Jaypee has the following income in 2017: 10,000 interest income from a non-resident Japanese friend 40,000...

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Jaypee has the following income in 2017: 10,000 interest income from a non-resident Japanese friend 40,000 interest income from Philippine residents 500,000 rent income from a commercial complex located in the USA which is leased to resident Filipinos 200,000 rent income from a boarding house in Baguio City, Philippines 200,000 professional fees rendered to Chinese clients in Hongkong 300,000 salary from a resident employer 100,000 gain from sale of merchandise imported and sold to Filipino residents 50,000 gain on sale of merchandise purchased locally and sold during her business travel in Hongkong 400,000 gain on sale of the boarding house located in Baguio City to a non-resident buyer Required: Compute the total income earned from sources 1.) Within the Philippines 2.) Outside the Philippines Jaypee has the following income in 2017: 10,000 interest income from a non-resident Japanese friend 40,000 interest income from Philippine residents 500,000 rent income from a commercial complex located in the USA which is leased to resident Filipinos 200,000 rent income from a boarding house in Baguio City, Philippines 200,000 professional fees rendered to Chinese clients in Hongkong 300,000 salary from a resident employer 100,000 gain from sale of merchandise imported and sold to Filipino residents 50,000 gain on sale of merchandise purchased locally and sold during her business travel in Hongkong 400,000 gain on sale of the boarding house located in Baguio City to a non-resident buyer Required: Compute the total income earned from sources 1.) Within the Philippines 2.) Outside the Philippines

Answer rating: 100% (QA)

Income Earned within the Philippines Interest income 40000 PHP from Philippine residents Rent income ... View the full answer