Mr. B, Resident citizen incurred a winning in the USA Sweep takes Lotto. What is applicable FWT if any
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Mr. B, Resident citizen incurred a winning in the USA Sweep takes Lotto. What is applicable FWT if any
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- Amir, an Indian citizen, who married a beautiful Filipina wife, owns a building in the U.S. and leases the same to Filipino residents. Amir has his residence in the Philippines and all his children are studying in PWC. How would you classify Amir as a taxpayer? How would you consider the rent income? Is it earned from within or outside the Philippines? Explain your answers. School: PWC of Davao PhilippinesWhich 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. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner. d. A gain on sale of a real property for private use of the family of the taxpayer.Which of the following statements is incorrect on winnings of a resident citizen? a. Lotto winnings in the United States is subject to income tax in the Philippines d. Winnings in a raffle draw sponsored by a cigarette company is subject to tax based on the schedule of rates in the tax table if the amount involved does not exceed P10,000. c. Winnings of brand new cars in a raffle draw sponsored by SM are taxable b. Lotto winnings sponsored by the Philippine Charity Sweepstakes Office is taxable subject final tax
- Read the following selection and answer the questions that follow. Mr. Thomas Jones is originally from Australia but owns a computer hardware store here in the Philippines where he resides. He occasionally goes back to his country as he also owns a business there. He does not have Filipino citizenship as he has no Filipino wife nor did he apply to be one. a. Is Mr. Jones a taxpayer in the Philippines? What is his category?b. If Mr. Jones is indeed a taxpayer in the Philippines, is his business income in Australia also taxable here in the Philippines?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 taxpayerIn the case of Rutledge v CIR – CS 1929, 14 TC 490, on returning to the UK, from a business trip to Germany, the taxpayer sold the sole consignment of toilet rolls that was purchased in Germany to one individual for a profit. The court ruled that: a. An adventure in trade. The case was decided on the fact that the purchase was not made for own use or investment purposes. It is not the existence of profit that makes it a trade but the motive to earn a profit. b. The profit made on this single purchase was minimal and hence this was not considered a trading activity. c. There was no motive to earn a profit hence this was not a trading activity d. This was a capital transaction which was not subject to income tax.
- X owns a business in Manila. BIR imposed income tax on X’s net income while the City of Manila thru Mayor Isko, imposed another tax to X since he is operating within Manila. Choose the correct answer: a. There is direct double taxation b. Direct Double taxation is allowed in the Philippines c. The taxes collected are valid d. X can refuse to pay tax to City of Manila because he already paid the necessary tax to BIR e. None of the aboveMs. Filipina A. Ko, a Filipino, works abroad. Ms. Filipina’s work requires her to be overseas most of the time. In fact, she comes home to our country only once every two years. Her only source of income is the salary she earns abroad. Which of the following taxes will the BIR require her to pay? A. Income Tax B. Business Tax C. A and B D. None of theseDetermine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Dependents a. Reginald, a U.S. citizen and resident, contributes 100% of the support of his parents who are citizens of Canada and live there. fill in the blank 1 b. Pablo, a U.S. citizen and resident, contributes 100% of the support of his parents who are citizens of Panama. Pablo's father is a resident of Panama, and his mother is a legal resident of the United States. fill in the blank 2 c. Gretchen, a U.S. citizen and resident, contributes 100% of the support of her parents who are U.S. citizens but residents of Germany. fill in the blank 3 d. Elena is a U.S. citizen and a resident of Italy. Her household includes Carlos, a four-year-old adopted son who is a citizen of Spain.
- If the decedent was a nonresident alien and his country exempts a Filipinocitizen from estate tax, how much of his assets would be subject to reciprocity? P1,000,000P800,000P600,000P350,000Taxpayers who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local transportation, and incidental expenses in full. b.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is outside the United States. c.Can take a tax deduction only for the personal part of the trip. d.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is within the United States.Tacurong, a resident citizen, won $1,000,000 from the US lottery. Is the lottery winning subject to final tax of 20%? Yes or No?
