Will this amount form part of Jinkee’s gross income? Why or why not?
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Consider this situation: Jinkee Pacquiao filed charges against Agot Isidro for the
latter’s “noveau” statement against the former on Instagram. Jinkee received
compensation from such charges amounting to ₱50,000. Will this amount form
part of Jinkee’s gross income? Why or why not?
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Solved in 2 steps
- During 2020, Jackie sent her brother Junnie $2,500 via a telegraphic transfer through El Banco Prieto. The bank’s remittance clerk made a mistake and credited Junnie with $250,000 which he promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Junnie refused to do so. The BIR entered the picture and investigated Junnie. Would the BIR be correct if it determines that he earned a taxable income under the facts? No, it was not her fault that the funds in excess of $2,500 were credited to him. Yes, income is a taxable income regardless of the source No, he had no income because he had no right to the mistakenly credited funds. No, the funds in excess of $2,500 were in effect donated to her.! Required information [The following information applies to the questions displayed below.] What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. c. Ajax published a story about Pete, and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $20,000. Amount included in Gross IncomeLO.2 Leigh sued an overzealous bill collector and received the following settlement: a. What effect does the settlement have on Leighs gross income? b. Assume that Leigh also collected 25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leighs employer and other creditors. Is this 25,000 included in Leighs gross income? Explain.
- For each of the following situations, indicate the nature and amount of the penalty that could be imposed. Description of the Penalty AND Penalty Amount $ a. Larry is a tax protester and files his tax return in the name of “Mickey Mouse.” b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her account. c. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000.Vladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted? Group of answer choices Yes, just because. No, no jurisdiction. Yes, it is a necessary and ordinary expense. No, deductions are not allowed for compensation income earner.Craig commits fraud on his tax return. It is found that he was $40,000 deficient in his tax because of the fraud. What would his penalty be? Please show all calculations to demonstrate how you arrived at your answer. In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website.
- 1. Jessie is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, he intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: a. Capitalization b. Shifting c. Evasion d. AvoidanceSean sued an unscrupulous person for derogatory remarks which he considered to have besmirched his reputation. The court awarded him an indemnity of P2,000,000 inclusive of P200,000 reimbursement for Attorney’s fees and P100,000 exemplary damages. Compute Jake’s total return on capital.Naeem was a treasury manager in Raheel Associates (RA). Naeem robbed Rs. 100,000 cash from the business. Raheel, the owner of the business, instituted legal proceedings against Naeem. Naeem agreed to return the cash and Raheel agreed to withdraw the proceedings against him. Naeem fulfilled his part of the promise. Under the provisions of the Contract Act, 1872 explain whether Raheel is bound to withdraw the proceedings against Naeem.
- Interest and Penalties (LO 12.3) For each of the following situations, select the nature of the penalty and amount of the penalty that could be imposed. a. Larry is a tax protester and files his tax return in the name of "Mickey Mouse." b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her C. account. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000. Description of the Penalty Filing a frivolous tax return Bad check ✓ Accuracy-related penalty, substantial understatement Penalty AmountBob can deduct the business expenses to operate his illegal drug business. True O Falsenayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently. Nayla fearing the bill might lapse, presented it for payment where upon, it was dishonoured. state with reasons whether nayla can claim to be a holder in due course.