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.

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.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 12DQ

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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
a. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?
Statement 1: Dividends earned by a resident from a foreign corporation doing business outside the Philippines is income without (outside) the Philippines. Statement 2: Gains, profits and income from the sale of personal property produced (in whole or in part) by the taxpayer within and sold without the Philippines, or produced (in whole or in part) by the taxpayer without and sold within the Philippines, shall be treated as derived partly from sources within and partly from sources without the Philippines. Statement 3: Gains, profits and income derived from the purchase of personal property within and its sale without the Philippines, or from the purchase of personal property without and its sale within the Philippines shall be treated as derived entirely from sources within the country in which sold. a. All statements are true b. Only statements 1 and 2 are true c. Only statements 2 and 3 are true d. All statements are false
If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a nonresident foreign corporation.
Determine whether the following income/proceeds received in 2021 is taxable. If applicable, determine the appropriate tax and tax rate. DIVIDEND INCOME: Basic or Final Тахable or Exempt? Тах? 1. Dividend income received by a resident citizen from domestic corporations 2. Dividend income received by a resident alien from domestic corporations 3. Dividend income received by a resident citizen from foreign .corporations 4. Dividend income received by a domestic corporation from another domestic corporation 5. Dividend income received by a domestic corporation from a resident foreign corporation (assume the ration of gross income derived in the Philippines for the past three (3) years was 70%) 6. Dividend income received by a resident foreign corporation from domestic corporation 7. Dividend income received by a resident foreign corporation from another resident foreign corporation. The ratio of income in the Philippines over its world income for the last three (3) years was 40%
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If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a resident foreign corporation.
A taxpayer received during the taxable year the following passive income derived from within the Philippines.Interest on bank deposit under FCDU (net) P 231,250Royalty on a software application (gross) 95,000Dividend income RFC (gross) 150,000If taxpayer is a non-resident alien engaged in business, the final tax on the above passive income would amount to P19,000 P 28,250 P 37,750 P 52,750
Which constitutes a taxable item of gross income? * Compensation for personal injuries O Gain from sale of shares in mutual fund: O Gain from sale of government bonds O Income exempt under treaty
A taxpayer received during the taxable year the following passive income derived from within the Philippines.Interest on bank deposit under FCDU (net), P170,000Royalty on a software application (gross), P95,000Dividend income from domestic corporation (gross), 150,000If the taxpayer is a non-resident alien engaged in business, what is the amount of Final Tax from the above passive Income?
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Compute the tax due if the corporation is a resident foreign corporation not availing OSD.