Which is TRUE in Barangay Micro Business Enterprise (BMBE)? S1: Corporations cannot register as BMBE. S2: Cooperatives can register as BMBE. S3: In order to be qualified as BMBE, total asset of the business, real or personal, inclusive of those arising from loans but including the land on which the particular business entity's office, plant and equipment are situated, shall not be more than Three Million Pesos (P3,000,000.00). S4: The DTI may cancel the registration of an entity who is registered as BMBE if it transfers its business from one place to another of the same locality. Ob. Only S2 is true Od. Only S4 is true O e All is false Oa Only S1 is true Oc Only S3 is true

Which is TRUE in Barangay Micro Business Enterprise (BMBE)? S1: Corporations cannot register as BMBE. S2: Cooperatives can register as BMBE. S3: In order to be qualified as BMBE, total asset of the business, real or personal, inclusive of those arising from loans but including the land on which the particular business entity's office, plant and equipment are situated, shall not be more than Three Million Pesos (P3,000,000.00). S4: The DTI may cancel the registration of an entity who is registered as BMBE if it transfers its business from one place to another of the same locality. Ob. Only S2 is true Od. Only S4 is true O e All is false Oa Only S1 is true Oc Only S3 is true

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 41P

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Which of the following statements is false concerning forms of businessorganization? a. A corporation has tax advantages over the other forms of businessorganization.b. It is easier for a corporation to raise large sums of money than it isfor a sole proprietorship or partnership.C. A sole proprietorship is an easy type of business to form.d. Owners Of sole proprietorships and partnerships have personalliability for the debts of the business while owners of corporationshave limited legal liability.
A corporation is registered in the Philippines for a specific purpose of lending money to investors. Determine the following acts of the corporation whether it is intra- or ultra-vires: a. To borrow part of its capital from the Asian Development Bank: _______ b. Donate P30M campaign funds to a presidential candidate:_________ c. Offers “Ponzi” or pyramiding scheme, promising to “double your investments in 3 months”:________ d. Buying and selling property mortgaged to it as security, after default and foreclosure:_________ e. Invest in a corporation engaged in exploitation of natural gas in Malampaya:_________
18. The following are examples of corporate expenses deductible from gross income, except one a. Expenses paid to an advertising firm in order to create a favorable image for the corporation b. Contribution to drum up business like contribution of softdrinks to barrio fiesta c. Premiums on life insurance covering the life of an employee if the beneficiary is his heir d. Representation expenses designed to promote business
15. The following are examples of corporate expenses deductible from gross income, which of the following is not? Group of answer choices a. Representation expenses incurred by Nicanor for ABC Corporation to promote the latter’s business. d. Premiums on life insurance paid by QRS Corporation covering the life of its president if the beneficiary is his heirs. b. XYZ Corporation, a domestic manufacturer of beer, to drum up business it contributes its beer products to barrio fiestas. c. Expenses paid by GHI Corporation to an advertising firm in order to create a favorable image for the corporation.
Which of these businesses would NOT be required to file a balance sheet with the tax return? ORB, a C corporation, with $245,000 in gross receipts and $50,000 in assets. DBS, a partnership, with $275,000 in gross receipts and $150,000 in assets. JAS, an S corporation, with $175,000 in gross receipts and $260,000 in assets. BLA, a C corporation, with $240,000 in gross receipts and $290,000 in assets.
Which of the following is NOT the weaknesses of sole proprietorship? Manakah di antara berikut BUKAN kelemahan perniagaan milikan tunggal? Select one: A. Limited skills and capability /Keupayaan dan kemahiran terhad B. Do not have proper financial record /Tidak memiliki rekod kewangan yang baik C. Unlimited liability /Liabiliti tidak terhad D. Business information can be kept confidential /Maklumat perniagaan tidak perlu didedahkan
Al Waha is a legal enterprise, and the company is paying a massive amount of taxes to the government along with the complicated rules and regulations. The company is dealing with both stockholders and stakeholders to further proceed with the business. The type of business ownership is a .LLP b .LLC c . Sole proprietorship d .Corporation
Which of the following is a type of intangible business property that is legally protected? Select one: a. Land and equipment. b. Stock and Inventory. c. Acres. d. Jane’s registered symbol and design for her hair gel. What factors should businesses consider when determining financing needs to determine whether they can repay the debt? Select one: a. Inventory b. Equity c. Depreciation d. Liquidity The most successful businesses do not have well-defined portraits of the customers they are seeking to attract. Select one: True False Which of the following is an example of how an entrepreneur might use marketing information? Select one: a. To create surveys. b. To carry out research. c. To forecast change. d. To examine and analyze data.
Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. Provision of doubtful debts of $4,200 for a detective agency. Speeding fines of $ 700 paid by an owner to a driver. An amount of $1,000 paid to a solicitor for preparing a partnership deed. Travel cost of a business executive to attend a trade fair in Munich paid by the employer. Newspapers purchased by an accountant who advises clients on financial and investment matters. For tax purpose, in what circumstances are individuals and companies treated as residents of Australia? Explain based on the the Income Tax Assessment Act 1936 (Cth) and relevant case law.
In each case below, I have given a goal that a business might have. What you need to do is to indicate for each whether the goal can better be achieved if the business is organized as a sole proprietorship or as a corporation. goal: to minimize taxes on profits of the business goal: the ability to freely transfer ownership interests in the business
Listed below are definitions, examples, or descriptions related to business entities.1. Owned by one person2. Can make and sell goods (manufacturing)3. Owned by more than one person4. Can sell goods (merchandising)5. Can provide and sell services6. Legally, a separate entity from theowner(s)7. A law firm owned by some of theemployees who are each liable for thefinancial obligations of the entity8. The Coca-Cola CompanyRequired:1. For each of the three types of business entities (sole proprietorship, partnership, and corporation),select as many of the definitions, examples, or descriptions as apply to that type ofentity.2. CONCEPTUAL CONNECTION Explain the advantages and disadvantages of each type ofbusiness entity.
2. Facts: Near Eastern University, a non-stock, non-profit educational corporation, earned interest income on its bank deposits in Banko De Pelepens, on which its information return filed with the Bureau of Internal Revenue carried the item, there is a certification from the depository bank of the amount of the interest on which there was no final withholding tax; and there is a certification from the corporation on the utilization of the income to which it is intended. S1: The compliance with the documentation for the exemption will render Near Eastern University exempt from final withholding tax on the interest income. S2: Even without the documentation, the interest income is still exempt from final tax pursuant to the provision of the Philippine Constitution, if it can be shown that the income was used actually, directly, and exclusively for the purpose for which the corporation was organized. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true…