17. What is the rule on the taxability of income that a government educational institution derives from its school operations? Such income is (This is for Philippines Tax Law) a. exempt from income taxation in the same manner as government-owned and controlled operations b. exempt from income taxation if it is actually, directly and exclusively used for educational purposes. c. subject to the ordinary income tax rates with respect to incomes derived from educational activities d. subject to 1% tax on its net taxable income as if it is a proprietary educational institution

17. What is the rule on the taxability of income that a government educational institution derives from its school operations? Such income is (This is for Philippines Tax Law) a. exempt from income taxation in the same manner as government-owned and controlled operations b. exempt from income taxation if it is actually, directly and exclusively used for educational purposes. c. subject to the ordinary income tax rates with respect to incomes derived from educational activities d. subject to 1% tax on its net taxable income as if it is a proprietary educational institution

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter1: Understanding And Working With The Federal Tax Law

Section: Chapter Questions

Problem 41P

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17. What is the rule on the taxability of income that a government educational institution derives from its school operations? Such income is a. exempt from income taxation in the same manner as government-owned and controlled operations b. exempt from income taxation if it is actually, directly and exclusively used for educational purposes. c. subject to the ordinary income tax rates with respect to incomes derived from educational activities d. subject to 1% tax on its net taxable income as if it is a proprietary educational institution
Which of the following is wrong? The expenses of exempt corporations from exempt operations are deductible to its gross income from unrelated operations. University of the Philippines is exempt from income tax. A non-stock, non-profit institution organized for cultural purposes is exempt from income tax. None of the above
Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not. True, True False, False True, False False, True
5. XYZ Corporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Outside the Philippines, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. P3,400,000 P10,200,000 P8,500,000 P340,000
5. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000
Apayao State University, a a chartered state university, is subject to income tax at the regular rate. exempt from corporate income tax. Subject to income tax at the special rate. Subject to both regular and preferential income tax.
Santo Cristo Institute of Engineering and Accountancy (SCIEA), is an educational institution offering senior high school and tertiary education. It is registered with and accredited by the Department of Education (DepEd) and Commission on Higher Education (CHED). Which of the following income is taxable under the identified type of tax regardless of the school being proprietary or non-stock, non-profit educational institution? a.) the importation of laboratory equipments - from customs duties b.)the school building being rented by the school - from real property tax c.)a portion of the school building being leased to a fastfood chain - from real property tax d.)the income from operation - from income tax
AAA is a private educational institution. Which of the following is TRUE? * Its income from related and unrelated activities are subject to income tax. If the ratio of the gross income from unrelated activities over total gross income does not exceed 50%, it is subject to a preferential tax rate of 1%. If the ratio of the gross income from unrelated activities over total gross income exceeds 50%, it is subject to the regular income tax rate. All of the above
ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.
Which of the following is not a true statement regarding revenues from various types of nonexchange transactions? Derived tax revenues occur as a result of sales and or income tax. Imposed nonexchange revenues consist of only fines and penalties assessed by the governing agency. Government mandated nonexchange transactions includes grants from the federal government to the local public-school system for a free lunch program. Voluntary nonexchange transactions can originate from a governmental agency or private citizen organization. Imposed nonexchange transactions revenue recognition is made in the time period when the resulting resources are required to be used or in the first period in which use is permitted.
Special domestic companies, such as proprietary educational institutions, are exempt from MCIT if they are taxed at a 10% preferred level. Is it true or false?
1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is the process or means by which through the sovereign, through its law-making body, imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out its legitimage objects of government. Basta pag kumita tataxan Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws. Is the flow of wealth other than by a mere source of capital. 2. The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False 3. Local Government Units, being limited in power, has the power to tax its constituents. Group of answer choices True False 4. The BIR need to assess a taxpayer for payment of taxes Group of answer choices True…