particularly significant for printed reviewers available in bookstores because while memory involves an “organism’s ability to store information about events in a retrievable format,” and the re-use of printed reviewers promotes memory retrieval, not learning, because printed reviewers are static....

Words: 263 - Pages: 2

A Thesis "Definition Reviewer"

...through piles of scribbles to find the right pages is a tried and tested way to review terms and their definitions. Printed commercial examination reviewers are available in bookstores. In Lee Morgan’s article “What are the Limitations of Print Media,” he touches on two issues printed material face: they are unchangeable and no motion. It is particularly significant for printed reviewers available in bookstores because while memory involves an “organism’s ability to store information about events in a retrievable format,” and the re-use of printed reviewers promotes memory retrieval, not learning, because printed reviewers are static. Another significant finding is that the critical learning stages are those before the age of eight for two reasons: first, children under the age of eight learn 200% faster than adults, and second, thinking patterns become habitual after age eight, and difficult to change. Information Technology has influenced society in ways that have made assessing information so much easier (Hodge, 2010). Computers help people perform tasks easier and faster. Technology also has a systematic and organized way of keeping data records, computing, and accomplishing a lot of transactions and reports It is after the consideration of all these that the researchers came upon the idea of developing a definition reviewer Software, designed for first to third grade students of Master’s Vineyard Academy(MVA). They further considered that in learning, abstract......

Words: 4816 - Pages: 20

Ateneo Taxation Reviewer

...ATENEO CENTRAL BAR OPERATIONS 2007 Taxation Law SUMMER REVIEWER PART I – GENERAL PRINCIPLES TAXATION – power inherent in every sovereign State to impose a charge or burden upon persons, properties, or rights to raise revenues for the use and support of the government to enable it to discharge its appropriate functions SCOPE OF TAXATION TAXATION IS: Unlimited, Far-reaching, Plenary Comprehensive Supreme STAGES OF TAXATION: (LAP) 1. Levy 2. Assessment 3. Payment Basic Principles of a Sound Tax System 1. Fiscal Adequacy 2. Theoretical Justice 3. Administrative Feasibility INHERENT LIMITATIONS (SPING) 1) Situs or territoriality of taxation 2) Must be for a Public purpose • Test is whether proceeds will be used for something which is the duty of the State to provide. • Legislature is not required to adopt a policy of “all or none.” • Incidental benefit to individual does not defeat exemption 3) International comity • Property of a foreign State of government may not be taxed by another 4) Non-delegability of the taxing power • Contemplates power to QuickTime™ and a TIFF (Uncompressed) decompressor determine kind,thisobject, extent, are needed to see picture. amount, coverage, and situs of tax; • Distinguish from power to assess and collect • Exemptions: (a) presidential taxing powers; (b) local governments 5) Exemptions of Government agencies • Taking money from one pocket • to the other Applies only to entities exercising government functions (acta jure......

Words: 81188 - Pages: 325

Funacco Reviewer

...asses of any partner may be used to satisfy the partnerships creditors’ claims upon liquidation, if partnership assets are not enough to settle the liabilities to outsiders. 3. Limited Life – a partnership may be dissolved at any time by action of the partners or by operation of law. 4. Mutual Participation in Profits – a partner has the right to share in the partnership profits. 5. Legal Entity – a partnership has legal personality separate and distinct from that each of the partners. 6. Co-ownership of Contributed Assets – property contributed to the partnership are owned by the partnership by virtue of its separate legal personality. 7. Income Tax – partnerships, excepts general professional partnerships are subject to the 30% income tax. KINDS OF PARTNERSHIPS 1. As to Activity A. Trading Partnership – one whose main activity is the manufacture and sale or the purchase and sale of goods. B. Non-Trading Partnership – one which is organized for the purpose of rendering services. 2. As to Object A. Universal Partnership 1. Universal Partnership of all present property – one in which the partners contribute, at the time of the contribution of the partnership, all the properties which actually belong to each of them into a common fund with the intention of dividing the same among themselves as well as the profits which they may acquire......

Words: 2858 - Pages: 12

History of Architecture Reviewer

...Architecture Comprehensive Examination Reviewer HISTORY AND THEORY OF ARCHITECTURE 1. The ornamental blocks fixed vertically at regular intervals along the lower edge of a roof to cover end tiles. a. ancones c. acroteria b. Antifixae 2. A continuous base or structure in which a colonnade is placed. a. stereobate c. stylobate b. Torus 3. The market in Greek architecture. a. Megaron c. agora b. Pylon 4. The smallest among the famous pyramids at Gizeh. a. Pyramid of Cheops c. Pyramid of Chephren b. Pyramid of Mykerinos 5. The largest outer court, open to the sky, in Egyptian temple. a. Sanctuary c. Irypaetral b. Irypostyle 6. The inner secret chamber in the mastaba which contains the statue of the deceased family member. a. Pilaster c. serdab b. Sarcophagus 7. The grandest of all Egyptian temples. a. Palace of Sargon c. Great temple of Ammon, Karnak b. Great temple of Abu-Simbel 8. The principal interior decoration of early Christian churches. a. stained glass c. painting b. mosaic 9. In early Christian churches, it is the covered space between the atrium and the church which was assigned to penitents. a. baldachino c. narthex b. apse 10. A dome placed on the drum. a. simple c. compound b. superpositioned 11. The architect of a church of Santa Sophia Constantinople, the most important church in Constantinople. a. Ictinus and Callicrates b. Apollodorous of Damascus and Isidorous on Miletus c. Anthemius of Tralles and Isidorous of Miletus 12. The second largest medieval cathedral...

Words: 19682 - Pages: 79

Pgc Prelim Reviewer

...PGC | Philippine Government & Constitution Prelims Reviewer THE CONCEPT OF STATE  State o o Community of persons more or less numerous in number occupying the definite territory with government free of external control Elements:  People  A state can’t be a state without rational beings  World is governed by laws of men  People determines the law that can be applied  Laws in this context: Laws of men ; not laws of nature  Law: Law is ordinance of reason promulgated by the authority for the common good o 4 elements  Reason  Rule of action  Anything that governs us is of reason  Promulgated/Promulgation o Act of making o Informing others of the law o Congress is mandated/required to publish laws  By the authority  Congress makes the law  Everything that we do is provided by the congress  National in scope  Local scope: mini-congress o Ordinance: available only to the place where official is elected  Ordinance  For the common good  Majority: 50%+1  Territory  Not limited to the land  Pertains to the land, water, sea and air  Countr has exclusive power and right  If you’ll go to the other country, you’ll pay  You have to know your territory o As a sovereign people, you are free to go to your territory without asking permission  Government  Agent of state ; not the actual state Forms of government o Monarchial  Run by royalties  Saudi, Brunei, Bahrain, UAE  The King and Queen has actual powers  Note: England is not a monarchial country ; the......

Words: 1364 - Pages: 6

Reviewer for Soc Sci 1

...Reviewer for Social Science 1 A. Introduction Behavior * manner of conducting one’s self * action and response to stimulation * response to the environment Behavioral Sciences * deals with human action and seeks to generalize human behavior in society Psychology * Science of mind and behavior * Behavior and mental process are interwoven Sociology * Science of the society, social institutions and social relationships * Study of human society and social interaction Anthropology * Study of human beings and their ancestors through time and space and in relation to physical character, society and culture. * Cultural anthropologist [culture] * Linguistic anthropologist [language] * Archeologist [material artifacts] * Biological anthropologist [origin and evolution] Science * System of knowledge covering general truths [scientific method] Scientific Method * Procedure for the systematic pursuit of knowledge Social Research * Done to gain a body of information which helps us understand behavior and society Quantitative Research * Numeric data and precise statistical analysis Qualitative Research * Nonnumeric information is used to describe * Done as they happen Experiments * Research situation designed to elicit some sort of behavior Field Research * Observe events as they occur * Non-participant observation [without interaction] * Participant observation [with......

Words: 4372 - Pages: 18

Mas Reviewer

...B, C, A. A, B, C. [25] Gleim #: 1.2.45 -- Source: CMA 697 4-26 A regression equation A. B. C. D. Is based on objective and constraint functions. Encompasses factors outside the relevant range. Estimates the independent variable. Estimates the dependent variables. Copyright 2008 Gleim Publications, Inc. Printed for Mohammad Al-Sharafi Page 11 Gleim CMA Test Prep: Part 1: Financial Planning, Performance, and Control (119 questions) [26] Gleim #: 1.6.158 -- Source: CMA 0408 1-187 Susan Hines has developed an estimate of the earnings per share for her firm for the next year using the following parameters. Sales Cost of goods sold General & administrative expenses Selling expense Debt outstanding Effective tax rate Common shares outstanding $20 million 70% of sales $300,000 $100,000 plus 10% of sales $5 million @ 8% interest rate 35% 2 million She is now interested in the sensitivity of earnings per share to sales forecast changes. A 10% sales increase would increase earnings per share by A. B. C. D. 10.4 cents per share. 7.0 cents per share. 13.0 cents per share. 20.0 cents per share. [27] Gleim #: 1.6.153 -- Source: CMA 689 5-17 A quantitative technique useful in projecting a firm’s sales and profits is A. B. C. D. Gantt charting. Learning curves. Queuing theory. Probability distribution theory. [28] Gleim #: 1.5.132 -- Source: CMA 688 5-20 The following table contains the profit outcomes for......

Words: 31430 - Pages: 126

Tax Prepretion

...What's New This Year Publication 5101 All tax preparers, Quality Reviewers, instructors, and Site Coordinators must pass the Intake/Interview and Quality Review test. Income Virtual Currency The IRS announced that convertible virtual currencies, such as Bitcoin, would be treated as property and not as currency, thus creating immediate tax consequences for those using Bitcoins to pay for goods and services. Taxpayers having transactions in virtual currencies are out of scope for the VITA/TCE programs. Standard Deduction The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has increased. The standard deduction amounts for 2015 are: * Married Filing Jointly or Qualifying Widow(er) - $12,600 (increase of $200) * Head of Household - $9,250 (increase of $150) * Single or Married Filing Separately - $6,300 (increase of $100) Taxpayers who are 65 and Older or are Blind For 2015, the additional standard deduction for taxpayers who are 65 and older or blind is: * Single or Head of Household - $1,550 (no change) Married taxpayers - $1,250 (increase of $50) Personal ExemptionsThe amount a taxpayer can deduct for each exemption increased to $4,000 for 2015. | Standard Mileage For 2015, the following rates are in effect: * 57.5 cents per mile for business miles driven * 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations (no......

