I'm from the Philippines * P5.3 (DC, RFC and NRFC)The following data were provided by Mine Corporation for 2021 taxable year:Gross sales - PhilippinesCost of goods sold - PhilippinesOperating expenses PhilippinesOther income - PhilippinesGross salės - USAP8,000,0003,500,0002,200,000750,0004,600,0001,430,0001,250,0003,300,000900,000800,000Cost of goods sold - USAOperating expenses USAGross sales - AustraliaCost of goods sold - AustraliaOperating expenses - Australia REQUIRED:Determine the income tax due assuming:1. The corporation is a domestic corporation2. The corporation is a resident corporation3. The corporation is a nonresident corporation

Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Answered: The following data were provided by…

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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i. Yuna, a Malaysian citizen is married to an Australian businessman. Since her marriage, she has resided in Australia and occasionally return to Malaysia to visit her family especially during the festival season. Yuna is then applied for a post with a Malaysian Education office in Australia and being hired in year 2022. ii. Iddin is a lecturer at public university in Malaysia and went on study leave to pursue his doctoral degree in Ireland for three years. Since he is employed by Government of Malaysia, thus he was fully-sponsored by the government on his study matters. Iddin left Malaysia on 16 February 2022. He came back to Malaysia only for a month on 1 October 2022 to 31 October 2022 and back to Ireland afterwards. Required: Ascertain the resident status for Yuna and Iddin for the year of assessment 2022.
A Canadian who is staying in the Philippines for more than one year is a Non-resident alien engaged in trade or business Non-resident alien Resident alien Non-resident alien not engaged in trade or business
This is US Tax and Law Study Guide
Your Group has formed a tax advisory firm. One of your clients in considering investing in the country assigned to your Group. The company has requested general tax advice in respect of the VAT regime in the assigned country. Your Group is required to provide this advice. Additionally, the company has requested high -level tax advice on the other taxes in that country that they may need to consider. Each group will be assigned to conduct research one of the Caribbean Country below: 1.Bahamas
48 Inday, a resident of Manila City is the executor of Nicanor, a Filipino migrant in Canada. Nicanor’s home province in the Philippines is Pampanga while the property is located in Cebu City. In processing Nicanor’s estate, the estate tax return shall be filed in: Group of answer choices Office of the Commissioner thru RDO 39-South Quezon City Manila City Cebu City Pampanga
Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her life. Which one of the following best indicates Sara's Canadian residency status for the current year? a) a deemed resident b) a non resident. c) A full time resident. d) A part year resident.
A U.S. citizen who is married to a nonresident alien can file a joint return as long as both spouses: O Are living overseas and do not lan Have valid Social Security numbers. Sign the return and agree to be taxed on their worldwide income. Are physically present in the U.S.
Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.
Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…
A non-resident citizen of the Philippines is allowing his China-resident neighbor to live in his home during the latter’s vacation in the Philippines. When the Chinese traveller arrived in the Philippines, the non-resident citizen of the Philippines called him and told him to give the rental payment to his cousin who lives in the Philippines and manages the said house. The Chinese man agreed and the non-resident citizen of the Philippines called his cousin to tell him that the payment he will be receiving would represent his bonus for managing the house. Is the rent payment received by the cousin taxable in the PH? If yes, specify what kind of tax is due and provide the relevant article from the PH Tax Code)

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