Tax law questions and answers in February 2022

Mr. Cardo Dalisay had the following data for taxable year 2019: (Exchange rate $1-P40)     Philippines Abroad Salaries  165,000 $2,000 Income from merchandise  450,000 $6,000 Business expenses 120...
Summit Corporation currently has a $70,000 capital loss carryforward that is due to expire at the end of 2022. During 2022, Summit sold land held for investment for $750,000. Summit's basis in the lan...
1. Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax ...
1. Under this income taxation scheme, the full amount of tax is withheld by the payor before such income is received by the payee taxpayer.  a. Final income tax scheme b. Capital gains tax scheme c. ...
A taxpayer engaged in service business provides you with the following. Determine the gross income under CASH basis for EACH YEAR (2019 , 2020) How much is the gross income under cash basis? a. P1,400...
1. Mang Panday, a resident citizen taxpayer approached you and presented the following- a. P690,000 b. P540,000 c. P530,000 d. P500,000   2. Using the same data given by Mang Panday, how much is the ...
1.  a. The total taxable income of P1,170,000 shall be reported by the estate of Mang Juan. b. Mang Juan's 2020 income tax return shall report the total taxable income of P1,170,000. c. Mang Juan's 2...
1. Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax ...