Answers-batch4.xlsx
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AT 2601 1A 2D 3A 4D 5D 6B 7C 8B 9B 10 C AT 2602 1C 2C 3B 4D 5D 6D 7D 8A 9C 10 A AT 2603 1A 2D 3D 4D 5A 6C 7C 8D 9B 10 C
11 A 12 B 13 D 14 B 15 A 16 D 17 A 18 A 19 D 20 C
11 D 12 D 13 D 14 D 15 B 16 D 17 D 18 D 19 D 20 B
11 C 12 D 13 A 14 C 15 A 16 D 17 A 18 D 19 A 20 C
21 A 22 D 23 D
21 B 22 D 23 D 24 D 25 C 26 B 27 A 28 D 29 C 30 B
21 A 22 D 23 B 24 D 25 D 26 D 27 A 28 C 29 D 30 A
DIY 1D 2B 3C 4C 5D 6D
31 D 32 D 33 C 34 A 35 A 36 C 37 C 38 B 39 B 40 A
31 B 32 C 33 D 34 C 35 A 36 D 37 D 38 D 39 D 40 D
41 A 42 C 43 A 44 C 45 C 46 B 47 C 48 A 49 A 50 C
41 D 42 C 43 D 44 A 45 C 46 B
51 D 52 D 53 A 54 D 55 B
DIY 2603 1C 2D 3D 4C 5A 6D 7D 8D 9B 10 C
DIY 1C 2C 3D 4C 5D 6B 7B 8D 9B 10 B
11 C 12 A 13 A 14 B 15 B 16 A 17 B 18 D 19 C 20 C
11 D 12 C 13 B 14 B 15 D
TRUE OR FALSE 1T 11 T 2T 12 T 3T 13 F 4T 14 F 5T 15 F 6T 7F 8F 9F 10 F PARTNERSHIP FORMATION 1 A=36%, b=34%, C=30% 2 A=639,270, B=603,370, C=532,735 4 A=710,300, B&C=532,725 6 Contribution is equal to interest given ratio MC 1C 2C 3A PARTNERSHIP OPERATIONS MC 1A 2B 3D 4A 5B PARTNERSHIP DISSOLUTION MC 1C 2A 3D 4C 5D 6B RETIREMENT OF A PARTNER MC 1A
2B 3D 4B INCORPORATION MC 1A 2D 3B LUMP SUM MC 1A 2 C Error 20,960; 8640 3C 4C INSTALLMENT MC 1D 2D 3C 4A 5B 6C
MAS 2601 1 MA 2 FA 3 FA 4 MA 5 MA 6 MA 7 FA 8 FA 9 FA 10 MA
11 MA 12 MA 13 FA 14 FA 15 MA 16 MA 17 MA
MAS 2602 EXERCISE 1 1 Avoidable; Direct 2 Unavoidable; Indirect 3 Unavoidable; Direct 4 Unavoidable; Indirect 5 Avoidable; Direct 6 Unavoidable; Indirect Exercise 2 a 0.3 b y=390,000 + 0.3x c 1. 417,000 2. 426,000 Exercise 3 a 2.7x; 7,760 b 21,260 Exercise 4 1 51.67x; (10,000) 2 Nov: FC=10,000 VC=35x Dec: FC=20,000 VC=35x 3 76,000 Exercise 5 1 VC=7; FC=270,000 2 336,150 Exercise 6 1 a=3000 b=2000 2 cannot be determined
Exercise 2 1C 2D 3A 4C 5B 6C 7D 8B 9A 10 C
11 C 12 A 13 B 14 D 15 C 16 C 17 D 18 D 19 B 20 A
21 C 22 C 23 B 24 B 25 C 26 D 27 A 28 A 29 D 30 A
31 A 32 D 33 C 34 B 35 D 36 D 37 A 38 C 39 A 40 C
41 A 42 C 43 D 44 B 45 C 46 C 47 D 48 B 49 A 50 D
51 B 52 A 53 C 54 D 55 C 56 A 57 C 58 C 59 C 60 C
61 62 63 64 65 66 67 68 69 70
Exercise 7 a 38,000 b 5.75 c 66,750 d 0.85 Exercise 8 1 Recline Company 2 Relax Co.-P100,000 Recline Co.-P0.00 3 Relax Company Exercise 9 1 x=30 2 7.5/Dlhrs 3 x=6000 Multiple Choice 1B 11 C 2D 12 D 3D 13 C 4A 14 C 5C 15 A 6D 16 A 7C 17 C 8B 18 A 9D 19 D 10 B 20 C MAS 2603 PAGE 4 OF 4 1C 2C 3D 4B
