Reference no: EM132962452
Problem 1 - Comprehensive Valkyrie reported the following income during the year.
|
|
Within
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Abroad
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|
Service Fees
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400,000
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300,000
|
|
Interest Income from Bank Deposits
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40,000
|
70,000
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|
Royalties from Franchise
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80,000
|
30,000
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|
Gains on property dealings
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10,000
|
100,000
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Winnings
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60,000
|
50,000
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Prizes
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5,000
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-
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Required - Determine the total amount of gross income if Valkyrie is a:
1. Domestic corporation
2. Resident Citizen
3. Resident Alien
4. Resident Foreign Corporation
Problem 2 - Concurrent Taxes - Dr. Ken Jeong is a famous celebrity doctor. He is a VAT taxpayer and is subject to 10% expanded withholding tax. The following are his items of income and expenses during the year.
Professional medical fees from a hospital (gross of VAT and EWT) 2,016,000
Professional medical fees from his clinic (net of VAT and EWT) 432,000
Talent fees from TV guestings (gross of VAT, net of EWT) 2,040,000
Talent fees from endorsements (net of VAT, gross of EWT) 1,450,000
Allowable Deductions 650,000
Required - Compute for his tax due.
Problem 3 - Comprehensive - Mang Jose has several interests in various businesses and partnerships. He received the following income during the year.
Dividends from a domestic corporation 120,000
Dividends from a resident foreign corporation 80,000
Share in net income of a business partnership 200,000
Share in net income of a professional partnership 100,000
Share in net income of a joint venture 50,000
Share in net income of a co-ownership 20,000
Required - How much is the total income to be reported in gross income?