TAXATION Q & A
1. Effective Jan 1 2012, the new threshold for VAT on sale of residential lot and residential house
and lot package is:
A. 1,500,000 & 2,500,000
B. 1,919,500 & 3,199,200
C. 1,719,500 & 3,179,200
D. 1,819,500 & 3,189,200
2. If the Value added tax in 2011 is 720,000 what would be the selling price before VAT?
A. 6,000,000
B. 7,000,000
C. 4,000,000
D. 5,000,000
3. Per BIR RR 16-2011, Sale of residential lot and residential house and lot package under the new
threshold shall be exempted from VAT if the instrument sale/transfer/disposition was
a. Executed on or after July 1, 2005
b. Executed on or after July 1, 2010
c. Executed on or after July 1, 2006
d. Executed on or after July 1, 2011
4. The Quezon City local government imposed starting January 2012 a socialized housing tax in the
amount of
a. Not exceeding 1% of the assessed value
b. ½ of 1% of the assessed value
c. 1% of the assessed value
d. 5% of the assessed value
5. A parcel of land was assessed as commercial at a rate of 45% with a fair market value of
P3,500,000.00, although the zonal value is P5,000,000.00. What will be the assessed value?
a. P2,250,000.00
b. P2,575,000.00
c. P1,500,000.00
d. P1,575,000.00
6. What will be the monthly interest in case the owner fails to pay the basic real property taxes in
the amount of P15,000?
a. P150.00
b. P300.00
c. P1,500.00
d. P3,000.00
TAXATION Q & A
7. The capital gains tax due on the sale of P2,000,000.00 property with P500,000.00 initial payment
is:
a. P100,000.00
b. P30,000.00
c. P120,000.00
d. P 20,000.00
8. The Seller realized a 30% gross profit over his cost. If the property is sold at P1,950,000.00, the cost is:
a. P1,365,000.00
b. P1,350,000.00
c. P1,650,000.00
d. P1,500,000.00
9. The selling price of house and lot is P800,000.00. If its appraised value of P720,000.00 and loan to
collateral ratio is 80%, what is it loan value?
a. P640,000.00
b. P720,000.00
c. P576,000.00
10. The owner wants a net proceed of P1,780,000.00 exclusive of capital gains tax,and 5% brokers
commission. How much would be the selling price so that broker can maintain his 5% commission?
a. P1,968,750.00
b. P2,000,000
c. P1,980,000.00
d. P2,200,000.00
QUESTION 11 – 16
A 10-year old house with a floor area of 300 sqm was constructed on a parcel of land containing an area
of ,1200 sqm was sold by a Real Estate Broker and the accredited Salesperson for a total contract price of P6.50M.
The market value of the land per Tax Dec is P2.0M. BIR Zonal Value is P2,500 per sqm. House market value is
P1.5M. Compute the ff:
11. Professional fee of the REB at 7% based on total consideration:
A. 400,000
B. 500,000
C. 455,000
12. If the REB agreed to give 60% of the professional fee to the accredited salesperson, how much is the
salespersons fee?
A. 255,000
B. 273,000
C. 200,000
TAXATION Q & A
13. How much is the VAT of the professional fee?
A. 55,000
B. 32,760
C. 54,600
14. How much is the share of the accredited Salesperson on the VAT of the professional fee?
A. 32,560
B. 32,760
C. 32,660
15. If the withholding tax rate is 10% how much is the withheld taxes of prof. fee?
A. 45,360
B. 45,500
C. 45,660
16. How much is the Capital Gains tax on Sale?
A. 390,800
B. 390,400
C. 390,000
17. What is the original Market Value as per Assessor’s Office, of an agricultural lot located at Nueva
Ecija with real property tax (Basic + SEF) amounting to P6,400 pesos?
18. Real property tax on a residential Lot located at Cabanatuan City with Market Value of 950,000.
Compute for the RPT (Basic + SEF).
19. Compute for the taxes due on a commercial lot located a Cebu City with market value of
750,000. Compute for RPT (Basic + SEF + Idle Land).
20. Compute for Socialized Housing tax due on a property located at Quezon City with assessed
value of 850,000?
