intangible personal property without is Domestic shares of stocks Foreign shares of stock, 85% of the business of the corporation is in the Philippines Foreign shares of stocks with business situs in the Philippines Foreign shares , stock certificates are kept in Makati
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- ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000A corporation has the following data for the year 2018: Gross Income, Philippines P1,000,000 Gross income, USA 500,000 Gross income, Japan 500,000 Expenses, Philippines 300,000 Expenses, USA 200,000 Expenses, Japan 100,000 Other Income: Dividend from San Miguel Corp 70,000 Dividend from Ford Motors, USA 120,000 Gain, sale of San Miguel shares directly to buyer 150,000 Royalties, Philippines 50,000 Royalties, USA 100,000 Interest (other than from banks) 60,000 Rent, land USA 250,000 Other rent income 100,000 Prize, contest in Manila 200,000 Land sold in the Philippines (selling prize) 2,000,000 The cost of the land which is not used in business is P1M, while FMV is P3M, Based on the above problem, its total tax liability if it is a resident corporation isWhich one of the following is part of other comprehensive income (OCI)? Multiple Choice Sale of common stock above par. Unrealized gains resulting from remeasuring foreign currency financial statements of majority-owned subsidiaries to U.S. dollar amounts. Gains on sales of treasury stock. Receipt of land donated by a governmental unit.
- On January 1, 2021, Garcia Co., a U.S. corporation with the U.S. dollar as its functional currency, established Fine Co. as a subsidiary. Fine is located in Special Country, and its functional currency is the LCU. Fine is engaged in the following transactions during 2021: January 1, 2021 Issued common stock for 500,000 LCU July 25, 2021 Sold a patent at a gain of 50,000 LCU October 1, 2021 Paid dividends of 60,000 LCU Fine Co.’s operating revenues and expenses for 2021 were 900,000 LCU and 700,000 LCU, respectively. The appropriate exchange rates were: January 1, 2021: 1 LCU = $2.45 July 25, 2021: 1 LCU = $2.15 October 1, 2021: 1 LCU = $2.54 December 31, 2021: 1 LCU = $2.65 Average for 2021: 1 LCU = $2.41 Required: Calculate the translation adjustment for Fine Co. (Round your answers to the nearest whole dollar.)Problem 20. A Domestic Corporation subject to 25% RCIT had the following data on its Philippine and foreign operations in 2021: Taxable Income in the Philippines P1,800,000 1,500,000 Taxable Income from Taiwan Taxable Income from Japan 1,200,000 Net Loss from South Korea (500,000) 300,000 200,000 Quarterly Income tax paid in the Philippines Income tax paid in Taiwan Income tax paid in Japan Income tax paid in South Korea 400,000 What is the income tax still due after foreign tax credits?Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign corporation 40,000 Dividends received from a non-resident foreign corp 30,000 • The domestic corporation is doing 40% of its business outside the Philippines. • The resident foreign corporation has been doing 60% of its business in the Philippines. • The taxpayer is a resident citizen How much dividend income is taxable? . How much is the final tax on his dividend income? Assuming taxpayer is domestic corporation, how much dividend income is taxable?
- Oracle Corp, a U.S. corporation, earns $25 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does Oracle report on its U.S. tax return? a. $25 million. b. $35 million. c. $25 million less any tax paid on the foreign income. d. $35 million less any tax paid on U.S. income.13. A U.S. corporation established a 100% owned business in Germany. The U.S. corporation has U.S. source income in the current year of $300,000. The German business reports the following information for the current year: German-source net income 200,000 German income tax 80,000 Net income after taxes 120,000 Cash remitted to U.S. owner 30,000 German withholding tax 3,000 Cash received by U.S. owner 27,000 Assume the business is a foreign branch and that the income is subpart F income. What is the U.S. corporation’s taxable income? a. $300,000 b. $330,000 c. $350,000 d. $500,000Question 5) Canada, US, and China. Taxable income Net Canadian active business income manages by Canadian citizens who are in Ontario. They have activities in Net taxable capital gain royalty income interest expense Foreign Dividend salary expense Foreign tax paid for business Foreign tax paid for None business 250,000 $ 50,000 $ 15,000 $ 5,000 $ 2,000 $ 5,000 $ 75,000 $ 8,000 $ 12,000 $ How much they have to pay for Federal tax? Canada salary 45,000 $ China 5,000 $ US 25,000 $ revenue 150,000 $ 40,000 $ 60,000 $
- Nutrien Ltd.-the world's largest potash producer-is a Canadian corporation based in Saskatoon, Saskatchewan. The following is information taken from its financial statements reported in $US but prepared in accordance with IFRS. Accumulated Other Comprehensive (Loss) Income ("AOCI") Net Actuarial Loss on Total Net Fair Gain on Currency Accumulated Value Defined Translation Other Share Contributed Loss on Benefit of Foreign Comprehensive Retained Total Earnings Equity $6,242 $8,303 (1) 15,904 3,573 (In millions of dollars) Capital $1,806 15,898 Surplus Investments Plans Operations Other $(2) $(46) Income Balance-December 31, 2017 Merger impact (Notes 3 and 11) Net earnings Other comprehensive (loss) income Share repurchased (Note 24) Dividends declared $230 $73 $25 3,573 (302) (831) (1,852) (1,273) (1,273) (99) 54 (249) (8) (302) (998) (23) Effect of share-based compensation including issuance of common shares Transfer of net actuarial gain on defined benefit plans Transfer of net loss…LAB is a PEZA Registered enterprise in the Philippines, taxable period is 2021 Related activities Unrelated activities gross income php 45,000,000 php 15,000,000 expenses 20,000,000 6,000,000 net 25,000,000 9,000,000 Compute for the tax on the income. choices P1,700,000 P2,250,000 P3,000,000 P4,500,0001 canadian taxation-2 Which of the following scenarios would be most appropriate for a Section 85 rollover? A shareholder of a corporation wishes to transfer property with a fair market value of $150,000 and a tax cost of $100,000 to his corporation. A shareholder of a corporation wishes to transfer property with a fair market value of $100,000 and a tax cost of $150,000 to his corporation. A shareholder of a corporation wishes to transfer property with a fair market value of $150,000 and a tax cost of $100,000 from his corporation. A shareholder of a corporation wishes to transfer property with a fair market value of $100,000 and a tax cost of $150,000 from his corporation.
