Answered: . A taxpayer forgot to file and pay his…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency?

A. December 31, 2019

B. April 15, 2020

C. June 15, 2020

D. June 30, 2020

2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X?

a. Surviving spouse and legitimate child only

b. Surviving spouse, legitimate child, and parents

c. Surviving spouse, legitimate child, and recognized illegitimate child

d. Legitimate child only

3. In donor’s taxation, which is not considered in determining the taxability of donation?

A. Tax classification of the donor

B. Location of the property

C. Relationship of the donee to the donor

D. None of the above

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