Identify whether the following items are subject to regular income tax, final tax, or exempt from income tax.Dividend income received from a domestic corporation by a nonresident foreign corporationDividend income received from a resident foreign corporation by a domestic corporationDividend income received from a resident foreign corporation by a resident foreign corporationPrizes from USA lottoShare in the net income of ordinary partnershipMoney received from reporting a company engaged in illegal activitiesBag full of cash amounting to P500,000 found along the roadAnnual salary of a garbage collector not exceeding P200,000Travel allowance liquidated and fully supported by receiptsPerformance bonus equivalent to 3x of the monthly salary P100,000Royalties on songs writtenSale of shares of stocks not listed in stock exchangeRent payments received by a resident alien for the lease of his residence abroadCash prize of P1,000,000 for winning the Binibining PilipinasDividend income received from a domestic corporation by a resident foreign corporation

As per the general provision Dividend received by a domestic company from another domestic company…

Answered: Identify whether the following items…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 21P

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Identify whether the following items are subject to regular income tax, final tax, or exempt from income tax.

Dividend income received from a domestic corporation by a nonresident foreign corporation
Dividend income received from a resident foreign corporation by a domestic corporation
Dividend income received from a resident foreign corporation by a resident foreign corporation
Prizes from USA lotto
Share in the net income of ordinary partnership
Money received from reporting a company engaged in illegal activities
Bag full of cash amounting to P500,000 found along the road
Annual salary of a garbage collector not exceeding P200,000
Travel allowance liquidated and fully supported by receipts
Performance bonus equivalent to 3x of the monthly salary P100,000
Royalties on songs written
Sale of shares of stocks not listed in stock exchange
Rent payments received by a resident alien for the lease of his residence abroad
Cash prize of P1,000,000 for winning the Binibining Pilipinas
Dividend income received from a domestic corporation by a resident foreign corporation

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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Identify whether the following items are subject to regular income tax, final tax, or exempt from income tax. Dividend income received from a domestic corporation by a nonresident foreign corporation