In 2019, Sikanto Tinabangsit, a Thai citizen and the reigning WBO Super Featherweight Champion, successfully defended his crown against Kid Laban Gurruud at the Big Dome just a day after he arrived here in the Philippines and received P12 million in cash and a Cayenne with fair value of P8 Million. How much is his final withholding tax?
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In 2019, Sikanto Tinabangsit, a Thai citizen and the reigning WBO Super Featherweight Champion, successfully defended his crown against Kid Laban Gurruud at the Big Dome just a day after he arrived here in the Philippines and received P12 million in cash and a Cayenne with fair value of P8 Million. How much is his final withholding tax?
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- 1. In 2019, Sikanto Tinabangsit, a Thai citizen and the reigning WBO Super Featherweight Champion, successfully defended his crown against Kid Laban Gurruud at the Big Dome just a day after he arrived here in the Philippines and received P12 million in cash and a Cayenne with fair value of P8 Million. How much is his final withholding tax? 2.In 200A, Mr. Rosario acquired his principal residence for P6,000,000. He sold it to Mr. Dela Cruz for P12,000,000 in 200D. Within 30 days, he wrote the BIR for tax exemption because he intends to use the entire sales proceeds to purchase a new principal residence. How much is the basis of the new residence for taxation purposes if he actually acquired for P15,000,000? 3. Mariang is a Pilipinas Got Talent champion. She won P2million as cash prize, a house and lot at ABC Homes in Baguio City with the total fair value of P5 million, and a recording contract with Sony Music Inc. for P10 million in two years. How much his income tax, if any?Xavyera is a citizen and resident of the Philippines. On July 8, 2021, she made donations to Xeng, a friend, of properties in Australia and Thailand. Donor's taxes paid in Australia and Thailand amounted to P95,000 and P10,000, respectively. The property in Australia had a fair market value of P800,000 while the property in Thailand had a market value of P400,000. How much was the donor's tax still due after credit for foreign donor's taxes?Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?
- Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at a consideration of P1 Million. In 2021, the land , which remained undeveloped and idle, had a fair market value of P20Million. Mr. Ayala, another Filipino citizen, is very much interested in the property and he offered to buy the same for P20 Million. The Assessor of Makati City re-assessed in 2021 the property at P10 Million. Should Mr. Espiritu agree to sell the land to Mr. Ayala in 2022 for P20 Million, subject to the condition as stated in the Deed of Sale that the buyer shall assume the capital gains tax thereon, how much is the income tax due on the transaction?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?Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2022, GM relocated Carmen to its Brazilian operations for the remainder of 2022. Carmen was paid a salary of $138,000 and was employed on a 5-day-week basis. As part of her compensation package for moving to Brazil, Carmen also received a housing allowance of $29,500. Carmen's salary was earned ratably over the 12-month period. During 2022 Carmen worked 260 days, 195 of which were in Brazil and 65 of which were in Michigan. How much of Carmen's total compensation is treated as foreign source income for 2022?
- Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donationOn June 30, 2019, Kelly sold property for 240,000 cash and a 960,000 note due on September 30, 2020. The note will also pay 6% interest, which is slightly higher than the Federal rate. Kellys cost of the property was 400,000. She is concerned that Congress may increase the tax rate that will apply when the note is collected. Kellys after-tax rate of return on investments is 6%. a. What can Kelly do to avoid the expected higher tax rate? b. Assuming that Kellys marginal combined Federal and state tax rate is 25% in 2019, how much would the tax rates need to increase to make the option identified in part (a) advisable?Maria believes that with Russia invading a neighboring country that the price of wheat is going to increase. Today Maria enters into a contract to buy twenty thousand bushels of wheat on June 1st, 2023 for $9.75 a bushel. If the price of wheat is $10.50 a bushel on June 1, 2023, how much money did Maria gain or lose?
- Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who are Singapore citizens. The eldest is studying at an overseas university while the younger child is attending school in Singapore. For the year 2021, Christina earned the following employment income: (i) Salary of $236,000(ii) Bonus of $34,000(iii) Net rental income of $10,800 What is her total the child relief claim (QCR and WMCR) for the Year of Assessment 2022?In 2022, Liane Stanfield has net income of $102,000. This includes foreign non-business income of $30,000. This amount was before the withholding of taxes by the foreign government of $6,000. In calculating her 2022 taxable income, she intends to deduct a 2020 net capital loss of $10,000 and a 2019 non-capital loss of $30,000. After applying her BPA of $14,398, the tax otherwise payable for foreign tax credit purposes is $7,790. What is the amount of Liane's foreign non-business tax credit? a. $4,500 b. $3,769 c. $2,540 d. $6,000 (CANADA 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.