The following persons are your clients: Who is allowed to claim deduction? - Nicanor, an employee of ABC Corp. - ABC Corp, a foreign corporation doing business in the Philippines - XYZ Corp. a foreign corporation based in Europe - Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea a. Nicanor b. ABC Corp c. XYZ Corp d. Inday

The following persons are your clients: Who is allowed to claim deduction? - Nicanor, an employee of ABC Corp. - ABC Corp, a foreign corporation doing business in the Philippines - XYZ Corp. a foreign corporation based in Europe - Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea a. Nicanor b. ABC Corp c. XYZ Corp d. Inday

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 4MCQ

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Which of the following statements is incorrect on winnings of a resident citizen? a. Lotto winnings in the United States is subject to income tax in the Philippines d. Winnings in a raffle draw sponsored by a cigarette company is subject to tax based on the schedule of rates in the tax table if the amount involved does not exceed P10,000. c. Winnings of brand new cars in a raffle draw sponsored by SM are taxable b. Lotto winnings sponsored by the Philippine Charity Sweepstakes Office is taxable subject final tax
Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential customers, the same is a taxable income. Statement 2: When a foreign corporation “donates” stocks to its resident manager in the Philippines in consideration of his services as such, the value of the shares shall be considered as taxable compensation. a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is true
Who among the following taxpayers may avail of the optional standard deduction? O Non-resident alien engaged in trade or business in the Philippines. O Non-resident alien not engaged in trade or business in the Philippines. Resident foreign corporations O Non-resident owners, lessors, and distributors of cinematographic films.
please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange
Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayer
Which of the following is entitled to claim NOLCO? An employee with respect to his compensation income. Foreign international carriers Entities registered with the Philippine Economic Zone Authority (PEZA). Self-employed individuals
Which of the following expenses would be denied as a deduction as per provisions of the Canadian Income Tax Act? a. Maintenance fees on a yacht at Yellow Yacht Leasing Inc. b. Legal and accounting fees incurred during the construction of a building c. Advertising costs in a non-Canadian newspaper directed at an American market d. Workspace in a home used as a taxpayer's principal place of business
In order to get the tax advantage many business firms in the US are currently registered as. ‌ LLP ‌ C corporation ‌ LLC ‌ all of the above ‌ none of the above
Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.
Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.
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