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.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transactions

Section: Chapter Questions

Problem 5DQ

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