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Which is subject to VAT? Distribution of ordinary assets to stockholders by a corporation. Personal consumption of capital assets. O Donation of capital assets O Transfer of ordinary assets in exchange for shares of stock to gain control over the corporation.

Which is subject to VAT? Distribution of ordinary assets to stockholders by a corporation. Personal consumption of capital assets. O Donation of capital assets O Transfer of ordinary assets in exchange for shares of stock to gain control over the corporation.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 12 Which is subject to VAT? O Distribution of ordinary assets to stockholders by a corporation. O Personal consumption of capital assets. O Donation of capital assets O Transfer of ordinary assets in exchange for shares of stock to gain control over the corporation. Question 13 Any person who elects to be a VAT-registered person shall be allowed input tax on his beginning inventory of goods, materials and supplies equivalent to: O 2% of the value of such inventory or the actual VAT paid, whichever is higher. O 2% of the value of such inventory or the actual VAT paid, whichever is lower. O2% of the value of such inventory. O actual VAT paid on such inventory.
Transcribed Image Text:Question 12 Which is subject to VAT? O Distribution of ordinary assets to stockholders by a corporation. O Personal consumption of capital assets. O Donation of capital assets O Transfer of ordinary assets in exchange for shares of stock to gain control over the corporation. Question 13 Any person who elects to be a VAT-registered person shall be allowed input tax on his beginning inventory of goods, materials and supplies equivalent to: O 2% of the value of such inventory or the actual VAT paid, whichever is higher. O 2% of the value of such inventory or the actual VAT paid, whichever is lower. O2% of the value of such inventory. O actual VAT paid on such inventory.
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