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    Chapter 7 EXERCISES - Introduction to Gross Income

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    8 views6 pages

    Chapter 7 EXERCISES - Introduction To Gross Income

    Uploaded by

    cathyydump

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 6
    tae (IS ne ste Entel dre em ‘sto ioe 250% noe ey fem souces win ary ILNPLE CHOICE. Choose eta MULTENS ort upon Mt fe caret rower 2 saan came Fon 1 Mean al wealth whieh fest rgase ser han in, ls recognized nthe year ts cus reeved| ” fuialent ied n cash cas Iv. Refer the amount of money coming oa person ot cexporation wit a ssecitoa ine, nhac at poet of erica, neste pots tom neement ‘hia illony ei Mang tana ony 1. None ofthe ave 2, The Sources rom which nce i deed ‘a Laber The se of capital Profits deve rom sale or exchange of capil asets & Aloft above dates 1, The sources tom which coms daved | wpostePrigeas | ‘Rota uce ot neame tbe place where mines located @. Famng ro nt of source once is te place where farm is locates 9. Manstcnng Business Sour of nome + Peduad and sol win wit reduced ad od weet without * Proaucedinwlear win Party within and ard slrwihet vwinout + Prodweadin widleart witout Pay win and ards win without Thee ‘rodkont nudes created, fabricated, manufacture lencidprocested, cued o aged (Sor 42(F) Code) om A Boo. Ter Tiue true Troe False Gis ndinhortance True Flee False Flee Use of captal Tue Te False _Faise 4, _Which ofthe folowing is a charactors income? A 8 oo. “Terease in taxpayers wea) Tue Tue Toe False Realization of gain Tne False False False Retumontaxgayer'swosih True Tue False _ False 5. Which of he following ea rogue for an income tobe taxable? ‘2. There must be gain 1. The gain must bo walzed o receives The gan must ot be exclude by law from taxation Aloft above '. Which of the following satan income for income tax purposes? '2. Gain derived from aber. Return on capita, 305 Vd Chg Ears: ~ Ges hry, Clepte t j 7 sast of assets sold, iz ae Le Eeersises — Gress Income Te a eamggt tt cnn «spe ‘12 Gaunt placed at he cont of a paneer gne0 ¢ oe go without restrictions by the payor. The tole, a SS Fangesemage terre es can + weogmtaoape tna CSE NTE ran a Sa Ta ty ott an Seriesean om » Seatriom waar one ae een ae : : Sea eg not a characteristic of income’ ‘obligation and ac nce terested eas Se ec ay ea «ee sana meee rane 3 peseaton or a 2 Eermngs consbucvl ree ofthe contacter. etm ortanpayers weat 1 Theres constructive receipt of income whe: 2 Which rat vk defiton of no ‘2. Payment is credited to payee's arcount Me a rman Sean cee asec care oat ‘ Seectcnta Sine Sasa Sea ance re . Be ted rare then ge fant «SEGRE tone fos on . Ee ss nevernaesomanenernepnpieie Letina erry ro ite Hat 14, As a rule, income from whatever source is taxable. Income from. See ice eee eer rraenae hecho Farce ca ene ee ‘¢. Accrual method of accounting ieee sl eee ‘& Corseuctve receipt of income Recovery of reaowables preveusy writen off Tax refunds +1, Which oft fotoing is considered or construed as an example of aaa tari aie ‘neat soa ‘2. Retirement benefits, pensions, gratuities eee a ee i atte eer Inlet covpns at have matured and are payable but have uw aaven 4: ep to answer dagen resid 251 tea weaven ee dr ete OMEN acy ocean ie TY Doce 16 sags ei ‘esoing ist of souoe of income i ncorect? ca esresdenc of te deBIor 2 yale lca of use of inane & Gamon ane fal propery — Pace of sae 18: Siu oftaxation on income rom sale shares of@ domestic ear ueated s income dered rom within the Phiipines 2 Aina tated as income derived ffom without the Philppne © May be eated ae income witin or without te Phipps ponding one place of sae 6 May be teatd ae income wit or without the Phitppines depending wher to shares are kop 19, Stuf taxaon on income fom ale shares of foreign corporation. 