Professional Documents
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Syllabus
COLLEGE: College of Business
Commercial Law
COURSE CODE: BUSLAW3 (Law on Income, Transfer and Business Taxes)
DEPARTMENT:
LEARNING OUTCOME
To assess, interpret and analyze the taxpayers
obligations and responsibilities, and apply the existing
tax principles and encourage tax compliance in dealing
with personal and business concerns.
REQUIRED OUTPUT
Determination of the Proper Tax Returns to be submitted
to the Government Entity
Preparation, Filling in of Income Tax Returns
For Individual
Preparation, Filling in of Income Tax Returns
For Corporations
Preparation, Filling in of Income Tax Returns
For Estates & Trust
CRITERIA
Accuracy
in Preparation of ITR & other
Returns
Consistency in Classifying
Income & Expense Accounts
Correctness in Computation of
Problems in determining Taxes due
to Government
Accuracy
in Preparation of ETR & Donors
Tax Returns
Consistency in Classifying
Gross Estate /Deductions
Donations
Business taxes
Correctness in Computation of
Problems in determining Taxes due
to Government
EXEMPLARY
4
60-100
Proper
Classification
Clean and
Orderly
presentation
Completeness
Systematic and
simplified
Computation
Proper
Classification
Clean and
Orderly
presentation
Completeness
Systematic and
simplified
Computation
SATISFACTORY
3
30 to 60
Ability to fill in
Tax Returns
Clear Distinction of
Income / Expenses
Organization of
different items
Ability to fill in
Tax Returns
Clear Distinction of
Gross
Estate/Deductions
Donations/
Exemption to
Donations
Organization of
different items
DEVELOPING
2
10 to 30
BEGINNING
1
0 to 10
points
GRADING SYSTEM:
The student will be graded according to the following:
LEARNING PLAN:
LEARNING
OUTCOME
TOPIC
Basic Principle of Taxation
Provisions of 1987 Constitution
WEEK
NO.
1
1
LEARNING
ACTIVITIES
Research; Discussion; oral and written examination
Recitation; Discussion of the Applicable Constitutional
Provision to Taxation
Research
Computation; Exercise and Filling in of ITR for
Individual
Computation, Practice Computation in Filling Up ITR for
Corporation
1
2-5
Research
6-7
7
Donors Taxation
11
12
Discussion/ Recitation
12
13
9-10
14
REFERENCES:
PRESCRIBED TEXTBOOK : Reyes, Virgilio D., Income Tax Law and Accounting, latest edition
Reyes, Virgilio D., Philippine Transfer and Business Taxes, latest edition
SUGGESTED REFERENCES
A. Books
1. National Internal Revenue Code, as amended, latest edition
2. Llamado Jr., Crispin P and Manuel M. San Diego, Philippine Income Tax, latest edition
3. Valencia, Edwin G and Gregorio F. Roxas, Income Taxation
Principles and Laws with Accounting Applications, latest Edition
4. de Leon, Hector S. and Hector M. de Leon, Jr., The Fundamentals of Taxation, latest edition
5. de Leon, Hector S. and Hector M. de Leon, Jr., The Law on Income Taxation, latest edition
6. Dimaampao, Basic Approach to Income Taxation, latest edition
7. Mamalateo, Philippine Income Tax, latest edition
8. de Leon, Hector S. and Hector M. de Leon, Jr., Transfer and Business Taxes, latest edition
9. Tamayo, Asser S. Business and Transfer Taxes
B Revenue Regulations, Memorandum Circulars
C. Supreme Court decisions
of Case-Laws / Jurisprudence:
Lex Libris, CD Technologies Asia, Inc.
Supreme Court Website www.sc.judiciary.gov.ph
BIR Website: www.bir.gov.ph
Philippine Laws and Jurisprudence Databank: www.lawphil.net
CLASS POLICIES:
Attendance. Students are expected to come to class diligently and on time. The maximum class days that a student may be
absent is 5 days. 2 occasions of tardiness constitute 1 absence from class. Absence approved and sanctioned by the
University shall not be counted against the student. However, the student is nevertheless responsible and therefore not
excused for missed class activities, tests and other class requirements.
Written Output. All exams, projects, reports, papers and other written outputs must be submitted on time or not later than
the date and the time specified by the professor. Any requirement submitted after the specified date and time shall no longer
be received and accepted, and shall get a grade of 0.0.
Respect and Decorum. The students are expected to observe proper decorum and shall give respect to both his/her professor
and classmates.
Final Grade. As a general rule, the passing grade for the class is 1.0.
Cheating, Plagiarism and Acts of Dishonesty. Any form of dishonesty is extremely prohibited and shall be severely dealt with
by the University through the Discipline Office and the Student Handbook.
C.
D.
E.
F.
G
H.
I.
J
K
L
M.
N.
Gross income
1.
2.
3.
Income
Inclusions/exclusions from the gross income
Kinds of income
a. Compensation
b. Passive income
1. Final withholding tax
c. Business
4.
Compensation income
a. Nature
b. Inclusions/exclusions
c. Withholding tax
d. Computations
e. Fringe benefits tax
5.
Capital gains tax on sale of real property classified as capital asset and the
applicable documentary stamp tax ( including exemption from the capital gains
tax)
6.
Capital gains tax on sale of shares of stock not through the local stock exchange and
the applicable documentary stamp tax
7.
Business income, income derived from business, trade, practice of profession, gains
derived from
dealings in property, interest, rents, royalties, dividends, annuities, prizes and
winnings, pensions, partners distributive share from the net income of the general professional
partnership; other income including special problems such as mergers and consolidation, transfers
to controlled corporation, wash sale)
8.
Computation of the gross income
9.
Withholding of taxes
A.
Deductions from
1.
2.
3.
gross income
Items not deductible
Optional Standard deduction
Itemized deductions
a. deductions in general
b. expenses
c. losses
d. interest
e. taxes
f. depreciation
g. depletion
h. contribution to pension trust
i. charitable contributions
j. research and development