which taxpayer is NOT required to file Form 8938 statement of specified foreign financial assets? each taxpayer is a u.s. citizen and the amounts presented are in the u.s. dollars
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which taxpayer is NOT required to file Form 8938 statement of specified foreign financial assets? each taxpayer is a u.s. citizen and the amounts presented are in the u.s. dollars
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- What are the four factors that determine the manner in which income earned by a foreign operation of a U.S. taxpayer will be taxed by the U.S. government?A taxpayer with which of the following incomes is eligible to claim the Foreign Tax Credit? 1. Foreign taxable income. 2. Refundable foreign taxable income. 3. U.S. income tax on U.S.-source income. 4. U.S. income tax on foreign-source income imposed on another taxpayer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.. Calculation of Net U.S. Tax Liability (on foreign source income)
- TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the PhilippinesIncome tax payments to a foreign country in the case of a resident citizen taxpayer may be claimed as either a or b, at the option of the taxpayer. allowed deduction. O neither a nor b. tax credit.US Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.
- Please describe how tax-exempt interest and foreign-earned income exclusion are used in the U.S.? Any examples?The winnings of a resident alien from abroad is * a. subject to regular tax. b. subject to final tax. on C. subject to either final or regular tax. d. not subject to Philippine income tax.D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.
- 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 taxpayerInterest received by nonresident individuals from a depository bank under the expanded foreign currency deposit system is exempt from tax. Passive income received by a resident citizen from sources outside the Philippines shall be generally subject to Section 24 (A) and not to final tax. a. True, True c. False, False b. True, False d. False, TruePlease describe how tax-exempt interest and foreign-earned income exclusion are used in the U.S.?