PAMANTASAN NG LUNGSOD NG VALENZUELA

COLLEGE OF ACCOUNTANCY

MIDTERM DEPARTMENTAL EXAMINATION

ACADEMIC YEAR 2016-2017, 2ND SEM.

ADVANCED TAXATION (TAX3)

--------------------------------

Direction: Choose the letter of the BEST answer for each question. Write your answers in your test
booklet. All your answers should be in CAPITAL LETTERS. Erasures and any superimpositions are
strictly prohibited.

1. This is the power to create sources of revenue under the local government code.

a) Rule on uniformity and equity in taxation

b) Accrue exclusively to the local government units

c) Basic policy of local autonomy

d) Tax must be for public purpose

e) None of the choices

2. Statement 1 - Taxation shall be uniform in each local government unit.

Statement 2 - Taxes, fees, charges and other impositions shall be equitable and based as far as
practicable on the taxpayers’ ability to pay.

Statement 3 - LGC impositions shall not be contrary to law, public policy, national economic policy, or
in restraint of trade.

Statement 4 - LGC imposition shall be levied and collected only for public purposes and other
non-governmental activities.

Statement 1 Statement 2 Statement 3 Statement 4

a. True False False False

b. True True True True

c. True True True False

d. False True False True

3. The levying or imposition of tax under the local governemnt units are passed through

a) House of representative

b) Senate

c) Local Ordinance

d) Council

e) None of the choices

4. Each local government unit shall, as far as practicable, evolve a/an

a) Fixed system of taxation

b) Ability to pay theory

c) Progressive System of taxation

d) Regressive System of taxation

e) None of the choices

5. Capital which a person employes in any undertaking, or which he contributes to the capital of a
partnership, corporation, or any other juridical entity or association in a particular taxing jurisdictiion.

a) Capital investment

b) Paid up capital

c) Equity

d) Capital

e) None of the Choices

6. Refers to any business entity, association or cooperative registered under the provisions of R.A. No.
681

a) Countryside and Barangay Business Enterprise

b) Barangay Micro and Business Enterprise

c) Livelihood Program

d) Barangay Kalakalan Program

e) None of the Choices

7. A tax must be imposed for public purpose. Which of the following is not a public purpose?

a) National defense

b) Public education

c) Improvement of sugar and coconut industries

d) Improvement of subdivision road

e) None of the choices

8. Special assessment is an enforced proportional contribution from owners of land especially benefited
by public improvement. Which one of the following is not considered as one of its characteristics?

a) It is levied on land

b) It is based on the government’s need of money to support its legitimate objectives

c) It is not a personal liability of the persons assessed

d) It is based solely on the benefit derived by the owners of the land

e) None of the choices

9. It is the privilege of not being imposed a financial obligation to which others are subject.

a) Tax incentive

b) Tax exemption

c) Tax amnesty
 d) Tax credit

e) None of the choices

10. It is an ad valorem tax assessed, levied and collected in all provinces, cities and municipalities within
the Metropolitan area on land, buildings, machineries and other improvements affixed to the real
property and not specifically exempted by law.

a) Real property tax

b) Donors tax

c) Transfer tax

d) Special levy

e) None of the choices

11. It is imposed on the owners or administrators of lands in urban areas of an LGU with assessed value in
excess of P50,000.00

a) Socialized housing tax

b) Special levy

c) Idle land tax

d) Special education fund

e) None of the choices

12. The proceeds of the Special Education Fund (SEF) Tax shall be allocated for the following, except

a) Education research

b) Sport development as determined and approved by the local school board

c) School facilities and equipment

d) Tuition

e) None of the choices

13. Which of the following statements is not correct regarding Real Property Tax?

a) All persons, natural or juridical, owning or administering real property (land, building,
machineries and other improvements) are subject to the real property tax.

b) The tax is based on the assessed value of the property which is certain percentage of its market
value.

c) Assessment levels are fixed by an ordinance enacted by th congress depending on the actual
use of the property.

d) The appraisal of real property shall be based on the latest schedule of market value (SMV)
prepared by the provincial assessor, the city assessor, or municipal assessor of a municipality
within the MMA as embodied in an ordinance passed by the respective local council.

e) None of the choices.

