E.x.c.l.u.s.i.o.n. .f.r.o.m. .G.r.o.s.s. .I.n.c.o.m.e.N.o.t.e.:. .I.n.c.o.m.e. .t.a.x.a.t.i.o.n. .-. .P.h.i.l.i.p.p.i.n.e.s. .b.a.s.e.dW.h.y. .i.s. .g.i.f.t. .n.o.t. .s.u.b.j.e.c.t. .t.o. .i.n.c.o.m.e. .t.a.x.?. .E.n.u.m.e.r.a.t.e. .a.t. .l.e.a.s.t. .f.i.v.e. .e.x.a.m.p.l.e.s. .o.f. .n.o.n.t.a.x.a.b.l.e. .r.e.c.o.v.e.r.i.e.s. .o.f. .d.a.m.a.g.e.s. .a.n.d. .f.i.v.e. .e.x.a.m.p.l.e.s. .o.f. .t.a.x.a.b.l.e. .r.e.c.o.v.e.r.i.e.s. .o.f. .d.a.m.a.g.e.s.E.n.u.m.e.r.a.t.e. .t.h.e. .n.o.n.t.a.x.a.b.l.e. .r.e.t.i.r.e.m.e.n.t. .b.e.n.e.f.i.t.s.,. .p.e.n.s.i.o.n. .a.n.d. .g.r.a.t.u.i.t.i.e.s.A.r.e. .t.h.e.r.e. .i.n.c.o.m.e.s. .o.f. .P.h.i.l.i.p.p.i.n.e. .G.o.v.e.r.n.m.e.n.t. .w.h.i.c.h. .a.r.e. .s.u.b.j.e.c.t. .t.o. .t.a.x.?. .S.t.a.t.e. .t.h.e. .r.u.l.e.s. .w.h.e.n. .p.r.i.z.e.s. .a.n.d. .a.w.a.r.d.s. .a.r.e. .t.a.x.-.e.x.e.m.p.t.?W.h.e.n. .i.s. .p.r.i.z.e. .a.n.d. .a.w.a.r.d.s. .i.n. .s.p.o.r.t.s. .c.o.m.p.e.t.i.t.i.o.n. .n.o.t. .t.a.x.a.b.l.e.?.A.r.e .i.n.t.e.r.e.s.t. .e.a.r.n.e.d. .a.n.d. .g.a.i.n. .r.e.a.l.i.z.e.d. .f.r.o.m. .c.e.r.t.i.f.i.c.a.t.e. .o.f. .i.n.d.e.b.t.e.d.n.e.s.s. .w.i.t.h. .m.a.t.u.r.i.t.y. .o.f. .m.o.r.e. .t.h.a.n. .5. .y.e.a.r.s.,. .e.x.e.m.p.t. .f.r.o.m. .i.n.c.o.m.e. .t.a.x.?. .E.x.p.l.a.i.n.

“Since you have posted multiple questions, we will provide the solution only to the first question…

Answered: W.h.y. .i.s. .g.i.f.t. .n.o.t.…

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

Related questions

Question

E.x.c.l.u.s.i.o.n. .f.r.o.m. .G.r.o.s.s. .I.n.c.o.m.e.

N.o.t.e.:. .I.n.c.o.m.e. .t.a.x.a.t.i.o.n. .-. .P.h.i.l.i.p.p.i.n.e.s. .b.a.s.e.d

W.h.y. .i.s. .g.i.f.t. .n.o.t. .s.u.b.j.e.c.t. .t.o. .i.n.c.o.m.e. .t.a.x.?. .E.n.u.m.e.r.a.t.e. .a.t. .l.e.a.s.t. .f.i.v.e. .e.x.a.m.p.l.e.s. .o.f. .n.o.n.t.a.x.a.b.l.e. .r.e.c.o.v.e.r.i.e.s. .o.f. .d.a.m.a.g.e.s. .a.n.d. .f.i.v.e. .e.x.a.m.p.l.e.s. .o.f. .t.a.x.a.b.l.e. .r.e.c.o.v.e.r.i.e.s. .o.f. .d.a.m.a.g.e.s.
E.n.u.m.e.r.a.t.e. .t.h.e. .n.o.n.t.a.x.a.b.l.e. .r.e.t.i.r.e.m.e.n.t. .b.e.n.e.f.i.t.s.,. .p.e.n.s.i.o.n. .a.n.d. .g.r.a.t.u.i.t.i.e.s.
A.r.e. .t.h.e.r.e. .i.n.c.o.m.e.s. .o.f. .P.h.i.l.i.p.p.i.n.e. .G.o.v.e.r.n.m.e.n.t. .w.h.i.c.h. .a.r.e. .s.u.b.j.e.c.t. .t.o. .t.a.x.?. .S.t.a.t.e. .t.h.e. .r.u.l.e.s. .w.h.e.n. .p.r.i.z.e.s. .a.n.d. .a.w.a.r.d.s. .a.r.e. .t.a.x.-.e.x.e.m.p.t.?
W.h.e.n. .i.s. .p.r.i.z.e. .a.n.d. .a.w.a.r.d.s. .i.n. .s.p.o.r.t.s. .c.o.m.p.e.t.i.t.i.o.n. .n.o.t. .t.a.x.a.b.l.e.?.
A.r.e .i.n.t.e.r.e.s.t. .e.a.r.n.e.d. .a.n.d. .g.a.i.n. .r.e.a.l.i.z.e.d. .f.r.o.m. .c.e.r.t.i.f.i.c.a.t.e. .o.f. .i.n.d.e.b.t.e.d.n.e.s.s. .w.i.t.h. .m.a.t.u.r.i.t.y. .o.f. .m.o.r.e. .t.h.a.n. .5. .y.e.a.r.s.,. .e.x.e.m.p.t. .f.r.o.m. .i.n.c.o.m.e. .t.a.x.?. .E.x.p.l.a.i.n.

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