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- Which of the following gain is subject to capital gains tax? * a. Gain on sale of domestic bonds considered as capital asset. b. Gain on sale of real property considered as capital asset which is located in the Philippines. c. Gain on sale of foreign stocks not traded through the stock exchange O d. All of the above 9 O e. Both a and b only(Philippine domestic corporation) Questions: 1. The income tax due is 2. The income tax payable is 3. The improperly accumulated earnings tax isWhich of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchange
- Multiple choice: Topic: Income Taxation Which of the following gain is subject to capital gains tax? * Gain on sale of domestic bonds considered as capital asset. Gain on sale of real property considered as capital asset which is located in the Philippines. Gain on sale of foreign stocks not traded through the stock exchange All of the above Both a and b only37. Sale of an capital assets is subject to * a. Regular Income tax b. Capital Gains Tax c. Excise Tax d. Final income Tax 38. Which is not a Exempt Interest Income * a. Interest income from long-term deposit or investment in the form of savings, common or individual trusty funds, deposit substitute, and other investments. b. Interest income derived from loans, bonds, and other domestic securities and deposits in banks in the Philippines by foreign governments c. Interest income from Foreign currency deposit units deposits of non-resident individuals and corporations. d. Interest Income from deposits in BankWhich of the following income is subject to capital gains taxation? * a. Income from sale of personal jewelry b. Income from sale of domestic stocks by a dealer c. Income from sale of domestic stocks sold directly to buyer by a non-dealer d. Income from sale of land located in the Philippines and considered as inventory
- SHOULD BE PHILIPPINES BASED 1. What are the ordinary and capital assets? 2. Enumerate the two types of capital assets subject to capital gains tax. 3. What are the transaction considered as "other disposition" of domestic stocks? What transactions are not considered as "other dispositions? 4. Discuss the rules on tax basis of stocks acquired by purchase, inheritance, donation, for inadequate consideration, and other tax-free exchange.Aside from the regular corporate income tax, what other tax(es) may be imposed on corporations under the Philippine tax laws? Minimum Corporate Income Tax (MCIT) Final Withholding Income Tax on Final Income Capital Gains Tax All of the above.1.) Which of the following is tax exempt for a domestic corporation? a. business income derived from abroad b. dividend from a domestic corporation c. monetary benefit from deposit substitute 2.) Which of the following types of income is/are not returnable a. Professional Income b. Business Income c. Compensation Income d. Capital Gains
- MC Topic: Income Taxation Identify a false statement: * Capital Gains Tax is a tax imposed on the gains realized by the seller from the sale, exchange, or other disposition of certain capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Under NIRC, the capital gains tax on the sale of domestic stocks sold directly to buyer is a final tax. Under NIRC, The capital gains tax on the sale of real property located in the Philippines and classified as capital asset is a final tax. None of the above All of the above5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.It is talking about Hong Kong Tax, Special Business, Calculating Profit tax of financial insituition. Can you please explain the relationship between S.14, S.15 (i), D7/84 and the interpretation on S.15(1)(i) below and provide a simple exmaple to explain the relationship. D7/84 ◦ The sequence in determining the taxability of interest income of an FI: Consider s.14(1) first If not chargeable under s.14(1), then consider s.15(1)(i) ◦ Interpretation on s.15(1)(i): (a) if the place where the funds are made available is a factor in determining source under s.14; and (b) if under s.14 it is decided that the interest is not subject to Hong Kong tax Then the matter must be viewed again under s.15(1)(i) but this time the place where the funds were provided is to be disregarded as a factor in determining the source of the interest
