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  • Income Tax by Papa Jack

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    Aman Sinaya
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    The document discusses the key questions and steps to analyze income tax: 1) Determine who earned the income - individuals, corporations, partnerships, estates, or trusts. 2) Classify individuals based on engagement in business or employment. 3) Identify the kind of income earned - ordinary, capital, or final - and the tax consequences of each. The document also mentions specific types of income like MCIT for loss-making businesses.

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    The document discusses the key questions and steps to analyze income tax: 1) Determine who earned the income - individuals, corporations, partnerships, estates, or trusts. 2) Classify individuals based on engagement in business or employment. 3) Identify the kind of income earned - ordinary, capital, or final - and the tax consequences of each. The document also mentions specific types of income like MCIT for loss-making businesses.

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    39 views1 page

    Income Tax by Papa Jack

    Uploaded by

    Aman Sinaya
    The document discusses the key questions and steps to analyze income tax: 1) Determine who earned the income - individuals, corporations, partnerships, estates, or trusts. 2) Classify individuals based on engagement in business or employment. 3) Identify the kind of income earned - ordinary, capital, or final - and the tax consequences of each. The document also mentions specific types of income like MCIT for loss-making businesses.

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    of 1

    INCOME TAX by PAPA JACK

    1. Analyse

    Q1: Who is the earner?


    Q2: Determine the classification of earner?
    Q3: Determine the kind of income and it’s consequences (Ordinary, Capital, Final)

    Q1: Income Earners

    A. Individual
    B. Corporations
    C. Partnerships
    D. Estates
    E. Trusts

    Q2. Classification of Individuals (Slide 15.59)


    Refer to slide 22:18

    #1 to #4 Net of allowable deductions


    #5- #6 Gross- FWT not filing ITR kase eh
    #5- Example concerts, well technically engaged sa business pero as far as taxations is
    concerned, NRA-NETB sila kase <180 days.
    #6- Mga MWE, Cinemas, Etc

    Q3: Kind of Income (28.52)

    *MCIT- mga palugi na business

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