Modified True or False 10 poin Both are true Only $1 is true Only $2 is true Both are false S1: Final tax generally covers passive income. S2: Capital gains arise from the O O sale, exchange and other disposition of any assets. S1: Royalties, active or passive, are subject to regular income tax. S2: General professional partnerships are subject to final tax but not to regular tax. S1: A government employee may claim the tax informer's reward. S2: Winnings which are not more than P10,000 in amount are subject to the regular income tax. S1: The sale, exchange and other disposition of real property capital assets in the Philippines is W O O O O O acer M PFSmgt9AX2_04Ak11o0eJubJUQ/viewform?hr_submission=ChklzPnYw74BB S1: The sale, exchange and other disposition of real property capital assets in the Philippines is subject to a tax of 6% of the selling price or the fair value, whichever is lower. S2: Capital gains from assets other than domestic stocks and real properties are subject to regular income tax. S1: The sale of foreign stocks directly to a buyer is subject to capital gains tax. S2: The 6% capital gains tax cannot apply unless there is a gain on the sale of real property. S1: For all taxpayers, taxable income means the pertinent items of gross income not subject to capital gains tax and final tax nor exempt by law less allowable deductions. S2: Items of gross O O O $1: For all taxpayers, taxable income means the pertinent items of gross income not subject to capital gains tax and final tax nor exempt by law less allowable deductions. S2: Items of gross income subject to final tax and capital gains tax are excluded in gross income subject to regular income tax. S1: Business expenses can be deducted against all types of gross income subject to regular tax. S2: Only corporations may incur deductions against gross income. S1: The tax due of individuals is determined by means of a schedules of tax rates. S2: The tax due of corporations is determined by multiplying their gross income by 30%. O O O O O O O O Classwork for SAMCIS 1339 PERS X Midterm examination X INCTA 7CURV7WpFSmgt9AX2_04AkTlo0eJuEbJUQ/viewform?hr_submission=ChklzPnYw74BEh O TTIGUTTO VTU schedules of tax rates. S2: The tax due of corporations is determined by multiplying their gross income by 30%. S1: Compensation for injuries and sickness constitutes profit and included in gross income. S2: The proceeds of life insurance received by the heirs of the insured upon his death is excluded in gross income. S1: Rent is a passive income, but is not subject to final tax. S2: Gains from dealings in ordinary assets are subject to regular income tax. O O Multiple Choice. Shade/Click A if the item is exempt from income tax. 16 points