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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
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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INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 b. A Sony radio worth P15,000 during the mid-year pa-raffle conducted by tickets costing P200.00 each at a raffle conducted by Fatima Parish a 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 Mr. Ricky Gomez won the following prizes: EXERCISE 7-8. PROBLEM Ch ticksan car with a market value of P1.350,000. Mr. Gomez bought 1. and renovation of the church. D. A Sony radio worth P15.000 during the mid-year pa-raffle conducted b 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 shal be applied?
Transcribed Image Text:INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 b. A Sony radio worth P15,000 during the mid-year pa-raffle conducted by tickets costing P200.00 each at a raffle conducted by Fatima Parish a 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 Mr. Ricky Gomez won the following prizes: EXERCISE 7-8. PROBLEM Ch ticksan car with a market value of P1.350,000. Mr. Gomez bought 1. and renovation of the church. D. A Sony radio worth P15.000 during the mid-year pa-raffle conducted b 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 shal be applied?
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