18. Ceidi was notified by its depository bank that P1 million had been creditedto his savings account because of a million-dollar remittance by her sister inthe United States through a US bank. Ceidi lost no time in spending most ofthe money for various purposes, such as the purchase of luxuriouscondominium unit and a luxury car, money market placement, gifts torelatives, etc. It tumed out that Ceidi's sister remitted only $1,000 dollarsand not $1 million.Statement 1: The erroneous remittance Is taxable:Ador issued a check drawn on a bank in which he has no funds. Henegotiated the check and received P15,000 and immediátely proceeded tothe casino to try his luck but lost. Later, he was charged and convicted forviolation of Batas Pambansa Big. 22.Statement 2: The BIR can tax him for the P15,000 he got from negotiatingthe check.a. Statement 1 is true, while Statement 2 is false.b. Statement 1 is false, while Statement 2 is true.c. Both statements are true.d. Both statements are false.CS Scanned with CamScanner

Here both situation was contradiction in part of the taxation affairs because in the first situation…

Answered: Ceidi was notified by its depository…

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter7: International Law

Section: Chapter Questions

Problem 10QAP

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9. A resident citizen died leaving a cash in bank in local domestic bank with face value ofP1,000,000 and other properties. If the heirs will withdraw the said cash in bank, what is thefinal tax to be withheld by the local domestic bank if the heirs would like to withdraw thetotal amount of cash in bank?a. P60,000b. P120,000c. P100,000d. P5,000
Nicanor, a resident citizen residing in Sampaloc, Manila, deposited $2,000 in BPI, Morayta Branch, a local bank authorized by the Banko Sentral ng Pilipinas (BSP) to engage in foreign-currency denominated transactions, given by his mother, Helen, an OFW, residing in Saudi Arabia. S1: If the deposited money earns $20 interest income, the interest income is subject to 15% final tax. S2: If the deposited money earns P1,000 interest income, the interest income is subject to 20% final tax. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true d. Both are false
Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?
Please help me.... Vivienne is a U.S. citizen, and she comes to you to have her taxes prepared. She tells you that she has signature authority over a foreign bank account, but the maximum value of this account never exceeded $10,000 at any time during the year. Vivienne does not have any other foreign assets, nor does she have any ties to a foreign trust. Although she worked abroad for three months during the year, you determine that her tax home was in the U.S. Given the information provided, which of the following forms would you complete for Vivienne? A, Schedule B, Interest and Ordinary Dividends. B, FinCEN Form 114 (FBAR). C, Form 2555, Foreign Earned Income. D, Form 8938, Statement of Specified Foreign Financial Assets.
Before boarding his flight to Zurich, Switzerland, Ian purchased CHF900 from his bank when the exchange rate was C$1 = CHF0.9753. However, Ian had to cancel the trip. Ian returned to the bank to convert the Swiss currency back into Canadian dollars. If the exchange rate changed to C$1 = CHF0.984, how many Canadian dollars would Ian have lost in these transactions? Assume the bank has a 1.00% commission on both the sale and the purchase of the funds. C Round to the nearest cent Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure
Ms. Barion, a non-resident alien from a country with reciprocity clause, dieddue heart attack leaving her son she had from a man she met but never married. Experts noticed following properties in her possession in the Philippines:Passbook for an account in ABV Bank, Canada 700,000Ipad 100,000Iphone X 100,000Unused expensive books 1,000,000Jewelry from a revocable transfer made by her sister 100,000 Which of the following considered as real property?
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.
Juno is a seaman employed abroad in an international vessel that operates exclusively in international transport operations. Dos invested all his earnings abroad in the time deposits of the Bank of the Philippine Islands. A summary of his investments follows: P5,000,000 6-year non-preterminable deposit 10% p.a. P3,000,000, 3 year deposit 7.5% p.a. $100,000, 5 year preterminable deposit 10% p.a. $50,000, 2 year deposit 8% p.a. The applicable conversion rate is P47:$1. Compute Dos’s annual final tax.
Which of the following is most likely not a trade transaction for income tax purposes? A. In August 2020, Jackie imported fine diamond jewelleries from South Africa which she placed it in her diamond boutique in London for resale on higher profits. B. Aziza imported a consignment of tourist gifts made of genuine leather from overseas. She subsequently sold all the gifts through a few tourist agents on commission. C. Alexander sold his inherited properties during the tax year 2020/21. The properties were inherited from his wealthy father. A property agent helped him in doing that by advertising the properties in a local magazine in search of good prices. D. Speculating the fluctuation in the price of gold, James bought a large quantity of gold on 1 July 2020 and successfully resold on 15 September 2020.
X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1 million unpaid mortgage), P2,000,000 Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000 Bank deposits in USA, P80,000 Receivable from debtor living in USA; P70,000 Shares of stocks of PLDT, Philippines, P90,000 Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000) Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000 What is the gross estate?
EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020: To his brother in Canada, a Volvo car valued at P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000. Round your answer to the nearest peso. (e.g. 101.50 = 102) How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?
4. Samantha borrowed P100,000 from Paola. On due date of the loan, Samantha could not pay Paola because she lost to a robber the P100,000 intended for the payment of her debt. In addition, she suffered financial problems, and she was short of cash even for her current family needs. Can Samantha legally justify her inability to pay Paola? Explain.

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