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Income Taxation Activity

The document identifies different types of transactions as either income tax or transfer tax. It also identifies various items as either taxable or exempt. There are tables with checks indicating the appropriate classification for different numbered items.

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Maureen Joy Esguerra Zamudio
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20 views

Income Taxation Activity

The document identifies different types of transactions as either income tax or transfer tax. It also identifies various items as either taxable or exempt. There are tables with checks indicating the appropriate classification for different numbered items.

Uploaded by

Maureen Joy Esguerra Zamudio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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NAME: CALIMLIM, MARGIE E.

DATE: 09/08/23

SECTION: UP-FA1-MM3-01

ACTIVITY:

I. Identify if the transaction is Income Tax or Transfer. (Use Check sign)


Transaction Income Tax Transfer Tax
1. Barter of properties ✓
2. Sale of goods ✓
3. Rendering of services ✓
4. Donation of properties ✓
5. Transfer of properties from ✓
a decedent to his heirs
upon death
6. Transfer for less than full and ✓ ✓
adequate consideration
II. Identify if the transaction Taxable or Exempt. (Use Check sign)
Item Taxable Exempt
1. Winnings from gambling ✓
2. Income from swindling ✓
3. Indemnity for moral damages ✓
4. Harvest of fruits from an orchard ✓
5. Compensation income ✓
6. Interest income ✓
7. Amount received by the insured in excess of ✓
insurance premiums paid
8. Proceeds of life insurance received by the heirs of ✓
the insured
9. Gain on sale of goods by the home office to its ✓
branch
10. Gain on sale of goods and services between ✓
relatives
11. Gain on sale of goods by a parent ✓
corporation to a subsidiary corporation

12. Appreciation in the value of land ✓


13. Birth of animal offspring ✓
14. Income of a registered Barangay Micro-Business ✓
Enterprise
15. Cancellation of debt out of gratuity of the creditor ✓
16. Cancellation of debt by the creditor in exchange of ✓
services rendered by the debtor
17. Matured interest from coupon bonds ✓
18. Receipt of bank loan ✓
19. Salaries of a minimum wage earner ✓
20. PCSO or lotto winnings ✓
21. Benefits from GSIS, SSS, Pag-Ibig or PhilHealth ✓
22. Discovery of hidden treasure ✓

II.
1. A 1. ND
2. A 2. ND
3. A 3. ND
4. B 4. D
5. B 5. ND
6. A 6. ND
7. B 7. ND
8. B 8. ND
9. A 9. D
10. B 10. ND
11. A 11. D
12. C 12. ND
13. A 13. D
14. C 14. ND
15. B 15. ND
16. C 16. D
17. A 17. ND
18. C 18. D
19. A 19. ND
20. A 20. D
21. A 21. ND
22. B 22. ND
23. C 23. D
24. A 24. ND
25. A 25. ND

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