Documentos de Académico
Documentos de Profesional
Documentos de Cultura
I
I
rrffincdons,Choose the BEST answer fur each of the ferliowing items. Mark only one answer for each item on the Speciat
Ansv*er $hed pnovided. Strictly rssasure dlowd.
1.
2.
M, makes
staternents is correct?
The inriorsement made by B transfers titls to C, herce i3 is llabls as an indorser Transfer title but
NOT liable.
i:).
F can hoid E liable ifM dishonors the urstnrrnrrr: E violates warranty
In case M dishonors the instrument, F can hold alt itdroi'sers liabie except B & Q
d. The qualified indorsers A ancl E and miuor B are not liable to F E is liable
3.
His warranty extends in favor only of the irrme 1i;fs transferee and to no other holder
a. Qualified
r,. Fe'r'son negoriating b-'r delivery
b. General
nt. Person uegotiating by biank indorsement
4.
indorser
indorser
c.
,J. Treasury
A
-u
shares, onco disposer! cf, entitle the purchaser or transfore,e he right to dividends
b.
cd.
To: X
To:
Sgd..,\
"Fay to B or 1iearerP1,000 ons ye,ar afie r .{ate. df rtt paiC v,rhe*. due, I agree to pay collection and
attorney's fees"
To: X
D
6.
'q,gd.
r\
Holder H altered the amount of a n*gotiat leinote froru Fld),,{i00 to P1 1C,000 then negotiated the note to
P. As a result,
a. If P is a holder in due course. tie can 1eq,rdr,, fl.:"r ntl,,&.er;c,Ila) PJ l,J JOa
b. If P is not a holder in ciue sourse, he qaR *"e,{uir*g tlr.* maker io pa}'only the original sgm of
P10,000
o. P cannot require the maker to pa1. trc,oaui,e *t siferalrrrt ,vhetlrer or not he is a holder in due
l
d.
coursD
l-f.P is a Lotrder for value, he can cir'[Iqm F I tii"ul)e
ficm ]i.
i 7. M issued to p, accommodatd party, a nego{iabrle pr:omissory note for P10,000. P endorsed it to A' A to
Accommodated Party - sya yung nakisuyo. On the eyes of
B and B to C. Which one of the fotlowing is incorrecti
the partues. Subsequent to accommodation,
a. M can collect from P, if M will Pay C
syang alam sa accommodation na naganap.
b. P maydirectlypay C
c. Between M and P, M is not liabte ufuilr P is principally liable
d. P can collect from lvI, if P \^rill pay C
pwedeng wala
{. A is maker and H is payee of a negotiabl* promissory note payable to order. There is no valuable
consideration for the note-. B delivers the ins*:rment to C, without indorsement, under circumstances that
otherwise would have made C a holder in due course such es, that C did uot know of the absence of
consideration. May C recover from A?
a. Yes, because A's personal defense oalnot be used agai.nst C
b. Yes, bos.atis the promissory rme is rlsgotiable
c- No, because A hai a real deferse iryhich can be used even against a holder in due course
d. No, because C acquires only B's nghts and A can set up agarnst B the defense of absence of
consideration
a shak B is tk rrey.ee snd X is tlrri drauv-e bank. Y fraudulently gets hold of the
check and forges the signature of the pay*e, ts" Y theo deposits it io C bank. C bank indorses the check
to X, drawee bank and collects from-said X dra.wee hank through the clearing house. then Y, forger
withdraws from C bank the proceeds of tlre clree'.k and disappears. Vrhich of the following is not correct?
L. The drawer A has the right to reool-er'from calleoCing bank C
b. The drawer's acoouot cannot be chargsd try the drarvee bank
c. The payee, B can recover &om drawer A
d. The drawee bank can recover from fhe cnliecting'bank
A is the drarvsr
9.
&.
b.
;. ii
d.
"of
if
a quonrm
Removal of a director
Death of a director
Iacrecse in thenturbersf dirustffis
d. Expiration of the term of a director
a.
b.
12.
