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

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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 10DQ

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