ase problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENTS: How much is the taxable income if the taxpayer is a resident citizen ?
ase problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines - P 7,000,000 Gross business income, USA - 4,000,000 Gross business income, Australia - 2,000,000 Business expenses, Philippines - 5,000,000 Business expenses, USA - 2,500,000 Business expenses, Australia - 1,200,000 REQUIREMENTS: How much is the taxable income if the taxpayer is a resident citizen ?
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 28P
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Question
INSTRUCTIONS:
- Read carefully, analyze and understand the problem.
- For your answers, provide the solution and "double-rule" your
final answer (Accountant's style).
Case problem
An individual taxpayer provided the following information in 2020 as follows:
- Gross business income, Philippines - P 7,000,000
- Gross business income, USA - 4,000,000
- Gross business income, Australia - 2,000,000
- Business expenses, Philippines - 5,000,000
- Business expenses, USA - 2,500,000
- Business expenses, Australia - 1,200,000
REQUIREMENTS:
- How much is the taxable income if the taxpayer is a resident citizen ?
- How much is the taxable income if the taxpayer is a nonresident citizen ?
- How much is the taxable income if the taxpayer is a resident alien ?
- How much is the taxable income if the taxpayer is a nonresident alien engaged in trade or business ?
- How much is the taxable income if the taxpayer is a nonresident alien not engaged in trade or business ?
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