21 D 22 C 23 D 24 B 25 C
MAS 2604 1B 2A 3D 4A 5D 6A 7A 8A 9B 10 A
11 B 12 A 13 D 14 B 15 B
MULTIPLE CHOICE PAGE 4 OF 6 1C 11 D 2C 12 D 3A 4D 5A 6A 7B 8C 9B 10 D
D A C B C B D C B B
71 B 72 A 73 B 74 B 75 D 76 E 77 E 78 D 79 C 80 A
TAX 2601 1C 2D 3B 4B 5C 6C 7D 8D 9C 10 C
11 C 12 A 13 B 14 A 15 B 16 D 17 A 18 D 19 D 20 C
21 A 22 D 23 D 24 C 25 C 26 C 27 B 28 A 29 A 30 D
31 C 32 D 33 C 34 A 35 C 36 D 37 D 38 A 39 B 40 B
41 A 42 B 43 D 44 D 45 C 46 A 47 D 48 C 49 A 50 C
51 B 52 C 53 C 54 B 55 A 56 A 57 B 58 D 59 B 60 D
61 B 62 A 63 D 64 B 65 C 66 A 67 A 68 C 69 C 70 C
71 C 72 B 73 A 74 C 75 B 76 D 77 B 78 B 79 A 80 D
TAX 2602 1C 2A 3B 4D 5B 6B 7A 8B 9B 10 C
11 D 12 B 13 A 14 B 15 B 16 A 17 D 18 B 19 C 20 A
21 B 22 A 23 B 24 C 25 B 26 B 27 C 28 A 29 C 30 D
31 D 32 B 33 D 34 A 35 D 36 B 37 C 38 C 39 A 40 A
41 C 42 D 43 D 44 D 45 D 46 C 47 B 48 D 49 D 50 D
51 C 52 D 53 D 54 C 55 B 56 D 57 C 58 C 59 A 60 D
61 D 62 D 63 A 64 B 65 C 66 A 67 D 68 A 69 D 70 C
71 D 72 C 73 D 74 B 75 B 76 B 77 D 78 A 79 B 80 C
No.45 Vanishing Deduction Value to take/Initial basis Proportionate deduction (P1.3/P26) x 2.2 Final Basis rate Vanishing Deduction
SOLUTION NO. 83 GROSS ESTATE Allowable Deductions Standard Deduction TAXABLE NET ESTATE
P1,300,000
No.45-CPG
(110,000) P1,190,000 80% P950,000
Net Estate b4 Sspecial Deductions & SSS Share of the SS Standard Deduction Family Home TAXABLE NET ESTATE
p18,600,000 (8,600,000) (5,000,000) P5,000,000
ESTATE TAX DUE P300,000 Less Estate Tas Credit Limit: P2.2/P5x P300,000 = P132,000 ActualI P150,000 Allowed (132,000) ESTATE TAX PAYABLE P168,000
SOLUTION NO. 85 Gross Estate Allowable Deductions Taxable Net Estate ESTATE TAX DUE Less: Estate Tax Credit CHINA: Limit: 150/750x35,000= Actual: USA: Limit=375/750x35,000= Actual: TOTAL LIMIT 1 LIMIT 2: 450/750Xp35,000= Actual= TOTAL LIMIT 2
81 82 83 84 85 86 87 88 89 90
Exclusive
Common
P7,848,000
P15,000,000
SOLUTION NO. 77 P2,725,000 (1,975,000) P750,000 P35,000 P7,000 P3,750 P17,500 P18,000
P21,000 P21,750 P21,000
GROSS ESTATE Funeral expenses Judicial expenses Claims against insolve Claims against the est Losses TFPU-Makati Net estate b4 Special SSS(18.2M)/2 Family Home Standard deduction Taxable Net Estate
ESTATE TAX PAYABLE NO. 45 - CPG FH - Lot FH - House Other Properties Jewelry Property in US Rental income on above property GROSS ESTATE Claims against the estate Casualty Losses Vanishing Net Estate b4 Special Deductions & SSS
