ACCT101-Inclusion in Gross Income-Regular Income Tax

Which of the following are not subject to regular income tax?

• gain on sale of three units of house and lot of AMP Realty Developemnt Inc.

• Interest income of ABC Corporation from Savings Deposit

• Royalty income received by Juan for publishing a taxation textbook

• Gain on sale of LCC stocks (non-publicly traded company) of Juan delal Cruz, a government employee.

Which of the following items are subject to regular income tax?

• compensation income

• interest income from 10- year time deposit

• gain on sale of depreciable assets

• interest on notes receivable

Which of the following individual taxpayer is/are not subject to progressive tax?

• NRA-ETB

• Resident alien

• Resident citizen

• NRA-NETB

Which of the following corporate taxpayer is subject to 25% regular income tax?

• domestic corporation

• resident corporation

• business partnership

• non-resident foreign corproation

Which of the following is/are NOT subject to Philippine regular income tax to a foreigner?

• rent income on properties located abroad

• dividend income from a domestic corporation

• interest income on deposit abroad

• interest income from domestic bond

A resident Filipino won the following prizes:

P5,000 from a contest in the Philippines

P100,000 from a contest in the Philippines

P5,000 from a contest abroad

P100,000 from a contest abroad

How much is subject to regular income tax?

• P105,000

• P200,000

• P110,000

• P210,000

An individual taxpayer who wishes to file his 2021 annual income tax return without penalty. What is the last day that he can file without penalty?

• December 31, 2021

• April 15, 2022

• April 15, 2021

• December 31, 2022

A corporation wishes to file its 2021 annual income tax return without penalty. What is the last day that it can file without penalty?

• December 31, 2021

• April 15, 2022

• April 15, 2021

• December 31, 2022

Which of the following statements is/are TRUE

• An income can only be subjected to one type of income tax.

• All capital gains are subject to capital gain tax

• If an item is subject to final tax, it can never be subjected to regular income tax.

• All passive income is subject to final tax

Corporations and individuals engaged in a trade or business/exercise of the profession are required to report their regular income:

• every month

• every quarter

• every year

• every semester