M issues a promissory note payable to P or bearer. B"hjclr of the fotlowing is not correct?
a. If indorsedUy f to A nirO A also indorses it to B, B rnay negotiate the note to C by delivery
b. If indorscd by P to A and A also indors^es ii tri B, P is liable to A altd B
c. If indorsed Uy e to ^A, and A also inelorx*s it to B, and B negotiates the note to C by delivery- A is
liahle to B and C
d. If p negotiates the note to A by deliverv and. A indorses it to B, B may negotiate tho note to C by
delivery
13. Which
&.
c.
d.
indorsement
The indorser whose indorsement i: struck out and atrl the indorsers are thereby relieved from
liability on the instrument
The holdermay at anytime strike out an i*dorsernent which is not necessary to his title
C-
14.
The subscriber of shares even if not fully prraid but rvho is not delinquent is entitled to the folfowing
rights, except
Stock certificate is issued only to
a. Rights to receive dividends
fully paid shares.
b. R.ight to vote in stockholders meetings
c. Right to demand his stock certificate
d. Rights to inspect corporate books and records.
B - {5' Slaiemenll - A majority of the number of directors or trustees as fixed in the artioles of incorporation
shall constitute a quonrm for the transaction of corporate business, anel every decision of at least a
majority of,the directors or trustees present at a meeling at which threre is a quorum shall be valid as a
corporate act, except for the election of the offrcers rnhich shall requir"e the vote of a mejority of all the
mernbers of the board
Stsfqffiqt U
No pe,rsou
fu a
six esfivftted of fiml jgdgruent of an rltfemse pnrnisimble by irrprisorrrmt
five
period exceeding XXX
five years or a violation of the corpormion oode committed withinsix
XX lears
prior to the
date of his electioo or appoinunen! shall quaiiff as a director, fustee or officer of any corporation.
a. True, true
b. True, faJse
c. False. fnre
-1. False" t'alse
steals the nste and negotiates the same to t{ by f'orging A's signature. Thereafter, B negotiates the note
to C, C to D and D to E, a holder in due osurse^ lttricle of the tbllo*ing statements is correct?
&. E can hold M and P liable because their signat"r* are genuine
b.
c.
E cannot hold B, C and D linble beca'*se they have iro pa.rticipatr.on in the commission of the
forgery
E can enforce the instrurnent nnly ag*inst S, the fc,rger
E can enfilrce the instrument against S, B" C and D but nc,t agaiast ld, P and
B 17.P, O and A are partners in an impoit and exp:rt irusiness. Customers desiring to place an order for
imported artictres are always required to rnake a d,cp':sit of l5_9ro of the tota! cost .rf the order. B, a regular
customer, deposited P5,000 to P for his ord*r, P, instead of tumin;* over the said amount to the
partnership, misappropriated it. As a result, (rrio lti irot cofiect
a fI may institute a ciaim aga.inst the parfnerstiip and a{{ th* partners
b. 'Ihe personal liability of the pafiner,:s is jr:rint
c. The partnership is bound to make gorx! the loss wherre one parhler acting rvithi* the scope of his
apparent authority receives nlonev or proiierg cf a thrd psrson anct misapplies it
d. Ail the parhrers are lrable sc,lirftrlil;r r,,ltl thc pxtlr,rsliip for:"er;thin_ chargeable to the
pafine$irili Damages 'to kaya solidary.
A
18.
A contract lvlrere the creditor acqui:r;s tfte right rrt re*eire the firdts of rn rrninovalrle of his debtor, with
the obligntion to apply them to the payment iif irrt;rest it ow.,ng" arrC tlroreafler to the principal of his
credit is
a. Anfichrssis
19.
b.
U$lftx:t
.c.