Words: 4268 - Pages: 18

Law on Sales Reviewer

... right of legal pre-emption of redemption shall be exercised within 30 days from notice by the buyer 2. deed of sale not to be recorded in RD unless accompanied by affidavit that buyer has given notice to redemptioners 3. when there is actual knowledge, no need to give written notice; period of redemption begins to run from actual knowledge OTHER INSTANCES WHEN RIGHT OF LEGAL REDEMPTION IS GRANTED 1. Redemption of homesteads • Public Land Act • Land acquired under free patent homestead • Subject to repurchase by wife, legal heirs within 5 years from date of conveyance • Granted by law, need not be stipulated 2. Redemption in tax sales • in case of tax delinquency/failure to pay tax assessments, property is foreclosed • delinquent payer has 1 year to redeem by paying to the revenue District Officer the amount of tax delinquencies, & interest or purchase price. 28 www.howardscasedigests.webs.com 3. Redemption by judgement debtor • 1 year to redeem by paying purchaser at public auction with interest 4. Redemption in extrajudicial foreclosure • 1 year from date of sale and registration 5. Redemption in judicial foreclosure of mortgage • no right to redeem is granted to debtor mortgagor • except when mortgagee is bank of a banking institution • 90 days after finality of judgement CHAPTER 14: ASSIGNMENT • Sale of credits & other incorporeal things • Technical term but basically a sale WHAT MAKES ASSIGNMENT DIFFERENT FROM SPECIES......

Words: 10225 - Pages: 41

Oblicon Reviewer

... CIVIL LAW REVIEWER TABLE of CONTENTS OBLIGATIONS Table of Contents Chapter II. Nature and Effect of Obligations93 I. Kinds of Prestations ............................93 II. Breach of Obligation............................94 III. Fortuitous Event (Force Majeure) .......96 IV. Remedies to Creditors ........................96 V. Usurious Transactions and Rules on Interest .........................................................97 Chapter III. Different Kinds of Obligations ..98 I. Pure and Conditional Obligations .......98 II. Reciprocal Obligations ......................100 III. Obligations with a Period ..................100 IV. Alternative and Facultative Obligations 101 V. Joint and Solidary Obligations ..........103 Effects of Prejudicial and Beneficial Acts (Art.1212) ...................................................105 VI. Divisible and Indivisible Obligations..106 VII. Oblligations with a Penal Clause ..106 Chapter IV. Extinguishment of Obligations .......................................................................107 I. Payment or Performance ..................107 II. Loss or Impossibility..........................109 III. Condonation or Remission of the Debt 109 IV. Confusion or Merger of Rights ..........110 V. Compensation ...................................110 VI. Novation ............................................111 Charts: Payment & Performance ................114 90 OBLIGATIONS Chapter I. General......

Words: 19824 - Pages: 80

Tax, Personal Tax

...I think that Murray should not follow the suggestion of his immediate supervisor, because it’s actually not only against tax-related regulations but also the moral codes. What happened to this case? Let’s go back and take a look. First of all, the mistake came from the deficiency of tax calculation of selling taxpayer’s duplex. Then, the error was overlooked during the review process. Lastly, Murray’s immediate supervisor intentionally said forgot it. Conspicuously, this is a case of human error which can be redeemed when it was found at the last step. So, if the company can be more responsible and take some active actions, they can totally make this case right. For Murray, the first and foremost thing to do is to double check the case and make sure the mistake of the case is exactly as he found. Then, he still needs to go to his supervisor and explain to him patiently about the case in order to get him to face this question straight. If his supervisor doesn’t decide to fix their mistake, then Murray may inform this tough situation to the firm’s board of directors even the accounting agency. As an accountant, Murray has both a legal and ethical responsibility to report this error. If they wait IRS to come to them, he could be forced to jail, even lose his license. In the end, Murray and his colleagues need to tell the client about the mistake they made, ask them to follow the rules and pay more taxes and at the same time give remediation of the miscalculation and......

Words: 269 - Pages: 2

Reviewer

...to handle complex combinations of conditions. On the other hand, a decision tree is an effective way to describe a relatively simple process. (http://ict108businessinformatics.wikispaces.com/Questions+Week+5) 10. What is Structured English? Structured English is a subset of standard English that describes logical processes clearly and accurately, and when used must conform to the following rules: • Use only the three building blocks of sequence, selection and iteration. • Use indentation for reliability. • Use a limited vocabulary, including standard terms used in the data dictionary and specific words that describe the processing rules. (http://ict108businessinformatics.wikispaces.com/Questions+Week+5) reviewer...

Words: 809 - Pages: 4