1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt c. Returnable 2.) Personal expenses of officer which are used in connection with the trade or business of the company ar considered taxable fringe benefits a. True b. False

1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt c. Returnable 2.) Personal expenses of officer which are used in connection with the trade or business of the company ar considered taxable fringe benefits a. True b. False

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 33MCQ

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Question

1.) Passive incomes of resident citizen derived from abroad is

a.subject to final tax

b.Tax exempt

c. Returnable

2.) Personal expenses of officer which are used in connection with the trade or business of the company ar considered taxable fringe benefits

a. True

b. False

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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