1. Lorna, a self-employed resident citizen provided the following data for the taxable year: Sales Cost...
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1. Lorna, a self-employed resident citizen provided the following data for the taxable year: Sales Cost of Sales Business Expenses Gain on Sale of shares of foreign corp. Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of shares of domestic corp (unlisted) Gain on sale of shares of domestic corp (listed) Gain on sale of land in the PH held as capital asset with cost 1.5M, zonal value 1.2M 2 800 000 1 125 000 650 000 50 000 80 000 120 000 150 000 200 000 500 000 How much is the total income tax expense of Lorna for the year? 2. Ana has the following data on his passive income earned during the year: (all amounts are in peso) Interest income on long term peso bank deposits Interest income on long term bank FCDU deposits Royalties from books Royalties from computer programs Winnings from an electronic draw during Smart Communication' $ 50th anniversary (randomly chosen by the network using smart subscribers sim card numbers) Dividend income from a domestic corporation Dividend income from a foreign corporation Philippines 45 000 50 000 20 000 20 000 30 000 27 000 33 000 How much is the final withholding tax if Ana is a resident citizen? Abroad 25 000 60 000 30 000 40 000 0 13 000 22 000 3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The results of the operations for 2021 taxable year were provided below: Gross Income Business Expenses JOINT VENTURE 5 000 000 3 000 000 The income tax due of LJ in 2021 is: LJ 3 000 000 2 000 000 FERMIN 2 000 000 1 500 000 1. Lorna, a self-employed resident citizen provided the following data for the taxable year: Sales Cost of Sales Business Expenses Gain on Sale of shares of foreign corp. Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of shares of domestic corp (unlisted) Gain on sale of shares of domestic corp (listed) Gain on sale of land in the PH held as capital asset with cost 1.5M, zonal value 1.2M 2 800 000 1 125 000 650 000 50 000 80 000 120 000 150 000 200 000 500 000 How much is the total income tax expense of Lorna for the year? 2. Ana has the following data on his passive income earned during the year: (all amounts are in peso) Interest income on long term peso bank deposits Interest income on long term bank FCDU deposits Royalties from books Royalties from computer programs Winnings from an electronic draw during Smart Communication' $ 50th anniversary (randomly chosen by the network using smart subscribers sim card numbers) Dividend income from a domestic corporation Dividend income from a foreign corporation Philippines 45 000 50 000 20 000 20 000 30 000 27 000 33 000 How much is the final withholding tax if Ana is a resident citizen? Abroad 25 000 60 000 30 000 40 000 0 13 000 22 000 3. LJ and Fermin formed a joint venture. They agreed to share profit or loss in the ratio of 70% and 30% respectively. The results of the operations for 2021 taxable year were provided below: Gross Income Business Expenses JOINT VENTURE 5 000 000 3 000 000 The income tax due of LJ in 2021 is: LJ 3 000 000 2 000 000 FERMIN 2 000 000 1 500 000
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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