TOPIC 3, TAXATION PART 2

Question 1

Is the inherent power of the state to demand
contributions for public purpose.

Answer 1

Taxation

Question 2

List of sources of gross income

Answer 2

*Compensation for services
*Gross income
*Gains derived from dealings in
property
*Interests
*Rents
*Royalties
*Dividends
*Annuities
*Prizes and winnings;
*Partner’s distributive share from the net income of the
general professional partnership.

Question 3

Taxpayers who derive their income solely from
compensation are required to file_______ as their
income tax returns

Answer 3

BIR Form 1700

Question 4

However, to give relief to these
taxpayers, the employee may present _____ as
their income tax return. ______ is a statement
issued by the employer and signed by the employee but not
filed with the BIR. This is referred to as _____ ______

Answer 4

BIR Form 2316
substituted filing.