Assume that you just completed a December weekend vacation to a resort within the Entertainment City in Pasay City. During your trip you won P100,000 gambling. When the casino exchanged your chips for cash they did not record any personal information, such as your driver's license number or social security number. Four months later while preparing your tax returns for the prior year, you stop to contemplate the fact that the Bureau of Internal Revenue requires taxpayers to report all gambling winnings on Form XXX. Required: Would you report your gambling winnings to the Bureau of Internal Revenue so that you could pay income taxes on those winnings? Do you believe that your actions are ethical? Why?

Assume that you just completed a December weekend vacation to a resort within the Entertainment City in Pasay City. During your trip you won P100,000 gambling. When the casino exchanged your chips for cash they did not record any personal information, such as your driver's license number or social security number. Four months later while preparing your tax returns for the prior year, you stop to contemplate the fact that the Bureau of Internal Revenue requires taxpayers to report all gambling winnings on Form XXX. Required: Would you report your gambling winnings to the Bureau of Internal Revenue so that you could pay income taxes on those winnings? Do you believe that your actions are ethical? Why?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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