Question
PROBLEM 27 An entrepreneur who is single had the following data in the current year 2019: Gross Business Income-Philippines P2,600,000 Gross Business Income-Australia 1,400,000 Cash
PROBLEM 27
An entrepreneur who is single had the following data in the current year 2019:
Gross Business Income-Philippines P2,600,000
Gross Business Income-Australia 1,400,000
Cash Dividend Income from a domestic corporation 25,000
Collections of loans receivable from the Philippines.
The payor is a non-resident alien - Principal 50,000
- Interest 2,500
Property Dividend Income from a non-resident foreign corp. 15,000
Rental Income received in Australia from a relative of a resident
alien who is renting the property located in the Philippines 20,000
Cash dividend from a resident foreign corporation, 18,000
which had the following data for the last 3 years period before
the year the dividend was declared:
Gross income - Philippines P3,000,000
Gross income - Abroad 2,000,000
Compute the gross income if the taxpayer is a:
a. Resident Citizen
b. Resident Alien
PROBLEM 28
The following are the business data of an unmarried individual for the taxable year 2019.
He is an ordinary employee and has his 15 years old brother as dependent.
Business income P875,000
Business expenses 610,000
Gains from sale of ordinary asset 185,000
Losses from sale of ordinary asset 69,000
Basic salary 135,000
Overtime pay 62,500
Personnel economic relief allowance 12,000
13th month pay, bonus, incentive pay 58,000
Other fringe benefits from employment 65,000
Representation transportation allowance, not to be accounted for 7,200
Commission income from employment 43,500
Director's fees 60,000
Determine the gross income.
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