Chapter 3: Introduction to income tax (Answer)
Exercise Drill 1
1. Return of Capital- 1M
Return on Capital- 0
2. Return of Capital- 400k
Return on Capital- 100k
3. Return of Capital- 300k
Return on Capital- 0
4. Return of Capital- 0
Return on Capital- 600k
5. Return of Capital- 1.2M
Return on Capital- 0
Exercise Drill 2
1. Income tax
2. Income tax
3. Income tax
4. Transfer tax
5. Transfer tax
6. Both Income and Transfer
Exercise Drill 3
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Taxable
Taxable
Exempt
Exempt
Taxable
Taxable
Taxable
Exempt
Exempt
Taxable
Taxable
Exempt
Exempt
Exempt
15.
16.
17.
18.
19.
20.
21.
22.
Exempt
Taxable
Taxable
Exempt
Exempt
Taxable
Exempt
Exempt
Exercise Drill 4
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
NRA-NETB
NRC
NRC
RC
RC
NRA-NETB
RA
RA
DC
RFC
RC
NT
DC
NRFC
NT
DC
DC
Exercise Drill 5
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Philippine Income
Philippine Income
Philippine Income
Philippine Income
World Income
Philippine Income
Philippine Income
World Income
World Income
Philippine Income