Classify these items if they are exclusions or inclusions on the regular income tax and apply...
Fantastic news! We've Found the answer you've been seeking!
Question:
![Classify these items if they are exclusions or inclusions on the regular income tax and apply the four](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/65140ea6c2dce_1695813243910.jpg)
Transcribed Image Text:
Classify these items if they are exclusions or inclusions on the regular income tax and apply the four parameters of BIR used in the Philippines in analyzing the transactions stated below The following transactions occurred during the first quarter of taxable year 2023: January 05, 2023 - received P80,000 for being a beneficiary in the insurance policy of a deceased family member who died last year. January 21, 2023 - rendered services to a client and earned and collected P5,000. January 30, 2023 - received P30,000 salary. January 31, 2023 - received P10,000 loan from a friend February 14, 2023 - Applied loan in a bank and was approved in the amount of P50,000. The amount was received the same day. > February 15, 2023 - Rent income from property in Australia amounting to P35,000. February 21, 2023 - Land in Rizal, Philippines appreciated in value from P1,000,000 to P1,250,000. February 25, 2023 - Gain on sale of the same land mentioned above. February 27, 2023-Winning in gambling amounting to P100,000. February 28, 2023 - rendered services to clients and earned and collected P30,000. March 01, 2023 - Accident occurred in work which resulted to an injury and was compensated by the employer in the amount of P20,000. March 02, 2023 - Received P30,000 salary March 10, 2023 - Rendered services to clients and earned and collected P25,000. March 12, 2023 - received P15,000 interest income from deposits abroad. March 15, 2023 - Gain on sale of property in Australia amounting to P500,000. March 20, 2023-Received P15,000 ruled by the supreme court as payment to damage to reputation. March 25,2023 - Loan from a friend dated January 31, 2023 was cancelled by the debtor due to the rendered services on this day. > March 30, 2023-Received P30,000 salary. (COMPUTE ALSO THE REGULAR INCOME TAX 1 FOR RESIDENT CITIZEN AND 1 FOR NON- RESIDENT CITIZEN) Classify these items if they are exclusions or inclusions on the regular income tax and apply the four parameters of BIR used in the Philippines in analyzing the transactions stated below The following transactions occurred during the first quarter of taxable year 2023: January 05, 2023 - received P80,000 for being a beneficiary in the insurance policy of a deceased family member who died last year. January 21, 2023 - rendered services to a client and earned and collected P5,000. January 30, 2023 - received P30,000 salary. January 31, 2023 - received P10,000 loan from a friend February 14, 2023 - Applied loan in a bank and was approved in the amount of P50,000. The amount was received the same day. > February 15, 2023 - Rent income from property in Australia amounting to P35,000. February 21, 2023 - Land in Rizal, Philippines appreciated in value from P1,000,000 to P1,250,000. February 25, 2023 - Gain on sale of the same land mentioned above. February 27, 2023-Winning in gambling amounting to P100,000. February 28, 2023 - rendered services to clients and earned and collected P30,000. March 01, 2023 - Accident occurred in work which resulted to an injury and was compensated by the employer in the amount of P20,000. March 02, 2023 - Received P30,000 salary March 10, 2023 - Rendered services to clients and earned and collected P25,000. March 12, 2023 - received P15,000 interest income from deposits abroad. March 15, 2023 - Gain on sale of property in Australia amounting to P500,000. March 20, 2023-Received P15,000 ruled by the supreme court as payment to damage to reputation. March 25,2023 - Loan from a friend dated January 31, 2023 was cancelled by the debtor due to the rendered services on this day. > March 30, 2023-Received P30,000 salary. (COMPUTE ALSO THE REGULAR INCOME TAX 1 FOR RESIDENT CITIZEN AND 1 FOR NON- RESIDENT CITIZEN)
Expert Answer:
Answer rating: 100% (QA)
To classify these items as exclusions or inclusions for regular income tax purposes in the Philippines we will consider the four parameters typically used by the Bureau of Internal Revenue BIR 1 Natur... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these law questions
-
Let the yearly rate of interest be i (as a fraction, e.g. a rate of 6% would correspond to i=0.06), the amount of the principal be P, the number of years be n, the number of times per year that the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Determine the global extreme values of the function on the given domain. f(x, y) = 5x- 3y, y x-2, yz-x-2, y 3
-
An experiment was conducted to investigate the survival of diplococcus pneumonia bacteria in chick embryos under relative humidities (RH) of 0%, 25%, 50%, and 100% and under temperatures (Temp) of...
-
The formula can be solved for C to obtain Which one of the following is not equivalent to this? 9 F = C + 32
-
2 Why are national stereotypes usually hostile? Describe the negative and positive stereotypes that people from other cultures hold of your own national culture. Explain how such negative stereotypes...
-
Refer to the data given in Exercise 1-7. Answer all questions independently. In exercise 1-7 given data, Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and...
-
Crane Company is considering a long-term investment project called ZIP.ZIP will require an investment of $119,475. It will have a useful life of 4 years and no salvage value. Annual cash inflows...
-
Refer to Exercise 3.95. Given that a student, selected at random, is found to have an extensive understanding of physics, what is the probability that the student has (a) an extensive understanding...
-
Could you please help me, thanks! (i) (ii) 2. A study was undertaken to determine whether or not playing chess can improve memory. A random sample of 15 rst year pupils who had not previously played...
-
Gary Tuttle has Citiwide Insurance with 100% coverage after a $25.00 copay on office visits. His services today include an office visit ($62.00), urinalysis with differential ($65.00) and a Treadmill...
-
The Elgin Golf Dutton Golf Merger Elgin Golf Inc. has been in merger talks with Dutton Golf Company for the past six months. After several rounds of negotiations, the offer under discussion is a...
-
f ( x ) = x ^ 3 - 3 x ^ 2 - 2 4 x + 5 6 find all critical numbers
-
Suppose a beam of electrons is aimed at two slits in a slide placed in front of a screen. After a short time, the screen looks like the one at the right. a. What evidence does the picture give that...
-
On January 1, Mitzu Company pays a lump-sum amount of $2,700,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an...
-
Barlow Company manufactures three products-A B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow Product D C $ 270 $ 240 to2 126 90 170 32 148 180...
-
Given that all the choices are true, which one concludes the paragraph with a precise and detailed description that relates to the main topic of the essay? A. NO CHANGE B. Decades, X-ray C. Decades...
-
Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Circle Drive, Houston, TX 77001. Her employer identification number is 95- 1234321 and her Social Security number is...
-
Rebecca and Walter Bunge have been married for 5 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Rebecca is a homemaker and Walt is a high school teacher. Rebecca's Social...
-
Dr. Ivan I. Incisor and his wife Irene are married and file a joint return for 2012. Ivan's Social Security number is 477-34-4321 and he is 48 years old. Irene I. Incisor's Social Security number is...
-
2. If you were the top manager at Hormel, name two organizational systems you would establish to encourage organization member creativity.
-
would ensure Hormels future success. Be sure to explain how each idea would contribute to that success.
-
3. List three creative ideas based on your TQM expertise that, if implemented,
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App