PROBLEM 21:

A Filipino citizen residing in Quezon City furnished you the following information for the year 2019:

Compensation Income P116,300

Business Income 230,000

Interest income on bank deposits - Phil. 5,800

Gain from sale of computers used in business 10,600

Interest income on time deposit in USA 3,700

Cash dividend from domestic corp. 2,800

Property dividend from a non-resident foreign corp. 3,500

Royalty income from Phil. 30,600

Interest income on money market placement - Phil. 12,000

Royalty income from abroad 47,500

Interest income from receivables - Phil. 21,000

Prize from musical contest - Phil. 2,500

Prize from chess tournament - abroad 4,600

Winnings from raffle draw - Phil. 75,000

Winning from lottery draw - Abroad 27,800

Informer's rewards from the government/BIR 150,000

Business Expenses 145,000

Sales of shares of stocks of a domestic corporation held as capital asset. Sold not thru a local stock exchange: Cost Price P37,500, Sales Price - P152,000

Sale of house and lot in Manila held as capital asset which is his principal residence

Cost Price P 650,000

Sales Price 950,000

Fair Market Value 1,200,000

Share in the net income of an ordinary partnership, P63,000

Compute the following:

1. Taxable net income;

2. Basic income tax due;

3. Final income tax on passive income; and

4. Capital gains tax.

PROBLEM 22:

Mr. Skud had the following data for 2019:

Gross profit from sales - Phil. P540,000

Gross profit from sales - Abroad 680,000

Rental income - Phil. 36,000

Interest income on money market - Abroad 5,600

Dividend income from domestic corp. 12,000

Dividend income from non-resident foreign corp. - Abroad 24,000

Royalty income - Phil. 30,000

Royalty Income - Abroad 60,000

Interest income on bank deposit - Phil. 7,500

Interest income on bank deposit - Abroad 15,000

Interest income on trust fund - Phil. 21,000

Awards, prizes from contests - Phil. 14,000

Awards, prizes from contests - Abroad 18,000

Share in the net income of an ordinary partnership - Phil. 60,000

Sale of shares of stocks of domestic corp., outside the local

stock exchange (cost price - P20, 000) 45,000

Business expenses - Phil. 380,000

Business expenses - Abroad 530,000

Compute the income tax due, assuming that the taxpayer is as follows:

a. Resident Citizen

b. Non-resident Citizen