Assume the following: Gain on sale of personal property purchased in the Philippines and sold in HongKong.
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Question:
Assume the following:
- Gain on sale of personal property purchased in the Philippines and sold in HongKong. = 400,000
- Compensation received for personal services in the Philippines. = 200,000
- Rent income from real property in Malaysia. = 300,000
- Gain from sale in the Philippines of shares of Disney, a foreign corporation. =100,000
Deduction identified:
- Philippine income 80,000
- Foreign income 120,000
- Deductions unidentified with any particular income 30,000
- Compute for the income from sources within.
- Compute for the income from sources without.
- Compute for the taxable income from sources within.
- Compute for the taxable income from sources without.
- Assume that the taxpayer is a resident citizen, how much is his total taxable income?
- Assume that the taxpayer is a non-resident citizen, how much is his total taxable income?
- Assume that the taxpayer is a resident alien, hoe much is his total taxable income?
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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