Jen is a resident citizen who had the following information for the taxable year: P100,000 interest income; 40% of which was lent to Douglas who was residing in Indonesia. Douglas collateralized his property in the Philippines to the loan. • P1,000,000 royalties from franchise, 45% was employed abroad. P250,000 rent from OFWS from his apartment in the US. He also earned P40,000 rent from the Philippine condo unit. P100,000 home based online consultation from foreign clients and P10,000 from resident clients. • A store in a tourist park in Panglao earned P40,000 gain from selling souvenir items. 25% were from foreigners. • P20,000 dividend from a corporation that has no operations in the Philippines P120,000 liquidating dividend from a domestic corporation. Compute the total income earned from sources Within the Philippines b. Outside the Philippines a.
Jen is a resident citizen who had the following information for the taxable year: P100,000 interest income; 40% of which was lent to Douglas who was residing in Indonesia. Douglas collateralized his property in the Philippines to the loan. • P1,000,000 royalties from franchise, 45% was employed abroad. P250,000 rent from OFWS from his apartment in the US. He also earned P40,000 rent from the Philippine condo unit. P100,000 home based online consultation from foreign clients and P10,000 from resident clients. • A store in a tourist park in Panglao earned P40,000 gain from selling souvenir items. 25% were from foreigners. • P20,000 dividend from a corporation that has no operations in the Philippines P120,000 liquidating dividend from a domestic corporation. Compute the total income earned from sources Within the Philippines b. Outside the Philippines a.
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 38P
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Transcribed Image Text:Jen is a resident citizen who had the following information for the taxable year:
• P100,000 interest income; 40% of which was lent to Douglas who was residing in Indonesia. Douglas collateralized his
property in the Philippines to the loan.
P1,000,000 royalties from franchise, 45% was employed abroad.
P250,000 rent from OFWS from his apartment in the US. He also earned P40,000 rent from the Philippine condo unit.
P100,000 home based online consultation from foreign clients and P10,000 from resident clients.
• A store in a tourist park in Panglao earned P40,000 gain from selling souvenir items. 25% were from foreigners.
P20,000 dividend from a corporation that has no operations in the Philippines
• P120,000 liquidating dividend from a domestic corporation.
Compute the total income earned from sources
a. Within the Philippines
b. Outside the Philippines
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