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True or False 2
1. Cooperatives that transact business only with members will, in no case, be sib
to income tax
2. GSIS and SSS benefits are included in gross income to the extent they a
P90,000.
3. Prizes awarded upon the condition that the recipient shall render specified fut
services is an item of gross income.
4. Prizes from contests are included in gross income subject to regular incomeat
5. The income of government-owned and controlled corporations is an item dig
income.
6. Benefits of veterans of war or retired US army personnel are excluded in gr
income.
7.
The employer's share to SSS, PhilHealth and Pag-Ibig contributions
exclusion in gross income.
8.
Compared to exclusion, deduction is included in the amount of gross income
both exclusion and deductions are not reflected in the amount of taxable income
9. The interest income from any bond or debentures, short-term or long-term, isz
item of gross income.
10. Cooperatives, regardless of their classification, are taxable on income from us
unrelated activities.
11. The gain on the sale of long-term bonds with a maturity of five years is
exclusion in gross income.
ate a
12. A non-stock, non-profit entity is subject to tax on income from unrelated acti
13. A general professional partnership can be registered as a BMBE.
14. Items of income subject to final tax or capital gains tax are exclusions in
income subject to regular income tax.
15. A BMBE must have a net asset not exceeding P3,000,000 to be exempt.

 

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True or False 2
1. Cooperatives that transact business only with members will, in no case, be sib
to income tax
2. GSIS and SSS benefits are included in gross income to the extent they a
P90,000.
3. Prizes awarded upon the condition that the recipient shall render specified fut
services is an item of gross income.
4. Prizes from contests are included in gross income subject to regular incomeat
5. The income of government-owned and controlled corporations is an item dig
income.
6. Benefits of veterans of war or retired US army personnel are excluded in gr
income.
7.
The employer's share to SSS, PhilHealth and Pag-Ibig contributions
exclusion in gross income.
8.
Compared to exclusion, deduction is included in the amount of gross income
both exclusion and deductions are not reflected in the amount of taxable income
9. The interest income from any bond or debentures, short-term or long-term, isz
item of gross income.
10. Cooperatives, regardless of their classification, are taxable on income from us
unrelated activities.
11. The gain on the sale of long-term bonds with a maturity of five years is
exclusion in gross income.
ate a
12. A non-stock, non-profit entity is subject to tax on income from unrelated acti
13. A general professional partnership can be registered as a BMBE.
14. Items of income subject to final tax or capital gains tax are exclusions in
income subject to regular income tax.
15. A BMBE must have a net asset not exceeding P3,000,000 to be exempt.

 

[🤖]

True or False 2
1. Cooperatives that transact business only with members will, in no case, be sib
to income tax
2. GSIS and SSS benefits are included in gross income to the extent they a
P90,000.
3. Prizes awarded upon the condition that the recipient shall render specified fut
services is an item of gross income.
4. Prizes from contests are included in gross income subject to regular incomeat
5. The income of government-owned and controlled corporations is an item dig
income.
6. Benefits of veterans of war or retired US army personnel are excluded in gr
income.
7.
The employer's share to SSS, PhilHealth and Pag-Ibig contributions
exclusion in gross income.
8.
Compared to exclusion, deduction is included in the amount of gross income
both exclusion and deductions are not reflected in the amount of taxable income
9. The interest income from any bond or debentures, short-term or long-term, isz
item of gross income.
10. Cooperatives, regardless of their classification, are taxable on income from us
unrelated activities.
11. The gain on the sale of long-term bonds with a maturity of five years is
exclusion in gross income.
ate a
12. A non-stock, non-profit entity is subject to tax on income from unrelated acti
13. A general professional partnership can be registered as a BMBE.
14. Items of income subject to final tax or capital gains tax are exclusions in
income subject to regular income tax.
15. A BMBE must have a net asset not exceeding P3,000,000 to be exempt.

Let's go through each statement:

1. Cooperatives that transact business only with members will, in no case, be subject to income tax.
- False. Generally, cooperatives are subject to income tax regardless of whether they transact business only with members or not. However, there are certain exemptions and preferential tax treatment available for certain types of cooperatives.

2. GSIS and SSS benefits are included in gross income to the extent they exceed P90,000.
- False. GSIS (Government Service Insurance System) and SSS (Social Security System) benefits are generally not included in gross income and are not subject to income tax.

3. Prizes awarded upon the condition that the recipient shall render specified future services is an item of gross income.
- True. Prizes awarded upon the condition of rendering future services are considered an item of gross income and are subject to income tax.

4. Prizes from contests are included in gross income subject to regular income tax.
- True. Prizes from contests are generally included in gross income and are subject to regular income tax.

5. The income of government-owned and controlled corporations is an item of gross income.
- True. The income of government-owned and controlled corporations is considered an item of gross income and is subject to income tax.

6. Benefits of veterans of war or retired US army personnel are excluded in gross income.
- False. Benefits of veterans of war or retired US army personnel are generally included in gross income and are subject to income tax. However, there may be certain exemptions or preferential tax treatment available for specific benefits.

7. The employer's share to SSS, PhilHealth, and Pag-Ibig contributions is an exclusion in gross income.
- True. The employer's share to SSS (Social Security System), PhilHealth, and Pag-Ibig contributions is not included in gross income and is considered an exclusion.

8. Compared to exclusion, deduction is included in the amount of gross income, but both exclusion and deductions are not reflected in the amount of taxable income.
- False. Exclusions reduce the amount of gross income, while deductions are subtracted from gross income to arrive at taxable income.

9. The interest income from any bond or debentures, short-term or long-term, is an item of gross income.
- True. Interest income from bonds or debentures, whether short-term or long-term, is considered an item of gross income and is subject to income tax.

10. Cooperatives, regardless of their classification, are taxable on income from unrelated activities.
- True. Cooperatives, regardless of their classification, are generally taxable on income from unrelated activities. However, there may be certain exemptions or preferential tax treatment available for certain types of cooperatives.

11. The gain on the sale of long-term bonds with a maturity of five years is an exclusion in gross income.
- False. The gain on the sale of long-term bonds is generally considered an item of gross income and is subject to income tax.

12. A non-stock, non-profit entity is subject to tax on income from unrelated activities.
- True. A non-stock, non-profit entity may be subject to tax on income from unrelated activities. Non-profit organizations are generally exempt from income tax, but income derived from unrelated activities may be subject to taxation.

13. A general professional partnership can be registered as a BMBE (Barangay Micro Business Enterprise).
- False. A general professional partnership is not eligible to be registered as a BMBE. BMBEs are typically small businesses engaged in trading, services, or manufacturing.

14. Items of income subject to final tax or capital gains tax are exclusions in income subject to regular income tax.
- False. Items of income subject to final tax or capital gains tax are not exclusions, but rather are included in income subject to regular income tax. Final tax or capital gains tax is a separate tax imposed on specific types of income.

15. A BMBE must have a net asset not exceeding P3,000,000 to be exempt.
- True. According to the provisions of the BMBE Law, a BMBE must have a net asset not exceeding P3,000,000 to qualify for exemption from certain taxes and avail of other benefits.

I hope this clarifies each statement for you. Let me know if you have any further questions!