14. Which of the following is incorrect? Provinces, cities and municipalities within the Metro Manila
Area impose basic real property tax at the following rates

a) Not exceeding 1% of the assessed value of the real property for provinces.

b) Not exceeding 1% of the assessed value of the real property for MMA.

c) Not exceeding 2% of the assessed value of real property for cities within MMA.
 d) Not exceeding 2% of the assessed value of the real property for municipalities within MMA.

e) None of the choices.

15. The act or process of determining the proportion of the market value subject to tax

a) Assessment

b) Assessed value

c) Appraisal

d) Market value

e) None of the choices

16. Which of the following is correct?

a) The assessment level percentage for residential land is 40%

b) The assessment level percentage for industrial land is 20%

c) The assessment level percentage for mineral land is 50%

d) The assessment level percentage for timberland is 10%

e) None of the choices.

17. The following are exempted from paying the real property tax. Which is not?

a) All real property owned by duly registered corporation as provided for under RA 6938.

b) Charitable institutions, churches, parsonages, or convents belonging thereto, mosques,

non-profit or religious cemeteries, and all lands, buildings, and improvements actually, directly
and exclusively used for religious, charitable or educational purposes.

c) Real property owned by the Republic of the Philippines or any of its political subdivisions,
except when the benefical use thereof has been granted for consideration or otherwise to a
taxable person.

d) All machineries and equipment that are actually, directly and exclusively used by local water
districts and government owned and/or controlled corporations (GOCCs) engaged in the supply
and distribution of water and/or generation and trasmission of electric power.

e) None of the choices.

18. Which of the following is correct?

a) An added incentive to real property taxpayers under the LGC is the grant of a dicsount not
exceeding 30% of the annual tax due if the basic RPT and the additional tax for SEF are paid in
advance of the prescribed schedule or period of payment.

b) The RPT for any year shall accrue on the first day of January and paid where the property is
located.

c) The basic RPT maybe paid with interest in four (4) equal installments; the first installment to be
due and payable on or before March 31; the second installment on or befor June 30; the third
installment, on or before September 30; and the last installment on or before December 31.

d) The taxpayer shall be subject to an interest of 2% per month on the unpaid amount of tax or a
fraction thereof, until the delinquent tax shall have been fully paid but in no case shall the total
interest on the unpaid tax or portion thereof exceed 48 months.

e) Any person who claims a property tax exemption shall file with the provincial, city or municpal
assessor within 20 days from the date of declaration of real property with sufficient
documentary evidence to support such claim.
19. Which of the following is correct regarding the imposition of idle land tax?

a) Idle land tax is imposed in addition to the basic real propety tax and socialized housing tax.

b) Agricultural lands more than one hectare half of which remains uncultivated or unimproved
are subject to idle land tax.

c) Agricultural lands planted to permanent or perennial crops with at least 50 trees to hectare are
covered in the imposition of idle land tax.

d) Lands located in a city or municipality more than 1000 sqm in area, 1/3 of which remain
unutilized or unimproved are subject to idle tax land.

20. Which of the following is incorrect regarding the idle land tax?

a) A province, city or municpality within MMA, may levy an annual tax on idle lands at the rate
not exceeding 10% of the assessed value of the property.

b) Idle lands maybe exempt from additional levy by reason of force majeure, civil disturbance,
natural calamity or any cause or circumstance which physically or legally prevents the owner of
the property or person having legal interest therein from improving, utilizing or cultivating the
same.

c) Collections accrue to the respective general fund of the province or city where the land subject
to tax is situated.

d) In case of municipality within Metro Manila, the same shall accrue equally to the MMDA and
the municpality where the land is situated.

21. Imposed on owners and administrators of lands comprised within the territorial jurisdiction of a
province, city or municipality epecially benefitted by public workds projects or improvements funded by
the LGU concerned.

a) Special assessment

b) Assessed value

c) Administrator fee

d) Special levy

22. Which of one is not included in the assessment level for the special classes in appraisal and
assessment of real property?

a) Cultural buildings

b) Machineries of hospitals

c) Light rail transit

d) Valenzuela local water district

23. When shall the return of real property tax be filed?

a) On the first day of January and paid where the property is located.

b) Quarterly and paid where the property is located.

c) On the first day of January and paid in the Bureau of Internal Revenue.

d) 25 days following the end of the year.