4 Always weated as came derived trom within the Philppnes Away tate as income derived from without the Philppnes © May be tread as Income ihn or without the Prine depending on pice of ae 4 Nay be Wested as incone witin or without the Phipeines fepending where he shares are kept 20. Peo earned iterestincome om a promissory note issued to fi saan @esientofCalioms, US.A. Assuming thal Pedro 3 ‘nonresident zen, he itera income ek ‘& ‘Subject o base income tax Subject final ae 308 Ca. (ple Ecerises ~ Gras Income & Mega nae n 6. Party subject to schedier an py ject alt ls impotent ok seo 2% fm within oF wthout the Pipa 1X purposes ie. 2° Somme nil an cone poste ncome whe aber ar eae ae {rm Sources win te Prisngg 2" om HER ATM Philipps imposes comix clon nae >. ThePaos no nea om Some indi expayers are cizana 4 Esporte ae not ibe memes he ANE 22, Sts, fr taxon purposes wil depend zen various acrid |The nar ofthe and suet mater et MT ponl ton wa bene at nay arcs Domi orvesence srs > weve 1. Clizanship VV. Souree of income 2. Land Vonly © i tivandy Bland Non IN Wana 23. Which ofthe following taxpayers taxable on income fom al sources within and outside the Phippines? ‘a. Domestic corporation Resident orsign corporation Resident ctzen % Botha" and" 24. Which ofthe folowing Is NOT te abou source of income? '2. Incase of income derived fom abr, sure isthe place wre te labo is performes, Incase of income served rom us of capa, sourcas the place where the capitis employe. Incase of pros fom the sor exchange of capt assets, ‘outs isthe place oF tansacton occurs 4. None of he above. 09 Chgper Eecises — Gr 1 party within 34 party Ouse thy sone une bass? _ onal SNBPING COPOraNON wth 25, Which incom Prins io Mneome of the eter a0, touching Pitpene Bots fansmission , Income of ‘company witht Hom th, Ser Pr i eern vernon na © nea ota sold na foreign country, or vice-veres, « Bipeeseae a a a es cea peer pantee a nn a ee Ep ae eee mea ine Bone aR ET Seo cat «REE Tesc sw coatoncommners ng rr cnenaere ae 27, Statoment 1: Again tom sale of shares ofa domestic corporation ‘shal be considered dered from the Phiippines regardless of where ‘he shares were sls, Statement 2: 8 gain rom a sao of shares of a foreign corporation shallbe considered derived fom the county where the corporation was create or ogenized ‘Statements 1&2 are alee Statement ti tue but statement 2is fase ‘Statement 1 is false but statement 2is true Statements and? are tue 28, Which of te folowing snot an income derived from sources within ‘he Philppinesforicome tax purposes? Interests derived from bonds issued by a foreign corporation lnterest on notes rather interest-bearing obligations of . 310 SS c hepler Exercises Which of the flowing state 2 income? 12 Sateen io ‘a The amount of income recoived or wnih the eg SCOT i Gress Income TEC wth respect o valuation & I te serves wer neater argh torecne Me sbscnce of any Side nated a comwary. such prs an mat vate of hn Soren fecived by atarpayein 2015 fom a {orign corporation whose nese, fron prt tom Prippng sources Soot ‘Statomont party trade hia edn ct Stotomont 2: Paty trade thes seer an 2. Slotoments 182 ar fone Statement tis we but sitemert2i tale & Satement {is se bt stamens ee 4. Statements and? ares 31, Using the above data, which of the folowing is core? The ca dividends '.Exempl from income tax hei @ resident zen. '. Partly taxable hea resent ton, ©. Taxable in fulitheis a nonresident czen

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