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Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?

FINANCIAL ACCOUNTING
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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Make sure that your solutions are complete, meaning with label and numbers. For example, do not just write P1,000,000 but instead, write House and Lot P1,000,000. 

Carlo, married, received the following income: Rent Income, PH Rent, Hongkong Interest, peso deposit, Philippine bank Interest, US $ deposit, in Philippine Bank under FCDS (amount in pesos) Interest, deposit in Hongkong bank Prize won in a local contest Prize won in a local lottery PCSO/Lotto Winnings Prize won in contest in U.S. Lotto winning in U.S. Dividend from a domestic company P1,000,000 200,000 100,000 420,000 50,000 8,000 2,000,000 2,000,000 300,000 100,000 600,000 Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?
Transcribed Image Text:Carlo, married, received the following income: Rent Income, PH Rent, Hongkong Interest, peso deposit, Philippine bank Interest, US $ deposit, in Philippine Bank under FCDS (amount in pesos) Interest, deposit in Hongkong bank Prize won in a local contest Prize won in a local lottery PCSO/Lotto Winnings Prize won in contest in U.S. Lotto winning in U.S. Dividend from a domestic company P1,000,000 200,000 100,000 420,000 50,000 8,000 2,000,000 2,000,000 300,000 100,000 600,000 Assuming the taxable year is 2018, determine the taxable net income if the Carlo is a: (tax reviewer page 77) 4. Resident Citizen? 5. Nonresident Citizen? 6. Non Resident Alien engaged in trade or business? 7. Non Resident Alien not engaged in trade or business?
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