Exclusive P4,000,000
Common
Total
P10,000,000 6,000,000 2,500,000 2,300,000 P8,800,000
952,000 P7,848,000
SOLUTION NO. 82 TFPU House and Lot in Makati (Family Home) Personal properties Farm Lot Claim against insolvent person Transfer in contemplation of death DEDUCTIONS: Funeral expenses Judicial expenses TFPU Claim against insolvent person Unpaid mortgage on farm lot Standard deduction Medical expenses Family Home TAXABLE NET ESTATE
1,200,000 P17,200,000 (1,600,000) (600,000) P15,000,000
P300,000 1,500,000 1,500,000 825,000 225,000 1,500,000 (200,000) (67,500) (300,000) (225,000) (75,000) (1,000,000) (225,000) (1,000,000) P2,757,500
P26,000,000
P22,848,000
SOLUTION NO. 81 GROSS ESTATE ELIT TFPU Vanishing Deduction Standard Deduction Family Home Medical Expenses TAXABLE NET ESTATE
P8,000,000 (400,000) (300,000) (438,000) (5,000,000) (2,000,000) (138,000)
91 B 92 C 93 B 94 D 95 A
C A B C A C A D D
Common
Total
P15,000,000
P22,848,000 (7,500,000) (5,000,000) (9,000,000) 1,348,000
SOLUTION NO. 77 GROSS ESTATE Funeral expenses Judicial expenses Claims against insolvent person Claims against the estate TFPU-Makati Net estate b4 Special D & SSS SSS(18.2M)/2 Family Home Standard deduction Taxable Net Estate
Exclusive P5,600,000
Common P22,400,000
Total P28,000,000 0 0
(1,000,000) (1,500,000) (1,700,000) (1,800,000) P3,800,000
P18,200,000
(1,000,000) (1,500,000) (1,700,000) (1,800,000) P22,000,000 (9,100,000) 0 (5,000,000) P7,900,000
FAR 2601 1A 2D 3A 4D 5D 6D 7A 8D 9D 10 D FAR 2602 1A 2A 3D 4A 5D 6D 7D 8D 9D 10 D FAR 2603 1C 2D 3D 4D 5D 6B 7C 8C 9D 10 D FAR 2604 1A 2A 3C 4A 5D 6D 7D 8D
11 D 12 A 13 A 14 B 15 D 16 D 17 C 18 D 19 D 20 D
11 B 12 B 13 B 14 D 15 D 16 A 17 C 18 B 19 D 20 A
11 B 12 A 13 C 14 A 15 D 16 B 17 A 18 D
11 A 12 C 13 D 14 C 15 C 16 C 17 D 18 D
21 A 22 D 23 A 24 D 25 D 26 D 27 A 28 B 29 D 30 D
21 D 22 A 23 D 24 A 25 A 26 B 27 D 28 A 29 B 30 A
31 D 32 D 33 B 34 D 35 D 36 D
31 D 32 C 33 C 34 C 35 B 36 C 37 D 38 D
DIY 1D 2C 3A 4A 5D 6C 7B 8C
DIY 1D 2C 3C 4C 5A 6B 7A 8C 9B 10 C
11 B 12 C 13 D 14 D 15 A
DIY 1C 2D 3A 4C
21 D 22 A 23 D 24 A 25 A 26 D 27 B 28 A
31 A 32 C 33 D 34 C 35 B 36 A 37 C 38 D
DIY 1D 2D 3B 4B 5D 6B 7B 8B
11 D 12 D 13 C 14 D
9D 10 D
FAR 2605 1D 2A 3D 4D 5D 6C 7C 8D 9A 10 C FAR 2606 1A 2A 3C 4D 5A
19 D 20 A
11 C 12 B 13 B 14 D 15 B 16 A 17 C 18 D 19 B 20 D
29 D 30 B
21 C 22 D 23 D 24 C 25 C 26 B 27 C 28 A 29 A 30 D
