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BIR Tax Forms and Property Taxation Guidelines
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1
Question
What is the BIR Form No. 1706 item 7A for the date October 6, 2024?
Answer
Page 85, choice B: April 15, 2025
2
Question
In BIR Form No. 1706, which item lists the taxpayer's TIN?
Answer
Item 6A: 130-765-890
3
Question
On BIR Form No. 1706, Page 2, Schedule 2, which type of sale is listed?
Answer
Option A: Cash sale
4
Question
What is the applicable income tax rate in the context provided?
Answer
Option D: 6.0%
5
Question
The tax base for sale of property is based on what value?
Answer
Option B: Zonal value
6
Question
In BIR Form No. 1706, where should the amount P 5,779,500 be recorded?
Answer
Box No. 14
7
Question
If a real property is not a capital asset, which BIR form is filed?
Answer
BIR Form No. 1701
8
Question
Assuming a principal residence sale proceeds will be used to acquire a new residence, which statement is correct?
Answer
C: The sale shall be exempt from filing income tax return and payment of tax, including escrow deposit.
9
Question
Who should sign Page 1 of BIR Form No. 1706?
Answer
B: Elena A. Santa Elena
10
Question
What is true about the income tax on sale?
Answer
C: It must be assumed by the buyer.
11
Question
Which expense related to the sale is necessary for transfer of title?
Answer
B: Transfer tax on transfer of title
12
Question
BIR Form No. 2000-OT is not used for which transaction?
Answer
B: Barter, exchange, or other onerous disposition of shares of stock in a domestic corporation
13
Question
What is the Item No. 3 in BIR Form No. 2000-OT for the sale of real property?
Answer
A: DO 102
14
Question
What is the amount in Item No. 15 of BIR Form No. 2000-OT for the property sale?
Answer
D: 5,779,500
15
Question
Calculate the capital gain tax for a selling price of P7,000,000.
Answer
A: P 346,770
16
Question
What line in BIR Form No. 2000-OT reports the net gain point?
Answer
B: Line 17
17
Question
What is the correct statement regarding local transfer tax?
Answer
C: It must be 12% of the selling price or market value.
18
Question
When should documentary stamp tax be paid?
Answer
D: Within 30 days from the date of notarization
19
Question
Which statement about eCAR validity is incorrect?
Answer
D: It is valid until presented to the Registry of Deeds.
20
Question
In the BIR Form No. 1706 for the sale of a property, where does the amount P 1,721,000 appear?
Answer
E: None of the above (it appears in Schedule 1, the FMV per TD)
21
Question
When should documentary stamp tax be paid to avoid penalties after a donation?
Answer
Not later than July 6, 2024.
22
Question
In which offices is land transfer recorded when a donation occurs?
Answer
Bureau of Internal Revenue, City Assessor's Office of Quezon City, Registry of Deeds.
23
Question
What is the amount to be recorded in Item 36 of BIR Form No. 1800 for the donation on July 12, 2024?
Answer
P4,950,000.
24
Question
What amount should appear in Item 38 of BIR Form No. 1800 for the July 12, 2024 donation?
Answer
P2,700,000.
25
Question
What total amount should be in Item 17(D) of BIR Form No. 1800 for the donation on July 12, 2024?
Answer
P162,000.
26
Question
What is the amount in Item 17 of BIR Form No. 2000-OT for land donation on June 6, 2024?
Answer
P37,500.
27
Question
What is the total annual real property tax on the land given the assessment level and tax rate?
Answer
P1,088.
28
Question
What are the total internal revenue taxes payable on the real property donation?
Answer
P162,000.
29
Question
In the BIR Form No. 1800, what is the total net gifts subject to tax after exemptions?
Answer
P4,950,000.
30
Question
What DO Schedule B and Schedule B continuation detail in the property donation return?
Answer
Descriptions and valuations of donated real property.