Answer Happy

1. Cloud, the trustee or grantor, created a revocable trust over
a certain parcel land, designating Noctis and Vaan as trustee and
beneficiary, respectively. In this case, the income of the trust
property is taxable to:
a. Noctis.
b. Vaan.
c. Cloud.
d. the trust
2. Which among the following is a non-resident
alien?
a. An alien who comes to the Philippines for a definite purpose
which in its nature would require an extended stay.
b. An alien who lives in the Philippines with no definite
intention as to his/her stay.
c. An alien who has acquired residence in the
Philippines.
d. An alien who comes to the Philippines for a definite
purpose which in its nature may be promptly accomplished.
3. Which statement is correct regarding final income
tax?
a. Final tax applies only on certain passive income earned
within the Philippines.
b. Items of income exempt from final tax are subject to
regular tax.
c. Final income tax applies to all passive income from Philippines
sources.
d. Items of income subjected to final tax can still be subjected to
regular tax.