39 C 40 C 41 D DIY 1D 2C 3D 4B 5D 6C 7A 8B 9B 10 B
9A 10 B
11 D 12 B 13 A 14 B
11 A 12 B 13 D 14 B 15 A 16 D 17 A 18 A 19 D 20 C
11 D 12 D 13 D 14 D 15 B 16 D 17 D 18 D 19 D 20 B
11 C 12 D 13 A 14 C 15 A 16 D 17 A 18 D 19 A 20 C
21 A 22 D 23 D
21 B 22 D 23 D 24 D 25 C 26 B 27 A 28 D 29 C 30 B
21 A 22 D 23 B 24 D 25 D 26 D 27 A 28 C 29 D 30 A
DIY 1D 2B 3C 4C 5D 6D
31 D 32 D 33 C 34 A 35 A 36 C 37 C 38 B 39 B 40 A
31 B 32 C 33 D 34 C 35 A 36 D 37 D 38 D 39 D 40 D
41 A 42 C 43 A 44 C 45 C 46 B 47 C 48 A 49 A 50 C
41 D 42 C 43 D 44 A 45 C 46 B
51 D 52 D 53 A 54 D 55 B
DIY 2603 1C 2D 3D 4C 5A 6D 7D 8D 9B 10 C
DIY 1C 2C 3D 4C 5D 6B 7B 8D 9B 10 B
11 C 12 A 13 A 14 B 15 B 16 A 17 B 18 D 19 C 20 C
11 D 12 C 13 B 14 B 15 D
TRUE OR FALSE 1T 11 T 2T 12 T 3T 13 F 4T 14 F 5T 15 F 6T 7F 8F 9F 10 F PARTNERSHIP FORMATION 1 A=36%, b=34%, C=30% 2 A=639,270, B=603,370, C=532,735 4 A=710,300, B&C=532,725 6 Contribution is equal to interest given ratio MC 1C 2C 3A PARTNERSHIP OPERATIONS MC 1A 2B 3D 4A 5B PARTNERSHIP DISSOLUTION MC 1C 2A 3D 4C 5D 6B RETIREMENT OF A PARTNER MC 1A
2B 3D 4B INCORPORATION MC 1A 2D 3B LUMP SUM MC 1A 2 C Error 20,960; 8640 3C 4C INSTALLMENT MC 1D 2D 3C 4A 5B 6C
MAS 2601 1 MA 2 FA 3 FA 4 MA 5 MA 6 MA 7 FA 8 FA 9 FA 10 MA
11 MA 12 MA 13 FA 14 FA 15 MA 16 MA 17 MA
MAS 2602 EXERCISE 1 1 Avoidable; Direct 2 Unavoidable; Indirect 3 Unavoidable; Direct 4 Unavoidable; Indirect 5 Avoidable; Direct 6 Unavoidable; Indirect Exercise 2 a 0.3 b y=390,000 + 0.3x c 1. 417,000 2. 426,000 Exercise 3 a 2.7x; 7,760 b 21,260 Exercise 4 1 51.67x; (10,000) 2 Nov: FC=10,000 VC=35x Dec: FC=20,000 VC=35x 3 76,000 Exercise 5 1 VC=7; FC=270,000 2 336,150 Exercise 6 1 a=3000 b=2000 2 cannot be determined
Exercise 2 1C 2D 3A 4C 5B 6C 7D 8B 9A 10 C
11 C 12 A 13 B 14 D 15 C 16 C 17 D 18 D 19 B 20 A
21 C 22 C 23 B 24 B 25 C 26 D 27 A 28 A 29 D 30 A
31 A 32 D 33 C 34 B 35 D 36 D 37 A 38 C 39 A 40 C
41 A 42 C 43 D 44 B 45 C 46 C 47 D 48 B 49 A 50 D
51 B 52 A 53 C 54 D 55 C 56 A 57 C 58 C 59 C 60 C
61 62 63 64 65 66 67 68 69 70
Exercise 7 a 38,000 b 5.75 c 66,750 d 0.85 Exercise 8 1 Recline Company 2 Relax Co.-P100,000 Recline Co.-P0.00 3 Relax Company Exercise 9 1 x=30 2 7.5/Dlhrs 3 x=6000 Multiple Choice 1B 11 C 2D 12 D 3D 13 C 4A 14 C 5C 15 A 6D 16 A 7C 17 C 8B 18 A 9D 19 D 10 B 20 C MAS 2603 PAGE 4 OF 4 1C 2C 3D 4B
21 D 22 C 23 D 24 B 25 C
MAS 2604 1B 2A 3D 4A 5D 6A 7A 8A 9B 10 A
11 B 12 A 13 D 14 B 15 B
