Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 Mt. Bhas thefolowingincomefar 2020 Php 20,000interest incomefromanon-resident Taiwanesefriend . Php40.000interest incanre fromPhilippineresidents Pip 500,000 rent incarefroman apartment locatedin Canada, whichis leased toresident Filipinos Php

image text in transcribed
2 Mt. Bhas thefolowingincomefar 2020 Php 20,000interest incomefromanon-resident Taiwanesefriend . Php40.000interest incanre fromPhilippineresidents Pip 500,000 rent incarefroman apartment locatedin Canada, whichis leased toresident Filipinos Php 300 000rentincomefromaboardinghouseinMakati City Php400,000salaryfromaresident foreigncorporation Php 100,010 professional fees renderedto FilipinocitizensinHongkong . . Php 50,000gainansaleof merchandisepurchasedinKoreaandsddinthePhilippines Prp250,000gainansaleof ahouse andlot locatedinNuevaFajatoanonresident Chinese Compute the total income earned fromsources. a Withihehilippines b Outsith Philippines 3 In2020, M. Cadda piece of land whichhad a cost of Php 2000,00 for asedling price of Php 4000,000. The sale called for an assumption by the buyer of a mortgage on the land of Php 2,500,000, cash of Php 500,000 an the cate of sale and installment payments of Php 200,000 every year thereafter. Thelandis an ordinary asset. a Howmuchis thecar tract price? b. Howmuchistheincametobereportedin2020under theinstallment method? 4 Idartify thetaxdeanthefdlowingpassiveincome a Royalties froman inver tionby aresident alien, Php 169000 b. Interest fromaninvestment management account with Metroberk witha 6-year termof a non-resident alienengagedinresearchconsultancy inthe Philippines, Php 100,000 C PCS@innings esidanit Php0,000 Royalties as musical composer received by anon-resident. citizen Php 369,000 e Bingowrings at Manilaof anonresident citizen, Php50,000 : Prizeinasinging can test, Php 30,000 g Shared aresident citizen a partner incomputer systemdesignbusiness in the Philippines, Php,000,000 h Cash dividend fromSan Miguel Corporation, a danrestic carparation, received by a non resident alienengagedinbusiness inthe Philippines, Php 20,000 i. Interest fromBDObarkdeposit under theexpanded foreignaurrency deposit systemof nan

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Capital Theory And Political Economy Prices, Income Distribution And Stability

Authors: Lefteris Tsoulfidis

1st Edition

1351239414, 9781351239417

More Books

Students also viewed these Economics questions