Question

TAXATION

IDENTIFICATION

9) These are facilities and privileges which are relatively of small value and are offered or furnished by the employer to employees merely as a means of promoting the health, goodwill, contentment or efficiency of employees.

10) This arises when two or more heirs or beneficiaries inherit an undivided property from a decedent, or when a donor makes a gift of an undivided property in favor of two or more donees.

TRUE OR FALSE: If the statement is FALSE, write FALSE and explain why.

1. The Commissioner of Internal Revenue can delegate the power to compromise or abate tax liability.

2.The BIR is under the control and supervision of the Commissioner of Internal Revenue.

Answer 1

9.The term "de minimis benefits" refers to facilities and privileges which are relatively of small value and are offered or furnished by the employer to employees merely as a means of promoting the health, goodwill, contentment or efficiency of employees.

10.Co-ownership is arises when two or more heirs or beneficiaries inherit an undivided property from a decedent, or when a donor makes a gift of an undivided property in favor of two or more donees.

TRUE OR FALSE

1.The given statement is False.

Only the commissioner of internal revenue has the power to compromise or abate tax laiblity.However compromise offers involving basic taxes of P500,000or less are subject to the approval of the BIR regional evaluation board.where the basic tax involved exceeds P1 million or where the settlement is less than the prescirbed minimum rates,approval shall be made by National Evaluation Board.

2.The given statement is True.

The BIR have a chief, Known as Commissioner of Internal Revenue.