MC: Topic: Income TaxationPassive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? *Rental income on real property located in the PhilippinesRental income on personal property located in the PhilippinesInterest income on savings deposit with a local bankAll of the above

Passive income - These are those income where the tax payer has not actively participated in the…

Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? *

Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? *

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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Question

MC: Topic: Income Taxation

Rental income on real property located in the Philippines
Rental income on personal property located in the Philippines
Interest income on savings deposit with a local bank
All of the above

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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