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Accounting
total income subject to Philippine Tax

total income subject to Philippine Tax

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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  1. The taxpayer is a citizen of the Philippines, resident of Indonesia, with the following data in a year. Compute for the total income subject to Philippine Tax.

Net income from the Philippines                                P520,000

Net income from Indonesia                                 400,000

Capital gain on sale of land in the Philippines on a

        Selling price of P4,000,000                                4,000,000

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