SIR K MNEMONICS provides concise summaries of tax law concepts through the use of mnemonic devices. Some key concepts covered include:
1. Gross estate inclusions such as gifts lacking consideration, life insurance proceeds, and jointly held property.
2. Exclusions from gross gifts such as gifts to spouses and transfers for full consideration.
3. Transactions deemed as sales for tax purposes including shareholder distributions and property divisions.
4. VAT exempt transactions including agricultural products, fuel for international transport, and educational institutions.
5. Income tax deductions allowed such as net operating loss carryovers, dividends paid, and reasonable retention for needs.
SIR K MNEMONICS provides concise summaries of tax law concepts through the use of mnemonic devices. Some key concepts covered include:
1. Gross estate inclusions such as gifts lacking consideration, life insurance proceeds, and jointly held property.
2. Exclusions from gross gifts such as gifts to spouses and transfers for full consideration.
3. Transactions deemed as sales for tax purposes including shareholder distributions and property divisions.
4. VAT exempt transactions including agricultural products, fuel for international transport, and educational institutions.
5. Income tax deductions allowed such as net operating loss carryovers, dividends paid, and reasonable retention for needs.
SIR K MNEMONICS provides concise summaries of tax law concepts through the use of mnemonic devices. Some key concepts covered include:
1. Gross estate inclusions such as gifts lacking consideration, life insurance proceeds, and jointly held property.
2. Exclusions from gross gifts such as gifts to spouses and transfers for full consideration.
3. Transactions deemed as sales for tax purposes including shareholder distributions and property divisions.
4. VAT exempt transactions including agricultural products, fuel for international transport, and educational institutions.
5. Income tax deductions allowed such as net operating loss carryovers, dividends paid, and reasonable retention for needs.
SIR K MNEMONICS provides concise summaries of tax law concepts through the use of mnemonic devices. Some key concepts covered include:
1. Gross estate inclusions such as gifts lacking consideration, life insurance proceeds, and jointly held property.
2. Exclusions from gross gifts such as gifts to spouses and transfers for full consideration.
3. Transactions deemed as sales for tax purposes including shareholder distributions and property divisions.
4. VAT exempt transactions including agricultural products, fuel for international transport, and educational institutions.
5. Income tax deductions allowed such as net operating loss carryovers, dividends paid, and reasonable retention for needs.
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SIR K MNEMONICS
INCLUSION IN GROSS ESTATE Lack of Acceptance
RIP C CaRe GiVeR Spouses (xpn: moderate gifts/complete separation) Retirement benefits from employer Insufficient consideration ORDINARY ASSETS Proceeds of Life Ins. SIT n d RUB Contemp. Of death Stock in trade Cont’l transfer Inventoriable Revoc. Transfer Depreciable GPA RP used in bus. Void transfer Reserv./Retention of Rights INCLUSIONS (GROSS GIFTS) SHARED CORE Exclusions Spouses renounce share in common prop. FUSS WUSS Heir renounce share in inheritance Fiduciary heir-fideicommisary Adequate consideration (less than) Usufruct-owner of naked title Retention/Reservation of right SPA Reserved-ET Social welfae, charit/cultural Xpn: Waived during lifetime – DT War damge Unreserved (DT) US Veterans Donations (valid/erfect/absolute) SSS/GSIS Conditional Revocable CPG (EXCLUSIVE) SO GREEM TRANSACTIONS DEEMED SALES Spouses own SCoReCrO Grautious title Shareholders-distrib of profits (property divs.) Right of Redemption/Exchange Consigment Exclusive Money Retirement/cessation from bus./VAT status Creditor-payment (dacion en pago) ACP (EXCLUSIVE) Originally intended for sale GRABE U Grat. Title Before marriage Exclusive/personal use
VOID DONATIONS OFFICIALS Public Official Future property/inherit Failure to comply with reqs Incapacitated persons w/o legal reps Criminal offense Inexistent object Adultery/concubinage SIR K MNEMONICS VAT EXEMPT TRANSACTIONS 5. PROPER RES 1. AFFECTED SA BONE Prof tools/implements 2. FEVER Personal/household effects 3. GOD COMES Requisites: Sealed in PH 4. PASS DAMI BEER Not in commercial qty 5. PROPER RES Reasonable time, tools will follow Residential props (Lease) 1. AFFECTED SA BONE Agri/marine food prods. ZERO RATED SALE OF GOODS/PROPS Fertilizers/seeds InFoRM SA NEXT COmInG Feeds-livestock, poultry, fish xpn: specialty feeds Intl air/ship ops Coops-agri/credit Foreign county bound Threshold-below 3M Raw Mats Drugs and meds (diabetes, hypertension, cholesterol) Special aws Special Laws Intl Agreements International Agree TIEZA Books Customs territory Newspaper Omnibus Gold to BSP (TRAIN:Exempt) 2. FEVER Fuel-import of fuel for int’l ops OMNI CODE Export sales by nonvat BODIES Vessels/vehicles-domestic transport/intl ops Bonded trading/mnfg warehouse Real Properties Diplomatic missions Export process zones 3. GOD COMES SBMA Gold to BSP Differently abled ZERO RATE SERCIVES AND LEASE Coops-non agri, credit, electric (members contib. Less SA NExT Train, Bus, CaR than 15k) Special laws Merger and consolidation Intl agreements Senior Citizens Non-resident outside PH not engaged in trade/bus Export-oriented enterprise 4. PASS DAMI BEER TIEZA Percentage tax Transport by domestic air/sea carrier (foreign bound) Assoc dues Intl air/ship ops Senior citizens Business outside Differently abled Customs territory Agri conract growers Renewable source of energy Medical,dental, hosps. Vets institute. (xpn:prof fee) Int’l transport ops of passengers/cargo Banks an non-banks performing quasi banking Educ insti. Employer-employee relationship RAHQs SIR K MNEMONICS AMUSEMENT TAX IAET BEx BaCa MuKa Co JR ADD: FENCE Boxing 10 Final Taxes (Income) Basketball games 15 Excluded in GI (income) Cabarets 18 NOLCO deducted Music Louge 18 CGT (income) Karaoke/Videokes 18 Exempted (income) Cockpits 18 Jai Alai 30 DEDUCT: REDI Race tracks 30 Retention for reasonable needs Dividents actually/constructively paid INSURANCE Income tax paid HAIR Pin (2%) Health and accident ins. DEMINIMIS Reissuance/Reinstatement/renewal fees CuTe SmALL CRiMe Penalties Clothing and Uniform – 6000/yr Investment Income Tangible: employee achievement award – 10k/yr Shift:Night/graveyard MaRe CO (VAT) Meal allowance Mngt fees Anniv celeb of entity (major) Rental fees Laundry allowance Commisions Leaves (monetized unused) Others (unrelated) Private: VL – 10 days Govt – VL and SL – unlimited INCOME TAX INCLUSIONS CBA -10k/employee ROYAL CoBRA PEPSI DD Rice subsidy 2000/mo. Or 1 sack/mo. Royalties Medical benefits Compensation Employee 10k/yr Bus/trade Dependents 350/mo. Rentals Annuties Pensions Prize/winnings Share of partners from distib Interest Dividends Gains on Dealings in props
