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INSTRUCTIONS:   Read carefully, analyze and understand the problem.   For your answers,  provide  the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines                   -  P 7,000,000 Gross business income, USA                                                   -      4,000,000 Gross business income, Australia                                         -      2,000,000 Business expenses, Philippines                                              -      5,000,000 Business expenses, USA                                                           -      2,500,000 Business expenses, Australia                                                   -      1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a nonresident citizen ?

INSTRUCTIONS:   Read carefully, analyze and understand the problem.   For your answers,  provide  the solution and "double-rule" your final answer (Accountant's style) Case problem An individual taxpayer provided the following information in 2020 as follows: Gross business income, Philippines                   -  P 7,000,000 Gross business income, USA                                                   -      4,000,000 Gross business income, Australia                                         -      2,000,000 Business expenses, Philippines                                              -      5,000,000 Business expenses, USA                                                           -      2,500,000 Business expenses, Australia                                                   -      1,200,000 REQUIREMENT: How much is the taxable income if the taxpayer is a nonresident citizen ?

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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INSTRUCTIONS:

  1.   Read carefully, analyze and understand the problem.
  2.   For your answers,  provide  the solution and "double-rule" your final answer (Accountant's style)

Case problem

An individual taxpayer provided the following information in 2020 as follows:

  • Gross business income, Philippines                   -  P 7,000,000
  • Gross business income, USA                                                   -      4,000,000
  • Gross business income, Australia                                         -      2,000,000
  • Business expenses, Philippines                                              -      5,000,000
  • Business expenses, USA                                                           -      2,500,000
  • Business expenses, Australia                                                   -      1,200,000

REQUIREMENT:

  1. How much is the taxable income if the taxpayer is a nonresident citizen ?
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