37. Sale of an capital assets issubject to *a. Regular Income taxb. Capital Gains Taxc. Excise Taxd. Final income Tax38. Which is not a ExemptInterest Income *a. Interest income from long-termdeposit or investment in the form ofsavings, common or individualtrusty funds, deposit substitute, andother investments.b. Interest income derived fromloans, bonds, and other domesticsecurities and deposits in banks inthe Philippines by foreigngovernmentsc. Interest income from Foreigncurrency deposit units deposits ofnon-resident individuals andcorporations.d. Interest Income from deposits inBank

Sale of an capital assets is subject to CAPITAL GAIN.

Answered: Sale of an capital assets

Business

Accounting

Sale of an capital assets

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 19MCQ

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Question

37. Sale of an capital assets is
subject to *
a. Regular Income tax
b. Capital Gains Tax
c. Excise Tax
d. Final income Tax
38. Which is not a Exempt
Interest Income *
a. Interest income from long-term
deposit or investment in the form of
savings, common or individual
trusty funds, deposit substitute, and
other investments.
b. Interest income derived from
loans, bonds, and other domestic
securities and deposits in banks in
the Philippines by foreign
governments
c. Interest income from Foreign
currency deposit units deposits of
non-resident individuals and
corporations.
d. Interest Income from deposits in
Bank

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