SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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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:
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From an accounting perspective, what effect does corporate inversion have on the financial statements and operations of the U.S. company that has relocated its legal domicile to a lower-tax country?
1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States? Why?
2. Explain the difference between an individual and a company at the time of paying taxes when they file taxes?
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