R.adestrte;.norfgr4e d
()errr.lmorlatinn
A ptedged his nng to B for P20,000. A faiie,J 1,r pay his obiigaE,lrr. i"i lohl rt at a public auction for
Pl8,000. Can B recover the deficiency?
a" Yes, even without stipulation r. li'o, even ifthere is stip,;Lr*i,tn
b. Yes, if there is stipulation
d i{o,liyllesl there is stjpr.llafion
P?CI0,000. C failed.
stipulation
stipulation
to
p,r_v
o, No, ev*ia
b.v a
vote
of
22.PLand P2 are co-owners ofa piece of lend an*i ttie-v iuulr,::d ,rnd arrthorised A to sell their land. tUho will be
liable to A fortlre payment ofhis commission?
t.
b.
c.
d.
23. F appoints A1 ar:d A2 as his agents. A{ anrl A3 agreed to be bormd solidarily. Suppose A1 performed the
agency negligently which caused damaged to F, **n P hold A2 liable for damages?
Slalennen!-l- Yes, if A1 acted withitr the sirrpe of his authority
Steteseul2 - No, if Al acted beyond. the s,;ope *f h"is authority
a. Both statements are true
b. Bo{ft st*$exrreuts afe false
c. Only Statement 1 is true
d. Only Statement 2 is true
24.
a.
c.
B
28. In a parlnership, the liability of the partners shall be joirirt and solidary
contractual
L Oblig,atiors in favor of partnership suppliers by virtue of sales contract
U. Ohligatioras in fb'vor of a partnership client for retum of deposits misappropriated by one of the
partners damages
m. Obligations in favor of a pedesfiian hit by tho rl*hveiy van driven by one of the porhrers in the course
of partnership business damages
III
lII
c. I arul II
a.
and
b. I{ and
d. I,
Ii
and
Itr
30. A bought from B a car at a price of P2M, FOB factory. A paid PIM as down payment and the balance
within one month from delivery. The car was picked up by A upon payment of the down payment on April
24,201Q. On May 10, 2010, B ieamed of A's insolvency. In this case, B shall be entitled to
a. Remedy of possessory lien
Possesory lien - right to retain possession of
b. Remedy *f resale
goods until FULL payment.
c. Remedy of stoppage intransit
Insolvent na nga sya. Hindi na yun mababayaran ng
d. Remedy of rescission
buo.
B
31. The principle of "caveat emptor" or let the buyer beware will not apply in
a- Sheriffs sale
b. Sales of animals in pairs
c. Auction sales
d. Sales of livestock as condemned
32.
A, B and C are partners" A died togsther with other Fssengers of Flight 123 of Air Port. In spite of A's
a matter not
deatlU which is kno*.n to B, B still transacted business with the firm's previous creditor, Y, on
read
related to winding up. y thought all the time that the f,rm had not yet been dissolved because he did not
is
partnership
the notice of dissolution publiihed in the newspapers. In this case, the
a. No longer liable toy since the transactionitrr dissolution is not oonnected with winding-up
b. Still liable to Y since he is a previous creditor
c. Still liable to Y since the transaction is within the 3-year liquidation period
d. No longer liable to Y since B can no longer bind the firm due to the death of A
34. Ais the listed owner of 10,000 with par value of Pl00/share common shares in ABC Corporation AB9
sued A for the pavment of A's indebtedness of FlM. A contends that such debt must be compensated by his
shares of stocks with the plaintiff corporation. The contention of A is
a. Valid due to legal compensation
b. Valid by virtue ofjudiciatr compensation
c. Unte,lrable since he is not a creditor of the corporation
d. Automatically exinguished if the fair market value of the shares is
PIM
35. A gave B p50,0C0 for the purchase of a TV set in behalf of the former, with the obligation of returning the
amognt if the TV set was not bouglit u'ithin a week. A did not buy the item but did not return the amount'
An estafa case was filed by A against B. B pleaded A to drop the case. In returr! B issued a promissory note
in favor of A for the amount involved. Is the promissory note valid?
a No, the consideration of the note is the stiffling of the crime of estafa
b. No, the consideration of the nofe is unlawful
c. Yes, if the note is negotiable because ofmutual consent
d. Yes, the note is in considerition of a pre-existing debt
36.
A and B efl,tsred into a universal prrtnership of ali present property. No stipulation lYas rnade regarding
futue properl.y After the perftction of the contract, A inherited a parcel of land and B acquired a car as
r"1n*.rutloo io.
a.
b.
o.
d.
services rindered. The properties aoquired after the perfection of the confact belong to
Land
AB
A
Car
PartnershiP
B
Partnership
Parrrership
Partnership
a;
b.
c.
d.
Treasury strarei revert to the unissued shares of the corporation and being in the treasury they don't
have the status of outstanding shares
of such
Shares issued without p* uui-u" shall be deemed futly paid and non assessable and the holder
shares shall not be liable to the corporation or its creditors in respect thereto
Redeemable shares may be redeemed regardless of the existence of unrestrioted retained earnings
provided such redempion would not cause insolvency or inability of the corporation to meet its
debts as they mature
part of
When pa, oal.r. shares are issued above par, the premium or excess is notto be considered as
the legal capital
3g. In case the members of the board of directors of a corporation still constitute a quorum, and there are
vacancies, who will fill up such vacancies?
Removal Besisnation Exniration of term Incrpase in the number otDirectors
Board
Stockholders
Stostlmlders Board
Ot
Stockholders
Stockholders
Board
Board
b.
Stockholders
Stockholders
Board
Stockholders
c.
Stockholders
Stockholders Stockholders Board
d.
___
limited,alimitedpartnership\irithAasaggnSrylpartner,Basalimited
39.A,BandCorganizedABCandCo,
partner, and C as an industriat partner, contributing'P200,000, P200,000 and industry respectively. Th
pu.tn"rrtip failed and after dispoiing all ix assets to puy partnership debts, there still remains a note payable
in the sum ofP30,000. Against whom canthe creditor demand payment?
C
Nakalagay yung name nung limited partner
AE
L.
b_
c.
d.
P30,000
P15,000
P10,000
P15,000
P0
P0
P10,000
P15,000
PO
P15,000
P10,000 party, general partner sya unless may
PO
41. A insured his life for PIOM. In case A dies, the proceeds of the life insurance shall be:
&. Excluded frona gross,estate if the beneficiary is the estate, executor or administrator whether
revocable or irre.vocable
b. Part of gross income if the beneficiary is a third person and the designation is revocable
c. part of ihe gross estate if the beneficiary is a third person and the designatio:r is irrevooable
d. Excluded fro* grosr income whether Lreneficiary is revocable or irrevocable
lZ.
ytz,a
domestic corporation was determined to be improperly accumulating rts earnings for tho taxable
year 2009 based on its records as follows:
P 1,000,000 +
a. Net income from business before tax
i 50.000 b. Dividends actually or constructively paid
:70,CI00 c. Income tax paid for the year
gi;,gli0 + (net of FT na 'to)
d. Income subjoced to 209'i, final +a:l
5U,000 +
e. Income exempt from tax
10,000 + = 700 x 10% = 70
f. Income excluded from gross incorne
100,000
g. Net operating loss (2008)
The ta:r on improperly accumulated earnings is
a. P81,500
b. P71,500
c. P80,000
d. P70,000
but subject
{3. Real property with a cost of p300,000 and a fhir market value atlhetime of death of P1,000,000,
to a mortgage of P200,000
a. Shall be in the taxable net estate at F800,000
b. shall be in the gross estate *ttfoe decedent equity of F800,000
c. Shall be in the gro$s estate at P300,000
d. shall be in the gross estate at the owner's equitv of PI0c,000
44.
A acquired his residential land iri 2000 at a cost of P1,000,00s. He sold the properry on January 1, 2009 with
he purchased his
a fair market value of pS,000,000 for a consideration of P4.000,000. Within 18 mon'ths'
ga:n"
t*x?
new principal residene* at a. c*g"t cf P7,000,000. How unti..":t i:: the' ca.;'itri
a. P300,000 yung resident land sold is NOT his principal residence..
b. P240,000
5M x 6% =300
c. P75,000
d. P0
muoh is
A
45. Using the same data, exoept that A acquired his new principal residence at a cost of P3,00,000, how
the capital gains tax?
see
a. P300,000
#44
b. P240,000
c. P75,000
d. P0
Sales
sales
expenses
?009
r.369.t}0r,,
1,425,0C0
480,000
48. Using the above data, the income ta"x payable by Mabuhav Corp<nation in 2009 is
a.
Pl18,500
b. Pl10,750
c.P117,750
d. P108,000
49. A filed his income tax retum for the calendar year 2007 on }v{arch 20,20A:8. When is the last day for the
BIR to collect assuming A did not pay the tax dur" ugrn frling?
a. March 20,2011
.
A
b. April 15,20ll
c. April 15,2013
d. March 20,2013
50. Using the above data, assuming A frled his inconne tax return on April 20, 2008 and the retum is not
fraudulent, when is the last day for the BIR to rnake an assessment?
a.
April20,20ll
b. April l5,20ll
c. April20,2Al3
d. April 15,2Al3
51. Using the above data, if the BIR issued a deficieircy income tax assessment on March 10, 2010, when is the
last day for the BIR to collect?
a March 10,2013
b. Apil 15,2A13
c. tvfarch 10,2015
d. April 15,2015
52. One of the following is not within the powers of the Cc,nrnissioner of hrternal Revenue
a. Compromise the payment of intcrnal revenue ta:r on the ground of taxpayer's financial
incapacity
b. Compromise the pa3ment of intr":rnatr revefiue tax on the ground that there is reasonable doubt
as to the validity of the assessnnent
c. Compromise criminal violation if already filsd in oourt and those involving fraud
d. Abate or cancel a tax liability on *he ground that the cost of collection is greater than that of
the tur to be collected
54. A filed his ITR for 2012 ot April 15, 2013 and wiltr pay his tax liability in installment. The return shows an
income tax clue of P100,000 and income tax $rithh;ld of P60,000. If A pays the 2"d installment only on
October 75,2013,the amountto be paid (exciudirry compromise penalty) is
a. P26,000
50
50
b. P35,000
d. P37,500
-60
= -10 => 0
a P20,000
b. P40,000
c. P0
d. Refund of P10,000
April
-10
=40 + 40x25% + 50x20% x 6/12 = 55
15. 2013 is
a.
When a compulsory heir is given by will iess than his legitime, the provisions of the witl should be
modified in such a way that he will receive his legitime
The CIR may examine the bank deposit of a decedent for the purpose of tletermining his gross estatc
even if the estate did not request f,or a compromise on the ground of financial io*prcity
The P500,000 standard deduction for medical extrrnses for estate tax purposes is a legal mechanism
to further exempt the less privileged estate and heirs from tax burden
The sharing of heirs in testamentary succession must satisff the rules on legitime
b'
c.
d.
A
57.
stookbroker remified P11,250 to the tsIR representing collecdon of tax withhetd from clients. The peso
volume of his stock transactions from which the tax was withheld is
a.P93,750
b, P112,500
c.P225,000
d. P2250,000
58.
A vat taxpayer
'
has the following data for a partioular quar&er cluring the current year:
Sale of shares of stock:
Held as inventory
P 1,000,000
Held as investment
Cost of the shares sold:
Held as inventory
Held as investrnent (thru local stock exchange)
The stock transaction tax is
a. P0
b. P1,500
c. P2,500
d. P7,500
500,000
300,000
600,000
a.P682
b. Pl,Ig2
c. P1,280
d. Pl,530
60. In a hansfer in conternplation of death revocable trensfer ancl. transfer under a general power of
appointment, there are rules to observe to detenaine rvhat amourit to inch,rcie in lIrc grois estate, which is not
a rule to observe?
