Which 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 exchange

Which 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 exchange

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following is not a basic feature of Philippine Income Taxation? a.Comprehensive tax…

A: Governments charge taxes from individuals or firms with a view to finance the different…

Q: Can you use examples for an individual and for a company to distinguish them as tax residency?…

A: Here discuss about the details of the determination of tax resident status for Individual and the…

Q: Aside from the regular corporate income tax, what other tax(es) may be imposed on corporations under…

A: Corporation have to pay tax on the income or profits which has been earned by the corporation during…

Q: 8. Imposed on dividend, interest, and royalty payments to foreign investors. This is: a. Border tax…

A: Foreign investors are people, businesses, or other organizations from one nation who provide money…

Q: It is talking about Hong Kong Tax, Special Business, Calculating Profit tax of financial…

A: The question is asking about the relationship between different sections of the Hong Kong Tax Law,…

Q: Describe the financial statement implications of the foreign tax credit and a foreign subsidiary.

A: A foreign tax credit (FTC) is a tax benefit offered by various nations, such as the United States,…

Q: What are the 5 income items generated by domestic and resident foreign corporations which are…

A: Income-Income generally refers to the amount of money, property, and other transfers of value…

Q: Using the relevant sections of the Income Tax Act of Mauritius, distinguish between the tax…

A: Tax residency is very important for determining the taxes of company and taxes of individual.

Q: . Tax Jurisdiction and Double Taxation Basis for taxation come from three common bases for…

A: “Since you have posted multiple questions, we will solve first question for you. If you want any…

Q: Determine the correct tax treatment of the following dividends

A: The term "dividend income" refers to the sums that businesses pay to their shareholders as a portion…

Q: Classification of individual taxpayers and explain in country of the Philippines

A: Taxpayers means persons who are responsible for paying taxes to the government. In country of The…

Q: In order to simplify the tax code, current regulations require that a dollar of income earned by a…

A: US levy of Tax: Tax is levied by US government on the citizens and citizens for their world wild…

Q: Income taxation in the United States began in an effort to fund which of the following? the Union…

A: Income tax is a type of taxation imposed on individuals and businesses based on their income. It is…

Q: Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: comparative analysis of the individual tax assessment between India and UK tax structure

A: Touching on governance responsibility. Numerous civil society teams within the countryhave started…

Q: Give three examples of tax evasion in the Philippines

A: Tax evasion means the act of reducing or avoiding taxes by illegal or fraudulent means.

Q: Philippine tax laws are: a. Civil, not political, not penal b. Civil, not political, penal c. Civil,…

A: Philippine Tax laws are civil, not penal and not political in nature. But there are penalties…

Q: Explain in detail about taxation policies and tax environment of Pakistan?

A: The tax collection by the government of any Sovereign country is for economic development…

Q: How is Value Added Tax recorded in Turkey? Is it considered an expense of a business? Why or why…

A: Pn the books the Value added tax is recorded as an expense or cost in Turkey. It is considered an…

Q: Dividend income received by a domestic corporation from a nonresident foreign corporation may be…

A: Answer: D ALL OF THE ABOVE some how i will provide details for the above answer; basically the…

Q: What are two separate events (may be domestic or international) that were influenced by U.S. income…

A: Taxes, particularly income taxes, have existed for as long as we can remember. In the United States,…

Q: Sale of an capital assets

A: Sale of an capital assets is subject to CAPITAL GAIN.

Q: Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from…

A: "Filing status" refers to the category under which an individual or a married couple reports their…

Q: Explain the Value Added Tax (VAT) rate structure in Oman and what the types of business should…

A: Value Added Taxes (VAT) Recently Oman implemented Value added Tax (VAT) system into the country to…

Q: Which of the following is subject to the regular corporate income tax? Domestic carrier…

A: A corporate tax is a tax on the profits of a corporation and is paid to the government. The taxes…

Q: Multiple choice: Topic: Income Taxation Which of the following gain is subject to capital gains…

A: Section 39 defines that a capital asset means all the properties which doesnt include the properties…

Q: Discuss the issue of equity in taxes in the U.S. generally and in Texas specifically?

A: Texas has the second-largest economy within the u. s., with a gross state product of $1.8 trillion…

Q: 1.Establishes the different entities and their tax liability in the United States.

A: Introduction The entire amount of taxes that a person, business, or other organization owes to the…

Q: Which of the

A: This is a multiple-choice question in which we have to select the correct option.

Q: All of the following represent taxes commonly collected by businesses except: Oa. Employment…

A: All of the following represent taxes are commonly collected by business except Employment Insurance…

Q: What is the rate of the capital gains tax of real properties in the Philippines and the tax base?

A: A capital gain tax refers to the tax levied on the profits realized from the sale of items other…

Q: For tax purpose, in what circumstances are individuals and companies treated as residents of…

A: To determine the resident of a particular country is the primary focus on the determination of the…

Q: How should the payment of income tax of $300 of a New Zealand resident company be recorded in the…

A: Answer: Imputation credit account is used by company to keep the actual track of tax paid or tax…

Q: Which of these foreign corporations is subject to regular corporate income tax? * International…

A: Correct option is D. Regional operating headquarters of a multinational company Regional…

Q: It is talking about Hong Kong Tax, Special Business, Profit Tax Computation of Financial…

A: The objective of the question is to understand the concept of DIPN 21, a tax-related document in…

Q: 1. What does self -assessment mean in Canada taxation?2. What is the progressive tax system in…

A: The term 'self-assessment' in the context of Canadian taxation refers to the system where taxpayers…

Q: Which, if any, of the following transactions incurred by an S corporation is not a separately stated…

A: S Corporation:- S Corporation is a closely held corporation of United States federal income tax…

Q: received by nonresident individuals from a depository bank under the expanded foreign currency…

A: The answer has been mentioned below.

Q: U.S. taxable income (a) Total creditable foreign tax (b) FTC limitation* FTC allowed (lesser of (a)…

A: Income tax may be define as the tax charges levied by the government or the authorized bodies upon…

Question

Which 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 exchange

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is NOT income tax exempt? * BOI-registered enterprise enjoying tax holiday Forex transaction income of a Foreign Currency Depositary Unit from another Foreign Currency Depositary Unit Forex income in the Philippines of an Offshore Banking Unit Regional area headquarter of a multinational company None of the Above
What are two documents in Barbados that must accompany the Corporation Tax return when it is filed
20-Which one of the following is other income as per the UK tax laws? O a. Income from property - rental income O b. All the options O c. Income from employment O d. Income from business
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 above
How does the federal income tax system treat dividends receivedby a corporation versus those received by an individual?
How are foreign branch income and foreign subsidiary income taxed differently be the United States?
It is the obligation of compulsory taxes on individuals or corporations by governments. Taxes are imposed by most countries in the world, primarily to raise revenue for government expenditures, although they serve other purposes. a. Taxation b. Government Revenues c. Government Assessment
Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one…
Why income tax is higher than corporate tax around the world?
When is the taxation year in Canada? What is the determining factor of establishing what income is subject to taxation in Canada? Why is Elections Canada question on Tl? Why is the Foreign Tax question on the Tl?
Instructions: Answer the following questions from your own point of view. Explain your answers briefly. 1. Based on the discussion of tax purposes and principles, what can say about the taxation system in the Philippines? 2. Referring to your answer in number 1, are you satisfied with the manner of implementation of taxation system in our country? 3. What are the suggestions that you have in mind to enhance and upgrade the taxation system of our country?
How can a country’s tax system affect the manner in which an operation in that country is financed by a foreign investor?