UST GOLDEN NOTES 2011

340 TAXATION TEAM: ADVISER: ATTY. PRUDENCE ANGELITA A. KASALA; SUBJECT HEAD: RODOLFO N. ANG, JR. ASST. SUBJECT HEADS: EDISON U. ORTIZ & VANESSA ROSE S. HERNANDEZ; MEMBERS: JOSE DUKE BAGULAYA, CHARLES L. GRANTOZA, CHRISTINE L. GUTIERREZ, CLARABEL ANNE R. LACSINA, DIVINE C. TEE, KEITH S. VALCOS

GENERAL PRINCIPLES Ad Valorem Tax 36 Administrative Feasibility 5 Benefits-Protection Theory 6 Capitalization 11 Characteristics 4 Compensation 12 Compromise 13 Constitutional Limitations 22 Direct Tax 36 Doctrine Of Equitable Recoupment 13 Doctrine Of Imprescriptibility 7 Doctrine Of Mobilia Sequuntur Personam 19 Doctrine Of Prospectivity 7 Double Taxation 7 Due Process Clause 30 Equal Protection Of The Law 30 Equality 22 Equity 22 Excise / Privilege Tax 36 Fiscal Adequacy 5 Flexible Tariff Clause 29 General/Fiscal Or Revenue 36 Gross Taxation 36 Impact Of Taxation 10 Incidence Of Taxation 10 Indirect Tax 36 Inherent Limitations 15 International Comity 20 Lifeblood Theory 6 Local Or Municipal Tax 36 National Tax 36 Net Taxation 36 Payment 33 Personal/Poll Or Capitation Tax 36 Principle Of Equality 31 Progressive Tax 36 Property Tax 36 Proportional 36 Refund 33 Regressive Tax 36 Situs Of Taxation 18 Special / Regulatory Or Sumptuary 36 Specific 36 Strict Construction Rule 14 Tax Administration 33 Tax Amnesty 13 Tax Avoidance 10 Tax Evasion 10 Tax Exemptions 11 Tax Legislation 33 Taxation 1 Taxes 34 Theoretical Justice 5 Transformation 11 Uniformity 22

NATIONAL INTERNAL REVENUE CODE Ability To Pay 125 Actual Distraint 215 Allowable Deductions 79 Assessment 190 Automatic Zero-Rated Transaction 160 Benefits-Protection Theory 125 Calendar Year Period 39 Capital Asset 53 Capital Gain 54 Capital 46 Civil Actions 207, 225 Claim Of Right Doctrine 47 Collection 206 Compensation Income 51 Compromise Penalty 222 Compromise 220 Constructive Distraint 216 Corporation 41 Creditable Withholding Tax 118 Criminal Actions 208, 227 De Minimis Benefits 105 Deductions From Gross Income 79 Deficiency Tax 193 Delinquency Tax 193 Distraint 215 Donation 144 Donations Inter Vivos 124 Donations Mortis Causa 124 Donor’s Tax 144 Economic-Benefit Principle 47 Effectively Zero-Rated Transaction 160 Estate Tax 124 Estate 43 Final Withholding Tax 118 Fiscal Year Period 39 Flow Of Wealth Test 47 Forfeiture 219 Formal Letter Of Demand 201 Fringe Benefit 102 Fringe Benefit 52 General Professional Partnership 43 Global System Of Taxation 37 Government Remedies 214 Gross Estate 126 Gross Gifts 147 Gross Income Taxation 49 Gross Income 49 Income Tax 37 Income Tax 45 Income 46 Individual Taxpayers 39 Inheritance Tax 124 Jeopardy Assessment 193 Judicial Remedies 225 Large Taxpayer 234 Levy 217

INDEX

ACADEMICS CHAIR: LESTER JAY ALAN E. FLORES II VICE CHAIRS FOR ACADEMICS: KAREN JOY G. SABUGO & JOHN HENRY C. MENDOZA VICE CHAIR FOR ADMINISTRATION AND FINANCE: JEANELLE C. LEE VICE CHAIRS FOR LAY-OUT AND DESIGN: EARL LOUIE M. MASACAYAN & THEENA C. MARTINEZ

U N I V E R S I T Y O F S A N T O T O M A S

F a c u l t a d d e D e r e c h o C i v i l 341

Minimum Corporate Income Tax 107 Net Capital Loss Carry Over 60 Net Effect Test 47 Net Gift 148 Net Income Taxation 50 Net Income 50 Net Operating Loss Carry Over 60 Optional Standard Deduction 94 Ordinary Asset 53 Ordinary Gain 54 Passive Income 62 Personal Exemptions 95 Pre-Assessment Notice 200 Principle Of Constructive Receipt Of Income 47 Privilege Theory/State-Partnership Theory 125 Realization Test 47 Reasonable Private Benefit Plan 74 Redistribution Of Wealth 125 Royalties 66 Schedular System Of Income Taxation 37 Severance Test 47 State Partnership Theory 46 Tax Administration 231 Tax Benefit Rule 87 Tax Credit Method 155 Tax Lien 220 Tax Refund 208 Tax Return 121 Tax Return 180 Taxpayer’s Remedies 190 Transfer Taxes 123 Trust 43 Value-Added Tax 153 VAT-Exempt Transactions 166 Withholding Agent 119 Withholding Tax System 118

LOCAL GOVERNMENT CODE OF 1991, AS AMENDED Business Tax 54 Distraint 260 Income Tax 254 Levy 261 Limitations On The Taxing Powers 253 Local Tax Ordinance 240 Local Taxation 236 Local Taxes 236 Local Taxing Authority 240 Protest Of Assessment 258 Real Property Tax 265 Residual Taxing Power 240 Taxing Power Of A Barangay 251 Taxing Power Of A City 246 Taxing Power Of A Municipality 246 Taxing Power Of A Province 243

TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED Abandonment 320 Abatement 319 Appeal 320 Bureau Of Customs 290 Comparison Of Special Duties 300 Consumption Entry 305 Customs Duties 289, 298 Customs Protest 309 Customs Seizure 310 Customs Valuation 303 Doctrine Of Hot Pursuit 312 Duty Drawback 319 Fine 319 Flexible Tariff Clause 289 Fraudulent Practices 316 Import Entry 305 Liquidation 308 Remedies Of The Government 317 Remedies Of The Taxpayer 318 Safeguard Measures 302 Smuggling 310 Tariff 289 Tariff Commission 291 Tax Lien 317

JUDICIAL REMEDIES; COURT OF TAX APPEALS Citizens Suit 336 Civil Cases 328 Court Of Tax Appeals 324 Criminal Cases 334 Doctrine Of Ripeness For Review 337 Double Nexus Test 337 Judicial Procedures 328 Jurisdiction 325 Mode Of Appeal 339 Motion For New Trial 330 Motion For Reconsideration 330 Taking Of Evidence 330 Taxpayer’s Suit 336 Transcendental Importance 337