Taylor, a resident citizen, received the following income in 2022: Business Income, Philippines - P900,000 Business Income, Los Angeles - P850,000 • Expenses, Philippines - P400,000 Expenses, Los Angeles - P525,000 • Interest on deposit at Metrobank - P3,000 • Cash prize won in a local contest - P8,000 • Winnings in lotto - P20,000 Dividends from SMDC, a domestic company - P25,000 ● ● ●

Taylor, a resident citizen, received the following income in 2022: Business Income, Philippines - P900,000 Business Income, Los Angeles - P850,000 • Expenses, Philippines - P400,000 Expenses, Los Angeles - P525,000 • Interest on deposit at Metrobank - P3,000 • Cash prize won in a local contest - P8,000 • Winnings in lotto - P20,000 Dividends from SMDC, a domestic company - P25,000 ● ● ●

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 48P

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Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donation
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While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) * Please show quick solution. Thank you.
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Mr. Alex Magambo works partially in Kenya and partially` in canada . His family is based in Kenya . During the year ended 31st December 2021, Mr Magambo earned an equivalent of Ksh3,500,000 from his employment in Canada. He paid an equivalent of Ksh.480,000 as tax on the income. He also earned Ksh.1,800,000 as consultancy fee in Kenya in addition to employment of Ksh. 1,200,000 (PAYE KSh. 400,000). His employer in Kenya provided his family with accommodation. The monthly rent on the accommodation was Ksh. 60,000per month which was paid by the employer . Required: His tax liability for the year ended 31st December 2021
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During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000
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