a. If the transfer was in the nature of a bora firie saie for an adequate and full consideration in
money or money's worth, no value shall bo rncluded in the gro,ss estate
b. If there was no consideration received on fhe f;ansfe,r as ln rlonatic,n inter-vivos, the value to
include in the gross estate shall be the tair markel value of the properfy at the time of transfer
Ifthe consideration received on the transfer vras less than adequa-re and full, tbe value to include
in the gross estate shall be the excess of tiie fair rcarlce;t v,alue of the property at the time of
decedent's death over the consideration re,;eive(I
d. If there was no consideration received or the lransrbr ns iu clonatiori rnortis causa, the value to
include in the gross estate shall be the thir market ralue of,the prr,rperty at the time ofthe
decedent's
c'
death
61. For proceeds of life insuranoe not to constitute part nf tii* gross esiat;:
a. Must have been taken out by the Cee*dent upcr: his li{e
b. Must have designated the estate of the rl*cecisnt as irrevocabl,* beneficiary
c. Must have designated a third persoil as. the decedent's elie()utcr cr administrator as the
irrevocable benefioiary
d. Must have designated a thinl persorl other tlun the e;tato, the des:dent's executor or
administrator as irrevocable treuefrci ar17
Husband and wife can make moderate donations to each other on account of family celebration
Machines
I
2
Fric*
Ptr00,0,{!0
200,cl00
Business use
300,000
For sale
The importations-were subjected to 5Q% excise tax hased on purchase price. Machine
P1,000,000 (net of vat). How much is the vat paid on impcrtation?
J
a.
Pl08,000
b. P90,000
c. P54,000
d. P36,000
b. P30,000
c. Pl06,000
d. P94,000
ltems 67 to 78
],Nagpala a good looking Filipino 19 years old, single, high school graduate from a remote province,
brought his
i0 year old mother went to lv{anila in 2Al2 to try tt *ir iuck here.- He applied, and was 'hirud,
as a janr:tor in
vlapagpala Corporation. As soou as he was hird he eilrolled in the Collegi
of Accountancy. Foi the year zol1,
rc earned and incurredthe following:
Salaries, net of SSS, phitHealth contributions, and
Union dues of p8,000, and withhotding
ta>r
ofPl0,000
p162,000
67 . P.
Nagpala's inoome tax payable (refundable) firr the caxirble year 20 I 2 is:
a. P4,900
b. P6,900
c. P10,500
d. P8,900
In 2013, p. Nagpala's good looks and his being anrbitious and hardworking caught the attention of ldakiri, the
company president's daughter. On February tr4 of that year, lv{akiri treated P. Nagpala to snacks. She put a
tablet inhis drinks whichlnade P. Nagpala very rnuch attracted to her. They went out often since then, and on
March 31, they got married because Makiri was already one m.onth pregnant.
For their wedding, Makiri's father gave them the following:
a. Cash of P500,000 and $100,000, whichthey im'ested as foilows:
They deposited P300,000 in a long-term trust .fund.
They deposited P200,000 in a ctrrrent account'
They deposited the $100,000 in a hank zuthorized by the BSP to operate as an FCDU.
b. P. Nagpala's prornotion - P. Nagpala was promoted, &om janitor to accounting department staff'.
c. Mapagpala Corporation shares of stock worth PeM'
a.
b.
c.
In December, P. Nagpala and tv{akiri counted the trXe."lsings tJrey received during the year:
a. The first baby, born on November 30,2{}13: A h;bv boy!
b. Their reoeipts/expenses:
Couple
,E*II_@a Makid
Compensation income, net of
SSS/PhilHealth, Pag-Ibig contributions
of P10,000 and withholding tax
ofP18,300
subsidy
Rice
Medical benefit forP.
bonur:
Napala
Uniformlclothing allowance
Laundry allowance
n)1,704
36,000
18,000
i0,000
5,000
3,000
P 180,000
38250
6,40Q
i03,600
P540,000
200,000
69. Final taxes remitted by the couple's payors for their h*ome totaled:
a. ?44,562
Dividend income: 225/90% x 10% = 25
b. P19.562
Interest: 6.4/80% x 20% = 1.6
c. P35,000
FCDU: 103.6/92.5% x 7.5% = 8.4
d. P31,550
1I
year 3013:
lrr-2017, P. Nagpala passed the CPA Licensure Examination. E{e was promoted as the Accounting Manager in
the company's Accounting Department. lvlakiri stopped rvorking to have more time for her husband and three
(3) children (three more wpre born from 2014 to 2017, butthe youngest died at the age of 3 months in 2017
wtrile the eldest lives with Makiri's parents)
The year was a lucky year (financially) for the couple. They were able to buy a 2-storey commercial building.
