Shares are not deemed property within the Philippines when a. The shares are issued by a domestic corporation. b. The shares are issued by a foreign corporation with no business situs in the Philippines. c. The shares are issued by a foreign corporation with 85% business in the Philippines. d. The shares are issued by a corporation organized under Philippine laws.
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Shares are not deemed property within the Philippines when
a. The shares are issued by a domestic corporation.
b. The shares are issued by a foreign corporation with no business situs in the Philippines.
c. The shares are issued by a foreign corporation with 85% business in the Philippines.
d. The shares are issued by a corporation organized under Philippine laws.
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Solved in 2 steps
- An example of intangible personal property without is Domestic shares of stocks Foreign shares of stock, 85% of the business of the corporation is in the Philippines Foreign shares of stocks with business situs in the Philippines Foreign shares , stock certificates are kept in MakatiHow are shares classified according to Section 6, 7 and 8 of REPUBLIC ACT No. 11232 an Act Providing for the Revised Corporation Code of the Philippines?Foreign Corporation operates independently in the United States but is owned by a Philippine corporation. It reported the following in its USD-denominated financial statements submitted to its local regulators: Year 2 Bonds Payable $ 8,000.00 Ordinary Share Capital 10,000.00 Retained Earnings 2,240.00 Total Liabilities and Equity $20,240.00 Ordinary shares were issued when the exchange rate was P51.23.Retained Earnings balance as of the end of Year 1 had a translated value P111,000. During Year 2, dividends amounting to $500 were declared and paid when the exchange rate is P52.41.The average exchange rate and closing spot rate for Year 2 is P52.36 and P52.47 respectively.Cumulative Translation Gain would be P6,629 as of the end of Year 2.Based on the above, what is the net income in Philippine peso for the year?
- Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes presumed paid in the Philippines equivalent to 15%, dividend received from a domestic corporation by a nonresident foreign corporation shall be subject to a final tax of 15%. False or Truedividends subject to regular tax in the philippines includes a. dividends received from foreign sources b. both from foreign and domestic c. dividends received from domestic sources d. neither from foreign and domesticWhich of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. E. Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. F. The option to avail of the OSD shall be irrevocable for the whole taxable year. G. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income
- Hakot Corporation invested its funds in a foreign corporation with the approval of its board of directors. Perfect, a shareholder, questioned the investment made as the same was not approved by the required votes of the stockholders. Immediately thereafter, Hakot Corporation called a stockholders' meeting to have such investment ratified. May the illegal investment be ratified? Explain.Financial Accounting and Reporting From the given information indicate if this is a law under Corporation Code, Revised Corporation Code, Both, and Neither 1. Signatories of the Articles of Incorporation are the Incorporators and the Treasurer a. Corporation Code of the Philippines b. Revised Corporation Code of the Philippines c. Applicable to Both d. Not Applicable to Either 2. Requires that 25% of the authorized shares be paid up. a. Corporation Code of the Philippines b. Revised Corporation Code of the Philippines c. Applicable to Both d. Not Applicable to Either 3. Any natural person or juridical personality are allowed to become incorporators. a. Corporation Code of the Philippines b. Revised Corporation Code of the Philippines c. Applicable to Both d. Not Applicable to EitherThe Securities and Exchange Commission denied the amendment of the Articles of Incorporation of Corporation B because it found out the corporation will be used as a drug den. What is the definite ground of disapproval of the amendment? a. The certification concerning the amount of capital stock subscribed and/ or paid is false. b. The purpose/s are patently unconstitutional, illegal, immoral or contrary to government rules and regulations. c. Not substantially in accordance with the Code. d. The required percentage of Filipino ownership of the capital stock under existing laws or Constitution has not been complied with.
- Identify whether the following items are subject to regular income tax, final tax, or exempt from income tax. Dividend income received from a domestic corporation by a nonresident foreign corporation Dividend income received from a resident foreign corporation by a domestic corporation Dividend income received from a resident foreign corporation by a resident foreign corporation Prizes from USA lotto Share in the net income of ordinary partnership Money received from reporting a company engaged in illegal activities Bag full of cash amounting to P500,000 found along the road Annual salary of a garbage collector not exceeding P200,000 Travel allowance liquidated and fully supported by receipts Performance bonus equivalent to 3x of the monthly salary P100,000 Royalties on songs written Sale of shares of stocks not listed in stock exchange Rent payments received by a resident alien for the lease of his residence abroad Cash prize of P1,000,000 for winning the…A U.S. corporation owning 100 percent of a Dutch corporation will be eligible for a foreign tax credit for Dutch withholding taxes imposed on dividends received from the corporation even if the dividend is eligible for the 100 percent dividends received deduction. Group startsTrue or FalseTrue, unselectedFalse, unselectedplease just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange