10 The following persons are your clients: Who is allowed to claim deduction? Nicanor, an employee of ABC Corp. ABC Corp, a foreign corporation doing business in the Philippines XYZ Corp. a foreign corporation based in Europe Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea Group of answer choices Inday Nicanor XYZ Corp ABC Corp

10 The following persons are your clients: Who is allowed to claim deduction? Nicanor, an employee of ABC Corp. ABC Corp, a foreign corporation doing business in the Philippines XYZ Corp. a foreign corporation based in Europe Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea Group of answer choices Inday Nicanor XYZ Corp ABC Corp

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 4MCQ

See similar textbooks

Similar questions

2 The BIR issue Revenue Memorandum Circular No. 97-2021 inre: Taxation of Any Income Received by Social Media Influencers. Which is FALSE? Group of answer choices a Social Media Influencers’ income are generally subject to income and business taxes b Social Media Influencers are generally required to register with the BIR if they earned income even if their objective is to merely vlog c If Social Media Influencer’s income has been subjected to foreign taxes, the tax paid can be credited against the tax due or deducted (from gross income) at the option of the taxpayer d Income of Social Media Influencers prior to issuance of RMC are not taxable
4. Today several countries still do not permit domestic-listed companies to use IFRS. Required: Identify three countries from this group that are likely to have different reasons for not permitting the use of IFRS by domestic-listed companies. Describe those rease asons.
Who among the following taxpayers may avail of the optional standard deduction? O Non-resident alien engaged in trade or business in the Philippines. O Non-resident alien not engaged in trade or business in the Philippines. Resident foreign corporations O Non-resident owners, lessors, and distributors of cinematographic films.
please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange
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
Question 4 Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? The seller's standard rate O The customer's rate based on location OA special category rate will be used as the seller's rate O No sales tax will be applied
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 taxpayer
Which of the following is entitled to claim NOLCO? An employee with respect to his compensation income. Foreign international carriers Entities registered with the Philippine Economic Zone Authority (PEZA). Self-employed individuals
Research the case against Bernie Madoff who was convicted in 2009 for running the largest Ponzi scheme in U. S. history. Do you think that Bernie received a sentence that was fair? Most importantly, research David Friehling, Bernie's auditor. Discuss what David Friehling's role was in this scheme. What outcome occurred from the legal action taken against Friehling.
The BIR issue Revenue Memorandum Circular No. 97-2021 inre: Taxation of Any Income Received by Social Media Influencers. Which is FALSE? Social Media Influencers are generally required to register with the BIR if they earned income even if their objective is to merely vlog O Social Media Influencers' income are generally subject to income and business taxes O If Social Media Influencer's income has been subjected to foreign taxes, the tax paid can be credited against the tax due or deducted (from gross income) at the option of the taxpayer O Income of Social Media Influencers prior to issuance of RMC are not taxable
Question 4 Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? OA special category rate will be used as the seller's rate No sales tax will be applied The seller's standard rate The customer's rate based on location
The BIR issue Revenue Memorandum Circular No. 97-2021 inre: Taxation of Any Income Received by Social Media Influencers. Which is FALSE? Choices Social Media Influencers are generally required to register with the BIR if they earned income even if their objective is to merely vlog Social Media Influencers' income are generally subject to income and business taxes If Social Media Influencer's income has been subjected to foreign taxes, the tax paid can be credited against the tax due or deducted (from gross income) at the option of the taxpayer Income of Social Media Influencers prior to issuance of RMC are not taxable