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Statement 1: Tax credits for donor’s tax paid to a foreign country is allowed only if the donor is a citizen of the Philippines Statement 2:  There can be a donor’s tax paid to a foreign country even if the citizen or resident donor had no donation of property in the Philippines. Both statements are true. First statement is true while the second is false. Both statements are false.   First statement is false while second is true.

Statement 1: Tax credits for donor’s tax paid to a foreign country is allowed only if the donor is a citizen of the Philippines Statement 2:  There can be a donor’s tax paid to a foreign country even if the citizen or resident donor had no donation of property in the Philippines. Both statements are true. First statement is true while the second is false. Both statements are false.   First statement is false while second is true.

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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Statement 1: Tax credits for donor’s tax paid to a foreign country is allowed only if the donor is a citizen of the Philippines

Statement 2:  There can be a donor’s tax paid to a foreign country even if the citizen or resident donor had no donation of property in the Philippines.

  1. Both statements are true.
  2. First statement is true while the second is false.
  3. Both statements are false.  
  4. First statement is false while second is true.
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