Which of the following income is subject to capital gains taxation? *
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- MC: Topic: Income Taxation Which of the following income is subject to capital gains taxation? * Income from sale of personal jewelry Income from sale of domestic stocks by a dealer Income from sale of domestic stocks sold directly to buyer by a non-dealer Income from sale of land located in the Philippines and considered as inventoryWhich of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchangeMultiple choice: Topic: Income Taxation Which of the following gain is subject to capital gains tax? * Gain on sale of domestic bonds considered as capital asset. Gain on sale of real property considered as capital asset which is located in the Philippines. Gain on sale of foreign stocks not traded through the stock exchange All of the above Both a and b only
- Which of the following should not be claimed as deductions from gross income? A. Interest payment on loans for the purchase of machinery and equipment used in business. B. Salaries and bonuses paid to employees. C. Discounts given to senior citizens on certain goods and services D. Advertising expense to maintain some form of goodwill for the taxpayer’s business. Which of the following is NOT income tax exempt?* A. BOI-registered enterprise enjoying tax holiday B. Forex transaction income of a Foreign Currency Depositary Unit from another Foreign Currency Depositary Unit C. Forex income in the Philippines of an Offshore Banking Unit D. Regional area headquarter of a multinational company E. None of the Above A resident corporation is one that is: A. Organized under the laws of a foreign country that engages in business in Makati City,Philippines. B. Organized under the laws of the Philippines that…MC Topic: Income Taxation Identify a false statement: * Capital Gains Tax is a tax imposed on the gains realized by the seller from the sale, exchange, or other disposition of certain capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Under NIRC, the capital gains tax on the sale of domestic stocks sold directly to buyer is a final tax. Under NIRC, The capital gains tax on the sale of real property located in the Philippines and classified as capital asset is a final tax. None of the above All of the aboveDetermine whether the sourcing of income for the following transactions is U.S. or foreign. a. Suarez, an NRA, sells stock in Home Depot, a U.S. corporation, through a broker in San Antonio. b. Chris sells stock in IBM, a U.S. corporation, to her brother, Rich. Both Chris and Rich are NRAs, and the sale takes place outside the United States. c. Crows, Inc., sells inventory produced in the United States to customers in Europe. Title passes in the international waters of the Atlantic Ocean. d. Doubles, Inc., a U.S. corporation, manufactures equipment in Malaysia and sells the equipment to customers in the United States.
- SHOULD BE PHILIPPINES BASED 1. What are the ordinary and capital assets? 2. Enumerate the two types of capital assets subject to capital gains tax. 3. What are the transaction considered as "other disposition" of domestic stocks? What transactions are not considered as "other dispositions? 4. Discuss the rules on tax basis of stocks acquired by purchase, inheritance, donation, for inadequate consideration, and other tax-free exchange.Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: A.Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? B.Using the same data in the previous question, what is the income tax due if Sandbox is a non-resident foreign corporation? C.Using the same data in the previous question, what is the income tax due if Sandbox is a private proprietary educational institution?please 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
- Statement 1: Dividends earned by a resident from a foreign corporation doing business outside the Philippines is income without (outside) the Philippines. Statement 2: Gains, profits and income from the sale of personal property produced (in whole or in part) by the taxpayer within and sold without the Philippines, or produced (in whole or in part) by the taxpayer without and sold within the Philippines, shall be treated as derived partly from sources within and partly from sources without the Philippines. Statement 3: Gains, profits and income derived from the purchase of personal property within and its sale without the Philippines, or from the purchase of personal property without and its sale within the Philippines shall be treated as derived entirely from sources within the country in which sold. a. All statements are true b. Only statements 1 and 2 are true c. Only statements 2 and 3 are true d. All statements are false1. Consult the relevant proclamations and regulations to discuss elaborately how the following types of income are taxed in Ethiopia Royalties Income from rendering of technical services Income from game of chance Income from Dividends Income from casual rental of property Interest income on deposits Gain on transfer of certain investment property 2. Briefly discuss the procedure for withholding income tax on payments 3. Describe briefly the tax declaration and assessment procedures for category A and category B business income tax payers.1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession. 2. Examples of taxes that are deductible except: a. Occupation tax b. Privilege tax c. Documentary stamp tax d. Philippine income tax