24. Which of the following is incorrect regarding the tax on transfer of real property ownership?

a) The tax on transfer of real property ownership is paid by the seller, donor, transferor, executor,
or administrator or real property on the sale, donation, barter or any mode of transferring
ownership or title of real property.
 b) The province may impose a tax not exceeding 50% of 1% of the total consideration involve in
the acquisition of the property or of the fair market value in case of monetary consideration
involved if the transfer is not substantial whichever is higher.

c) The city may impose a rate of 75% of 1%

d) The tax shall be paid witin 60 days from the date of execution of the deed or from the date of
decedents’ death.

25. Basic real property tax shall be collected within the prescribed period under the LGC. Which is true?

a) Within 4 years from the date it becomes due.

b) Within 10 years from the date it becomes due.

c) In case of fraud or intent to evade payment of the tax, such action may be instituted for the
collection of the tax within 5 years from the discovery of such fraud or intent to evade
payment.

d) In case of fraud or intent to evade payment of the tax, such action may be institued for the
collection of the tax within 10 years from the discovery of such fraud or intent to evade
payment.

26. No such toll or charges shall be collected from the following personnel, except

a) Officers and enlisted men of the Armed Forces of the Philippines (AFP) on mission

b) Post office personnel delivering mail

c) Disabled citizens who are sixty-five (65) years or older

d) Members of the Philippine National Police (PNP)

27. Which of the following is incorrect regarding the tax on Business and Printing and Publication?

a) The tax is imposed on persons engaged in the printing and/or publication of books, cards,
posters, leaflets, handbills, certificates, receipts, pamphlets and other similar in nature.

b) In the case of province, the tax should not exceed fifty percent (50%) of one percent (1%) of
the gross annual receipt for the preceding year. For newly started business, the tax should
not exceed one-twentieth (1/20) of one percent (1%) of the capital investment.

c) In the case of a city or a municipality within MMA, the tax should not exceed seventy-five
percent (75%) of one percent (1%) of the gross annual receipts for the preceding calendar year.
For newly established businesses, the tax shall not exceed three fortieth (3/40) of one percent
(1%) of the capital investment.

d) The receipts from the printing and/or publishing of books or other reading materials prescribed
by the local government as school texts or references shall be exempt from the tax.

28. Which of the following is incorrect regarding the tax on Franchise?

a) In the case of a province, the tax should not exceed fifty percent (50%) of one percent (1%) of
the gross annual receipts for the preceding year. For newly started business, the tax should
not exceed one-twentieth (1/20) of the capital investment.

b) In the case of a province,t he tax should not exceed fifty percent (50%) of one percent (1%) of
the gross annual receipts for the preceding calendar year. For newly started business, the tax
should not exceed one-twentieth (1/20) of one percent (1%) of the capital investment.

c) In the case of a city or municipality within MMA, the tax should not exceed seventy-five
percent (75%) of one percent (1%) of the gross annual receipts for the preceding calendar year.
For newly started business, the tax should not exceed three-fortient (3/40) of one percent (1%)
of the capital investment.
 d) The tax shall be paid within the first twenty (20) days of the January or of each subsequent
quarter as the case maybe, to the province or city where the business enjoying the franchise is
located.

29. First Statement: Franchise Tax is not applicable to businesses enjoying franchise operationgs within
the territorial jurisdiction of any city located within the province.

Second Statement: The term business enjoying franchise shall not include holders of certificates of
public convenience for the operation of public utility vehicles for reason that such certificates are not
considered as franchise.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

30. The province of Bulacan collected tax on sand, gravel and other quarry resources in the amount of
P10,000,000.00. How much is the share of the barangay where the sand, gravel and other resources are
extracted?

a) P3,000,000

b) P4,000,000

c) P5,000,000

d) P2,000,000

31. First statement: Every person who has paid the corresponding professional tax shall be entitled to
practice his profession in any part of the Philippiones without being subjected to any other national or
local tax, license or fee for the practice of such profession.

Second statement: Professionals from the government are not exempted from paying professional
tax.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct.

32. First statement: Professional tax is issued on persons engaged in the exercise or practice of
professions requiring government examination such as lawyers, engineers, accountants, etc, or
professionals who passed the bar examinations, or any board, or othr examinations conduted by the
Professional Regulatory Commission (PRC)

Second statement: The annual professional tax shall not exceed six hundred pesos (P600).

a. Both statements are correct

b. Both statements are incorect

c. Only the first statement is correct

d. Only the second statement is correct

33. Amusement tax shall not apply to the following, except

 a) Musical program

b) Dramas

c) Art exhibition

d) Rock concert

34. First statement: The amusement tax is levied on proprietors, lessees, or operators of theaters,
cinemas, concert halls, circuses, boxing stadium, and other places of amusement.

Second statement: The tax shall not be more then 15% of the gross receipts from admission fees.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

35. City treasurer Lipa City, Batangas collected amusement tax the amount of P5,000,000. How much
is the share of Lipa City from the proceeds of amusement tax?

a) P5,000,000

b) P2,500,000

c) P1,500,000

d) P2,000,000

36. The rate of levy in the annual fixed tax for every delivery truck or van of manufacturers or producers,
wholesalers of, dealers, or retailers in certain products?

a) The tax shall not exceed five hundred pesos for the province and not to exceed seven hundred
fifty pesos per turck or van for the city

b) The tax shall not exceed one hundred pesos for the province and not to exceed two hundred
pesos per truck or van for the city

c) The tax shall not exceed five hundred fifty pesos for the province and nt to exceed seven
hundred pesos per truck or van for the city

d) The tax shall not exceed one thousand pesos for the province and not to exceed two thousand
pesos per truck or van for the city

37. First statement: LGUs may impose and collect such reasonable fees and charges for services
rendered.

Second statement: LGUs may also impose for the operation of public utilities owned, operated
and maintained by LGUs within their respective jurisdiction.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

38. It is imposed for the use of any public road, pier or wharf, waterway, bridge, ferry or
telecommunication system funded and constructed by the LGU concerned.

a) Privilege tax

b) Charges

c) Toll fees

d) Toll fees and charges.

39. Which political subdivision may levy community tax?

I. Citites

II. Municipalities

a. Both I and II

b. I only

c. II only

d. Neither I or II

40. Who of the following individuals shall be liable to pay community tax.

a) Every inhabitant of the Philippines 18 years of age or over who has been regularly employed on
a wage or salary basis for at least thirty consecutive working days during any calendar year.

b) Every inhabitant of the Philippines 18 years of age or over who is engaed in business or
occupation.

c) Every inhabitant of the Philippines 18 years of age or over who owns real property with an
aggregate assessed value of P1,000 or more.

d) All of the choices

41. How much is the maximum annual additional community tax for individuals?

a) P15,000

b) P20,000

c) P10,000

d) P5,000

42. Mr. And Mrs. Jose Lee, resident citizens had the following data for the calendar year:

Mr. Jose Lee:

Salaries and Bonuses P500,750

Assessed Value of land in Manila 1,000,000

Mrs. Jose Lee:

Gross receipts from business P725,700

Assessed value of apartment house 1,500,000

Income from apartment house 600,000

 How much would be the total additional community tax due in succeeding year aside from the P5
basic community tax of each spouse?

a. P4,326

b. P2,500

c. P1,826

d. P1,226

43. Every corporation no matter how created or organized whether domestic or resident foreign,
engaged in or doing business in the Philippines shall pay an annual community tax of:

a) P1,000

b) P500

c) P200

d) P100

44. Digong corporation, domestic, had the following selected data in the preceding year:

Cash Sales P 3,390,000

Cost of sales 1,400,000

Operating expenses 900,000

Dividend received from a domestic corporation 50,000

Assessed value of land 500,000

Assessed value of building 700,000

Assessed value of machinery 1,500,000

How much would be the total basic and additional community taxes in the current year?

a. P2,956

b. P2,456

c. P1,376

d. P1,080

45. The community tax shall accrue on the first day of January each yar with shall be paid not later than
the last day of:

a) January of each year

b) February of each year

c) March of each year

d) April of each year

46. Corporations established and organized on or before the last day of June:

a) Shall be liable to pay the community tax for that year

b) Shall not be liable to pay for the community tax for that year

c) Shall be liable to pay the community tax only if it has generated income for that year
 d) None of the choices.

47. Corporations established and organized on or before the last day of July:

a) Shall be liable to pay the community tax for that year

b) Shall not be liable to pay the communicty tax for that year

c) Shall be liable to pay the community tax only if it has generated income for that year

d) None of the choices.

48. The proceeds of the community tax actually directly collected by the city or municipal treasurer shall
accrue:

a) Entirely to the general fund of the city or municipality concerned

b) Partly of the general fund of the city or municipality concerned

c) Entirely to the general fund of the city or municipality of the Local Government.

d) None of the choices.

