Noah Anita

Income Taxation
MW 2;30-4pm

September 15 - Chapter 7-Introductio

Multiple Choice-Proble

Multiple C
1. C
Compensation Income 450,000
(Net loss) 120,000
Taxable Income 330,000

5. A
Gross compensation Income 200,000
(Personal Expense) 170,000
Taxable Compensation Income 30,000

9. A
Gross Income from Sales(Phil) 4,000,000
less: Deductions 2,000,000
Gross Income (abroad) 6,000,000
less: Deductions 3,600,000
Interest Income on deposits 80,000
Taxable Income 4,480,000

Multiple Cho
1. A
Interest Income from Bank Deposit 20,000
Royalty Income 100,000
Dividend Income 50,000
Total Passive Income 170,000

5. C
Taxable income for domestic 3,700,000
30%
Taxable Compensation Income 1,110,000
8. B
Rent Income (Phil) 10,000,000
Dividend-domestic (phil) 50,000
Royalties-Phil 80,000
10,130,000
Multiply 30%
Total Tax 3,039,000
eptember 15 - Chapter 7-Introduction to Regular Income Taxation (Assignm
Multiple Choice-Problems 1 and 2 (pp. 255-258)Assignment

Multiple Choice-Problem 1
2. A 3.D
Gross taxable compensation Income 400,000 Net Income
100,000 Dividends
Interest Income 3,000 Commission
Taxable Income 303,000 Taxable Income

6.B 7. A
Gross Business Income 500,000 Net Income from Business
(Expenses) 200,000 Gross Compensation Income
Interest Income 8,000 Taxable Income
Net Income from Business 308,000

10. A
Gross Income from sale (abroad) 6,000,000
less:deductions 3,600,000
Gross Income from sale (Phil) 4,000,000
less:deductions 2,000,000
Interest Income on deposits(abroad) 80,000
Interest Income on deposits(Phil) 40,000
Taxable Income 4,520,000

Multiple Choice-Problem 2
2. B 3. B
Business Income 200,000 $40,000 sale directly to buyer
Compensation Income 300,000
Int. Income lending to client 100,000
Capital gain on sale of car 20,000
OG on sale of furniture 10,000
Total Income subject to regular tax $ 630,000

6. D 7. D
Rent Income (Phil) 10,000,000 Taxable Income
Business Exp (phil) 8,700,000
Taxable Income 1,300,000 Income Tax Due
Taxation (Assignment)

4. A
300,000 Total Gross 800,000
12,000 Expense 300,000
5,000 100,000 (140,000-60,000)
317,000 400,000

8. D
308,000 Compensation Income 120,000
200,000 Net income from Business 300,000
508,000 Taxable Income 420,000

4. B
Rent Income(phil) 10,000,000
Business Exp (phil) 8,700,000
Rent Income(abroad) 12,000,000
Business Exp (abroad) 9,800,000
Royalties(abroad) 200,000
Taxable income for domestic 3,700,000

1,300,000
30%
390,000