MULTIPLE CHOICE PAGE 4 OF 6 1C 11 D 2C 12 D 3A 4D 5A 6A 7B 8C 9B 10 D
D A C B C B D C B B
71 B 72 A 73 B 74 B 75 D 76 E 77 E 78 D 79 C 80 A
TAX 2601 1C 2D 3B 4B 5C 6C 7D 8D 9C 10 C
11 C 12 A 13 B 14 A 15 B 16 D 17 A 18 D 19 D 20 C
21 A 22 D 23 D 24 C 25 C 26 C 27 B 28 A 29 A 30 D
31 C 32 D 33 C 34 A 35 C 36 D 37 D 38 A 39 B 40 B
41 A 42 B 43 D 44 D 45 C 46 A 47 D 48 C 49 A 50 C
51 B 52 C 53 C 54 B 55 A 56 A 57 B 58 D 59 B 60 D
61 B 62 A 63 D 64 B 65 C 66 A 67 A 68 C 69 C 70 C
71 C 72 B 73 A 74 C 75 B 76 D 77 B 78 B 79 A 80 D
TAX 2602 1C 2A 3B 4D 5B 6B 7A 8B 9B 10 C
11 D 12 B 13 A 14 B 15 B 16 A 17 D 18 B 19 C 20 A
21 B 22 A 23 B 24 C 25 B 26 B 27 C 28 A 29 C 30 D
31 D 32 B 33 D 34 A 35 D 36 B 37 C 38 C 39 A 40 A
41 C 42 D 43 D 44 D 45 D 46 C 47 B 48 D 49 D 50 D
51 C 52 D 53 D 54 C 55 B 56 D 57 C 58 C 59 A 60 D
61 D 62 D 63 A 64 B 65 C 66 A 67 D 68 A 69 D 70 C
71 D 72 C 73 D 74 B 75 B 76 B 77 D 78 A 79 B 80 C
No.45 Vanishing Deduction Value to take/Initial basis Proportionate deduction (P1.3/P26) x 2.2 Final Basis rate Vanishing Deduction
SOLUTION NO. 83 GROSS ESTATE Allowable Deductions Standard Deduction TAXABLE NET ESTATE
P1,300,000
No.45-CPG
(110,000) P1,190,000 80% P950,000
Net Estate b4 Sspecial Deductions & SSS Share of the SS Standard Deduction Family Home TAXABLE NET ESTATE
p18,600,000 (8,600,000) (5,000,000) P5,000,000
ESTATE TAX DUE P300,000 Less Estate Tas Credit Limit: P2.2/P5x P300,000 = P132,000 ActualI P150,000 Allowed (132,000) ESTATE TAX PAYABLE P168,000
SOLUTION NO. 85 Gross Estate Allowable Deductions Taxable Net Estate ESTATE TAX DUE Less: Estate Tax Credit CHINA: Limit: 150/750x35,000= Actual: USA: Limit=375/750x35,000= Actual: TOTAL LIMIT 1 LIMIT 2: 450/750Xp35,000= Actual= TOTAL LIMIT 2
81 82 83 84 85 86 87 88 89 90
Exclusive
Common
P7,848,000
P15,000,000
SOLUTION NO. 77 P2,725,000 (1,975,000) P750,000 P35,000 P7,000 P3,750 P17,500 P18,000
P21,000 P21,750 P21,000
GROSS ESTATE Funeral expenses Judicial expenses Claims against insolve Claims against the est Losses TFPU-Makati Net estate b4 Special SSS(18.2M)/2 Family Home Standard deduction Taxable Net Estate
ESTATE TAX PAYABLE NO. 45 - CPG FH - Lot FH - House Other Properties Jewelry Property in US Rental income on above property GROSS ESTATE Claims against the estate Casualty Losses Vanishing Net Estate b4 Special Deductions & SSS
Exclusive P4,000,000
Common
Total
P10,000,000 6,000,000 2,500,000 2,300,000 P8,800,000
