The following persons are your clients: Who is allowed to claim deduction?• Nicanor, an employee of ABC Corp.• ABC Corp, a foreign corporation doing business in the PhilippinesXYZ Corp. a foreign corporation based in Europe• Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in KoreaChoicesIndayNicanorXYZ CorpАВС Corp

Following is allowed to claim Deduction - ABC Corp

Answered: The following persons are your clients:…

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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please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchange
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Consider this situation: Jinkee Pacquiao filed charges against Agot Isidro for the latter’s “noveau” statement against the former on Instagram. Jinkee received compensation from such charges amounting to ₱50,000. Will this amount form part of Jinkee’s gross income? Why or why not?
Irene sold his stocks in Seulgi Corporation (domestic corporation) to a foreign investor at a gain of P800,000. The foreign investor is a corporation abroad which is not registered as doing business in the Philippines. How much of Irene’s income is considered as coming from Philippine source?
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
ABC Corporation’s CEO owns a condominium in Bahamas where top executives and their spouses stay, from time to time, for personal leisure only. The CEO pays all upkeep and other incidental expenses of the condo. Do you think the benefit provided to the top executives would be taxable or not? It is important to note that the CEO does not use any of the corporate funds to maintain the condominium. The purpose of the benefit is to reward the employees.
Jhaeron is a stockholder in both Agrix Corporation (domestic corporation) and Atlanta corporation (non-resident foreign corporation). During the year, Jhaeron earned P100,000 dividends from Agrix and P300,000 dividends from Atlanta. Jhaeron is a Filipino citizen residing in the Philippines. How much of the dividend income of Jhaeron is subject to income tax in the Philippines?
Can you help me with this one, clear explanations so I can understand.
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.
Hi there! Kindly help me with accounting thanks in advance! :)
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…
Provide an example of how a US taxpayer that manufactures the property which that taxpayer sells could increase its net foreign source income. Next, assume instead the US taxpayer doesn’t manufacture but rather is a reseller of a finished good. Provide an example of how a reseller could increase its net foreign source income. Lastly, why is it generally better for a US taxpayer to increase its net foreign source income if it is subject to US tax on a worldwide basis?

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