49. Mr. A with a dependent minor legitimate child became a widower in January of 2016. In February
of the following year, he got married to Ms. B and subsequently in November of the same year, the latter
gave birth to three (3) boys. For calendar year 2016, Mr. A’s basic and additional personal exemption is:

a) P75,000

b) P100,000

c) P125,000

d) P150,000

50. A legally married couple had the following data in year 2016:

- two qualified legitimate dependent children

- one dependent nephew with disability

- one illegitimate child of husband

- one legitimate child of husband

- one of legitimate children died in January 2016

- both spouses are gainfully employed

The claimable personal and additional exemption of the couple:

a. H - P50,000 W - P125,000

b. H - 100,000 W - P50,000

c. H - 125,000 W - P50,000

d. H - 150,000 W - P50,000

51. A, who became a widower in February of taxable year 2016 had the following dependents:

i. Two legitimate children

ii. Recognized natural child with current common law wife

iii. B his common law wife (with disability)

iv. Illegitimate child with another woman

 The total basic personal and additional exemption in 2016 is

a. P150,000

b. P100,000

c. P 125,000

d. P75,000

52. A, single, earned P200,000 (net of P60,000 with tax) compensation income from employment from
July to December 2016. He has adopted (with no legal papers) child with disability as qualified
dependent and paid P3,000 as health and hospitalization insurance premiums from July to December.
For 2016 he can deduct premium for health and hospitalization insurance of:

a) P3,000

b) P2,400

c) P1,200

d) P0

53. Using the preceding number, his personal and additional exemption is:

a) P50,000

b) P75,000

c) P57,000

d) P66,000

54. Dondon and Helena were legally separated. They had six minor children, all qualified to be claimed
as additional exemptions for income tax purposes. The court awarded custody of two of the children to
Dondon and three to Helena, with Dondon directly to provide full financial support for them as well.
The court awarded the 6th child to Dondon’s father with Dondon also providing full financial support.
Late this year, Dondon is living with Ana his disabled first cousin and providing chief support. Assuming
that only Dondon is gainfully employed while Helena is not, for how many could Dondon claim additional
exemptions when he files his income tax return?

a) Six

b) Five

c) Three

d) Two

55. An act expanding the benefits and privileges of persons with disability (PWD)

a) R.A. 4664

b) R.A. 10524

c) R.A. 10366

d) R.A. 10754

56. Persons with disability shall be entitled to at least twenty percent (20%) discount and exemption
from value added tax (VAT), if applicable, on the following sale of goods and services fro the exclusive use
and enjoyment or availment of the PWD:
 First Statement: On the fees and charges relative to the utilization of all services in hotels and
similar lodging establisments; restaurants and recreation centers;

Second Statement: On admission fees charged by theaters, cinema houses, concert halls, circuses,
carnivals and other similar places of culture, leisure and amusement.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

57. Persons with disability shall be entitled to at least twenty percent (20%) discount and exemption
from the value-added tax (VAT), if applicable, on the following sale of goods and services for the exclusive
use and enjoyment or availment of the PWD.

First statement: On the purchase of medicines in selected drugstores

Second statement: On fare for domestic air and sea travel

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

58. Persons with disability shall be entitled to:

First statement: Provision of express lanes for PWD in all commercial and government
establishments; in the absence thereof, priority shall be given to them.

Second statement: To the extent praticalbe and feasible, the continuance of the same benefits
and privileges given by the Government Service Insurance System (GSIS), Social Secuirty System(SSS) AND
PAG-IBIG), as the case maybe, as are enjoyed by those in actual service.

a. Both statements are correct

b. Both statements are incorrect

c. Only the first statement is correct

d. Only the second statement is correct

59. The privileges mentioned in the law are available only to PWD who are Filipino citizens upon
submission of any of the following proof of his/her entitlement thereto, which is incorrect?

a) The passport of the PWD concerned

b) An identification card issued by the city or municipal mayor or the barangay captain of the
place where the PWD resides.
 c) Transportation discount fare Identification Card (ID) issued by the Natonal Council for the
Welfare of Disabled Persons (NCWDP)

d) Any ID validated by the proper authority showing their birth date.

