Which of the following gain is subjectto capital gains tax? *a. Gain on sale of domestic bondsconsidered as capital asset.b. Gain on sale of real property consideredas capital asset which is located in thePhilippines.c. Gain on sale of foreign stocks not tradedthrough the stock exchangeO d. All of the above9 O e. Both a and b only

Capital assets means all real properties that are held by a taxpayer. They may be related to…

Answered: Which of the following gain is subject…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 19MCQ

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S1 – All dispositions of real properties classified as capital assets are subject to capital gains tax. S2 – All dispositions of shares of stocks are subject to capital gains tax. Group of answer choices a. Only S1 is true b. Only S2 is true c. Both are true d. Both are false
a. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?
37. Sale of an capital assets is subject to * a. Regular Income tax b. Capital Gains Tax c. Excise Tax d. Final income Tax 38. Which is not a Exempt Interest Income * a. Interest income from long-term deposit or investment in the form of savings, common or individual trusty funds, deposit substitute, and other investments. b. Interest income derived from loans, bonds, and other domestic securities and deposits in banks in the Philippines by foreign governments c. Interest income from Foreign currency deposit units deposits of non-resident individuals and corporations. d. Interest Income from deposits in Bank
Other comprehensive income includes the following, except A. unrealized gain on derivative contract designated as cash flow hedge B. loss from translating the financial statements of a foreign operation C. actuarial gain on defined benefit plan that is fully recognized D. dividends paid to shareholders
(a) What is the purpose of grossing up of Interests in calculating taxable income from Interest on Securities? (b) How do you explain ‘Dearness Allowance’ and ‘Gratuity’? (c) What do you mean by Partly Agricultural Income? Explain with examples.
1. What is a dividend distribution?What two IRS Code Sections generally applies to dividends? Give Code Sections ____________ When are dividends considered Ordinary Income? Give Code Section _______________When are dividends considered a Return of Capital? Give Code Section _______________ When are dividends considered Capital Gain? Give Code Section _______________
1. At what amount should RED initially record its investment in Orange Company? 2. At what amount should RED initially record its investment in Yellow Corporation? 3. How much gain or (loss) should be recognized on the sale of Yellow bonds?
A capital gains tax is levied on the sale of which of the following items? Choose all that apply. A. real estate B. income C. stocks D. gasoline
Which of the following statements with respect to capital gains is correct? Select one: O A The favourable taxation of capital gains is designed to partially compensate businesses for the effects of inflation. O B. The lifetime capital gains deduction is no longer available to Canadian individuals. OC. The inclusion rate for taxable capital gains has always been one-half of the capital gain. O D. All gains on the sale of Canadian securities are treated as capital gains.
Which of the following is not correct? a.The situs of income on interest is the residency of the debtor b.The location where the intangible is used would determine the situs of royalties c.Dividend income from domestic corporation is always income from within the Philippines d.The situs when it comes to sale of shares is the place where the shares are sold
Which of the following statements is true? O Interest on bonds is not tax deductible O Interest on bonds is tax deductible O Dividends to stockholders are tax deductible O Bonds do not have to be repaid
All of the following components of other comprehensive income are reclassified subsequently to profit or loss, except Group of answer choices A. Unrealized gain on investment in bonds securities measured at fair value through OCI B. Gain from translating financial statements of a foreign operation C. Actuarial gain on projected benefit obligation D. Unrealized gain on futures contract designated of cash flow hedge

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