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2nd Quiz - Income Taxation

This document contains a quiz on income taxation with 3 case problems. [Case Problem 1] requires calculating Jayson's total income earned from sources within and outside the Philippines from various income items. [Case Problem 2] requires calculating Johnny's total income earned from sources within and outside the Philippines from royalty fees and gains. [Case Problem 3] requires calculating Clyde's total income subject to income tax from various income items like donations, fees, inheritance, gambling, and business profits.

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CUEVA Cristine Jane
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142 views

2nd Quiz - Income Taxation

This document contains a quiz on income taxation with 3 case problems. [Case Problem 1] requires calculating Jayson's total income earned from sources within and outside the Philippines from various income items. [Case Problem 2] requires calculating Johnny's total income earned from sources within and outside the Philippines from royalty fees and gains. [Case Problem 3] requires calculating Clyde's total income subject to income tax from various income items like donations, fees, inheritance, gambling, and business profits.

Uploaded by

CUEVA Cristine Jane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES


San Pedro Campus

Income Taxation
2nd Quiz – 2nd Semester A.Y. 2022-2023

Name: _______________________________ Year & Section: _____________


Date: _______________________________

Answer the following cases.

Case Problem 1

 Jayson has the following income in 2021:


 P10,000 interest income from a non-resident Japanese friend
 P40,000 interest income from Philippine residents
 P500,000 rent income from a commercial complex located in the USA which is leased to resident
Filipinos
 P200,000 rent income from a boarding house in Baguio City, Philippines
 P200,000 professional fees rendered to Chinese clients in Hong Kong
 P300,000 salary from a resident employer
 P100,000 gain from sale of merchandise imported and sold to Filipino residents
 P50,000 gain on sale of merchandise purchased locally and sold during her business travel in
Hong Kong
 P400,000 gain on sale of the boarding house located in Baguio City to a non-resident buyer
Required:
Compute the total income earned from sources. List down and itemized properly.
1. Within the Philippines (5 pts)
2. Outside the Philippines (5 pts)

Case Problem 2
Johnny earns franchise fees from his Hot Burger franchise. He also deals in various properties. Johnny
realized the following gains in 2021:

 P500,000 royalty fees from local Hot Burger outlets


 P200,000 royalty fees from foreign Hot Burger outlets
 P100,000 gain from sales of equipment to foreign franchisees
 P200,000 gain from sales of equipment to local franchisees
 P50,000 gains from sale of investment in domestic stocks to foreign investors
 P40,000 gains from sale of investments in foreign stocks to Filipino investors
Required:
Compute the total income earned from sources. List down and itemized properly.
a. Within the Philippines (5 pts)
b. Without the Philippines (5 pts)

Case Problem 3
Clyde received the following items during the year:

 P200,000 donation from a girlfriend


 P100,000 service fee from professional services
 P300,000 inheritance from his deceased father
 P100,000 income from illegal gambling
 P50,000 gain on sale of his personal car
 P250,000 profits from his bar restaurant
Compute the total income subject to income tax. List down and itemized properly. (5 pts)

- NOTHING FOLLOWS –
“Trust in the Lord with all your heart and lean not on your own understanding.” - Proverbs 3:5

Prepared by: Lea Catherine Laus

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