952,000 P7,848,000
SOLUTION NO. 82 TFPU House and Lot in Makati (Family Home) Personal properties Farm Lot Claim against insolvent person Transfer in contemplation of death DEDUCTIONS: Funeral expenses Judicial expenses TFPU Claim against insolvent person Unpaid mortgage on farm lot Standard deduction Medical expenses Family Home TAXABLE NET ESTATE
1,200,000 P17,200,000 (1,600,000) (600,000) P15,000,000
P300,000 1,500,000 1,500,000 825,000 225,000 1,500,000 (200,000) (67,500) (300,000) (225,000) (75,000) (1,000,000) (225,000) (1,000,000) P2,757,500
P26,000,000
P22,848,000
SOLUTION NO. 81 GROSS ESTATE ELIT TFPU Vanishing Deduction Standard Deduction Family Home Medical Expenses TAXABLE NET ESTATE
P8,000,000 (400,000) (300,000) (438,000) (5,000,000) (2,000,000) (138,000)
91 B 92 C 93 B 94 D 95 A
C A B C A C A D D
Common
Total
P15,000,000
P22,848,000 (7,500,000) (5,000,000) (9,000,000) 1,348,000
SOLUTION NO. 77 GROSS ESTATE Funeral expenses Judicial expenses Claims against insolvent person Claims against the estate TFPU-Makati Net estate b4 Special D & SSS SSS(18.2M)/2 Family Home Standard deduction Taxable Net Estate
Exclusive P5,600,000
Common P22,400,000
Total P28,000,000 0 0
(1,000,000) (1,500,000) (1,700,000) (1,800,000) P3,800,000
P18,200,000
(1,000,000) (1,500,000) (1,700,000) (1,800,000) P22,000,000 (9,100,000) 0 (5,000,000) P7,900,000
FAR 2601 1A 2D 3A 4D 5D 6D 7A 8D 9D 10 D FAR 2602 1A 2A 3D 4A 5D 6D 7D 8D 9D 10 D FAR 2603 1C 2D 3D 4D 5D 6B 7C 8C 9D 10 D FAR 2604 1A 2A 3C 4A 5D 6D 7D 8D
11 D 12 A 13 A 14 B 15 D 16 D 17 C 18 D 19 D 20 D
11 B 12 B 13 B 14 D 15 D 16 A 17 C 18 B 19 D 20 A
11 B 12 A 13 C 14 A 15 D 16 B 17 A 18 D
11 A 12 C 13 D 14 C 15 C 16 C 17 D 18 D
21 A 22 D 23 A 24 D 25 D 26 D 27 A 28 B 29 D 30 D
21 D 22 A 23 D 24 A 25 A 26 B 27 D 28 A 29 B 30 A
31 D 32 D 33 B 34 D 35 D 36 D
31 D 32 C 33 C 34 C 35 B 36 C 37 D 38 D
DIY 1D 2C 3A 4A 5D 6C 7B 8C
DIY 1D 2C 3C 4C 5A 6B 7A 8C 9B 10 C
11 B 12 C 13 D 14 D 15 A
DIY 1C 2D 3A 4C
21 D 22 A 23 D 24 A 25 A 26 D 27 B 28 A
31 A 32 C 33 D 34 C 35 B 36 A 37 C 38 D
DIY 1D 2D 3B 4B 5D 6B 7B 8B
11 D 12 D 13 C 14 D
9D 10 D
FAR 2605 1D 2A 3D 4D 5D 6C 7C 8D 9A 10 C FAR 2606 1A 2A 3C 4D 5A
19 D 20 A
11 C 12 B 13 B 14 D 15 B 16 A 17 C 18 D 19 B 20 D
29 D 30 B
21 C 22 D 23 D 24 C 25 C 26 B 27 C 28 A 29 A 30 D
39 C 40 C 41 D DIY 1D 2C 3D 4B 5D 6C 7A 8B 9B 10 B
9A 10 B
11 D 12 B 13 A 14 B
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