A book about'Makiriis Code" written by Makiri was pubtrished and becarne a bestseller. They were able to sell
one-half of their interest in the corporation to a friend at a gain of P300,000 (SP is Php l'3M)' At year-end,
they computed their financial blessings:
P 684,000
a. R"ental income -net of withholding tax
*
(Expenses - building rental husiness F200,000)
450,000 I
b. Royalty income from the book, nei
c. A brand new car, purchased by the fiompany for P. Nagpala
(the car was registered in the name of
1,088,000
P. Nagpala) - purchase cost...
d. Otherbenefits glven by the company to P. Nagpala:
40,800
Groceries for the family
240,000
Salary inerease, P20,000 per month
Tuition fee, shouldered by the ccmpanv when F. Nagpala
attended a computer crash course to learn about
the software being used in the company's
30,000
accounting
For the taxable year 2A17,
dePartrrent
b.
c.
d.
72.
P125,000
P100,000
P75,000
P 75,000
b. P 50,000
c.
d.
P 56.500
P 62,500
100 x 5%
+ 200 x 10%
+ 450 / 90% x 10%
74.The fringe benefit tax withheld by the compar.y pertaining to the benefits given to P. Naglala dwing the year
totaled:
a. P531,200
b. P545,317
c. P289,317
d. Y215,204
ln November 2018, while the couple were talking about haviug another child, P. Nagpala suffered a cardiac
arrest and died 3 days after, withoot uoy last will and testanlent. By year-end, the estate tax was paid and the
-estate was distributed to his legal heiri. Makiri rvent braok tro the practice of her profession and continued
operating the commercial building
fcrr the 2018 inconoe of P. Nagpala, how nnuch personal and additional
Php 20,OOO
b. Php 125,000
c. Php 75,000
d. Php 100,000
Later in Novemb er Z}l9,Makiri married P. Nansalo. the best frie,nit of F. Nagpala. Unfortunately, the marriage
did not last long when Makiri died in January 2,202!, one riay after giving birth to their fust child. Makiri left
the following:
Mel$i
a.
b.
e.
f.
g.
c-1
CA
Php 2,01t0,000
500,CI00
P.Xatlsglg
Fhp 3,000,000
750,000
1,900.00c
4.0c10,000
300,C11,]0
8CC,0(!0
2,200,000 .
2,000,000
150,000
200,000
Proceeds of
I.200.000
8C0,000
7,2i1s,000
1,S00,000
2,800,000
2.500,000
1,8")0,0G0
years ago
y*ear
2,400,000
ago
a.
b.
c.
l.
Php 250,000
800,000
200,000
100,000 GE din
'to..
A
ofMakiri is
a. Php 16,650,000
b. Php 16,750,000
c. Php 15,850,000
d. Php 15,950,000
estate is
a. Php 7,407,985
b. Php 7,403,687
c. Php 7,393,109
d.Php 7,4A6,911
Subject to:
l2o/o
Php 900,000
0o/o
1,000,000
4,100-000
Php 6,0fi),fi)0
Exempt
Total
C
Php 950,000
950,000
3.100.000
Php 5,0fi),0fi)
B
Php 1,000,000
900,000
2.100.000
Php 4,0fi),0fi1
Php 1,000,000
1,000,000
1.000.000
Php 3,0fi),0fi)
A,BandC
ae exces::er
P 5 oo
P2,soo
irldffir
P8,soo
iiilffit ""
PYz,soai
P5o,ooo
Over P500,000
Pt2s,ooo
; ioor;;r
r1',ffif
*" .*"*.
**:' "'"
"*"' """
#rrffi.'T"
#ffif
-e
*o
**
excess over
The End!
t4