60. Those caring for and living with a PWD shall be granted incentive to claim additional exemption,
which is correct?

a) PWD, who are within the fourth civil degree of consanguinity or affinity to the taxpayer,
regardless of age, who are gainfully employed and chiefly dependent upon the taxpayer, shall be
treated as dependents

b) Husband can claim as additional exemption the mother of his deceased wife.

c) Wife can claim as additional exemption the natural child of the sister of his deceased wife.

d) Husband may claim additional exemption for the disabled mother.

61. Those suffering from restrictions of different abilities as a result of a mental, physical or sensory
impairment, to perform an activity in the manner or within the range considered normal for a human
being.

a) Impairments

b) Participation restrictions

c) Disabled persons

d) Activity limitation

62. Unless otherwise provided herein, the exercise of the taxing powers of provinces, cities,
municipalities, and barangays shall not extend to the levy of the following:

First Statement: Income tax, except when levied on banks and other financial institutions

Second Statement: Taxes on estates, inheritance, gifts, legacies and other acquisitions mortis causa,
except as otherwise provided herein

a) Both statements are correct

b) Both statements are incorrect

c) Only the first statement is correct

d) Only the second statement is correct

63. Unless otherwise provided herein, the exercise of the taxing powers of provinces,cities,
municipalities, and barangays shall not extend to the levy of the following:

First Statement: Percentage or value-added tax (VAT) on sales, barters or exchanges or similar
transactions on goods or services except as otherwise provided herein

Second Statement: Taxes on the gross receipts of transportation contractors and persons engaged in the
transportation of passengers of freight by hire and common carriers by air, land or water, except as
provided in this code

a) Both statements are correct

b) Both statements are incorrect

c) Only the first statement is correct

 d) Only the second statement is correct

64. Valenzuela Company is engaged in the sale of computer parts and accessories. The following data
taken from the books of the taxpayer for the CY 2016:

Cost

Land 1,500,000

Building 4,000,000

Machineries 500,000

The following transactions occurred during the current year:

 Landsite number 621 was acquired for P3,000,000. Additionally, to acquire the land the entity
paid a P60,000 commission to a real estate agent. Cost of P15,000 was incurred to clear the land for
the intended use but to make room for the construction for a new building. During the course of
clearing the land, timber and gravel were recovered and sold for P5,000.

 A second tract of landsite number 622 with a building was acquired for P4,000,000. The closing
statement indicated that the land fair value was P2,500,000 and the building was P1,500,000.
Shortly after acquisition, the building was demolished at a cost of P300,000 to make room for the
construction of new building.

 A new building was constructed and completed on June 30, 2016 for P5,000,000 plus the
following costs:

Excavation fee 50,000

Architectural design fee 150,000

Building permit 40,000

Interest on general borrowing 500,000

Interest for the CY 2016 on specific borrowing 250,000

Investment income:

General borrowing 50,000

Specific Borrowing 20,000

Imputed interest 20,000

Temporary building used for construction activities 90,000

Excavation for basement 400,000

Liability of insurance during constructions 80,000

Safety inspection on building 50,000

Removal of safety fence after completion 10,000

 A third tract of land site number 623 was acquired for P2,000,000 and was classified as held for
sale.

 Extensive work was done to a building occupied by the entity under a lease agreement that
expires on December 31, 2023. The total cost of the work was P1,250,000 which consisted of the
following:

Painting of ceiling 100,000

Electrical work with useful life of 10 years 350,000

 Construction of extension to current working area with 800,000

useful life of 15 years

The lessor paid one-half of the cost incurred in connection with the extention to the current
working area.

 During December 2016, cost of P650,000 was incurred to improve the performance of
machineries.

How much would be the assessed value of the building?

65. How much would be the assessed value of the land?

66. How much would be the assessed value of the machineries?

67. How much is the total real property tax due?

68. Assuming that Valenzuela paid the tax real property in advance, how much is the real property tax
still due, if any?

69. Refer to No. 64, assuming that the property is located at Barangay Malinta, Valenzuela City, how
much is the share of the Barangay Malinta from the collection of real property tax, if any?

70. Refer to No. 69, how much is the share of Barangay BB from the collection of real property tax of
Valenzuela Company, if any? (50 Barangays)

71. Refer to No. 64, how much is the Special Education Fund tax?

72. Refer to No. 71, how much is the share of the City School Board in the collection of SEF tax, if any?

73. Refer to No. 64, how much is Socialized Housing Tax?

74. How is the share of Barangay from the Socialized Housing Tax, if any?