INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24b. A Sony radio worth P15,000 during the mid-year pa-raffle conducted bytickets costing P200.00 each at a raffle conducted by Fatima Parish aa. A Nissan car with a market value of P1,350,000. Mr. Gomez bought 100Shrine in Iriga City. Proceeds from the raffle were to be used in theMr. Ricky Gomez won the following prizes:EXERCISE 7-8. PROBLEMChticksan car with a market value of P1.350,000. Mr. Gomez bought 1.andrenovation of the church.D. A Sony radio worth P15.000 during the mid-year pa-raffle conducted bthe CBS Supermarket. He claimed the price in July 15, 2018.C. P20,000 cash and 100 shares of stock of his employer corporation with apar value of P10.00 per share. He won the search for the "MostOutstanding Employee of the Year" award conducted by his employer.Which of the above-stated are taxable and which are exempt? Explainyour answer. If taxable, how are the income to be taxed and what rate shalbe applied?

20% Final Tax is charged on prizes (except prizes amounting to P10,000 or less which shall be…

INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 a. A Nissan car with a market value of P1,350,000. Mr. Gomez bought 100 Shrine in Iriga City. Proceeds from the raffle were to be used in the tickets costing P200.00 each at a raffle conducted by Fatima Parish and Mr. Ricky Gomez won the following prizes: EXERCISE 7-8. PROBLEM Ch renovation of the church. A Sony radio worth P15,000 during the mid-year pa-raffle conducted bu the CBS Supermarket. He claimed the price in July 15, 2018. C. P20,000 cash and 100 shares of stock of his employer corporation with a par value of P10.00 per share. He won the search for the "Most Outstanding Employee of the Year" award conducted by his employer. Which of the above-stated are taxable and which are exempt? Explain your answer. If taxable, how are the income to be taxed and what rate shall be applied?

INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 a. A Nissan car with a market value of P1,350,000. Mr. Gomez bought 100 Shrine in Iriga City. Proceeds from the raffle were to be used in the tickets costing P200.00 each at a raffle conducted by Fatima Parish and Mr. Ricky Gomez won the following prizes: EXERCISE 7-8. PROBLEM Ch renovation of the church. A Sony radio worth P15,000 during the mid-year pa-raffle conducted bu the CBS Supermarket. He claimed the price in July 15, 2018. C. P20,000 cash and 100 shares of stock of his employer corporation with a par value of P10.00 per share. He won the search for the "Most Outstanding Employee of the Year" award conducted by his employer. Which of the above-stated are taxable and which are exempt? Explain your answer. If taxable, how are the income to be taxed and what rate shall be applied?

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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