Answered: What tax remedy is provided by the 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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What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in other countries but still taxable in the Philippines?

Allowable deduction

Tax credit

Tax refund

Tax exemption

All of the following, except one, are considered as “constructive receipts” for income tax purposes. Which is the exception?

Interest credited on bank savings account.

The share of the profits of a partner in a general professional partnership.

Bond interest coupons which have matured but which have not been redeemed.

Property borrowed by the taxpayer.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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