Nicanor, a Resident Citizen, bought shares of established under the laws of the Philippines. Later, he sold the same for a gain of P 50,000 in the United States of America to Inday, an American Citizen residing therein. The P 50,000 gain on sale is: S1: An income derived from sources within the Philippines. S2: A taxable income of Nicanor.
Nicanor, a Resident Citizen, bought shares of established under the laws of the Philippines. Later, he sold the same for a gain of P 50,000 in the United States of America to Inday, an American Citizen residing therein. The P 50,000 gain on sale is: S1: An income derived from sources within the Philippines. S2: A taxable income of Nicanor.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
26.)
Transcribed Image Text:Nicanor, a Resident Citizen, bought shares of stocks from ABC Corporation, a corporation
established under the laws of the Philippines. Later, he sold the same for a gain of P 50,000 in the
United States of America to Inday, an American Citizen residing therein. The P 50,000 gain on sale
is:
S1: An income derived from sources within the Philippines.
S2: A taxable income of Nicanor.
O a. Only S1 is true
O b. Only S2 is true
O c. Both are true
d. Both are false
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education