2014 (Taxation) Bar Exam Questions: Question 8

[Answer / discuss the question below. Or see 2014 bar exam Taxation Instructions; 2014 Taxation essay and multiple choice Questions: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28 and 29; See also 2014 Bar Exam: Information, Discussions, Tips, Questions and Results]


Masarap Kumain, Inc. (MKI) is a Value-Added Tax (VAT)-registered company which has been engaged in the catering business for the past 10 years. It has invested a substantial portion of its capital on flat wares, table linens, plates, chairs, catering equipment, and delivery vans. MKI sold its first delivery van, already 10 years old and idle, to Magpapala Gravel and Sand Corp. (MGSC), a corporation engaged in the business of buying and selling gravel and sand. The selling price of the delivery van was way below its acquisition cost. Is the sale of the delivery van by MKI to MGSC subject to VAT? (4%)

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  1. were currently unirnused, right? Well, not according to D.C. math!”94 percent of eligible Americans could be expected to obtain coverage under the plan, up from the current 83 percent.” Spending all that dough, and still not everybody covered! Just like now.”About 25 million nonelderly people, about a third of them illegal immigrants, probably would remain unirnused by 2019, the CBO estimated.”Booooondoggle.Love your blog by the way! Go Blue.

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