How much is the income from sources within? Gross Income from the practice of profession as CPA in the Philippines, P220,000; Rent on a building located in Makati, net of 5% withholding tax, P95,000; Rent on a commercial building located in USA, P70,000; Interest income, debtor resides in Hongkong, P10,000; Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000; Royalties received from Ford Motors for use of patents in the USA, P30,000; Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000; Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000; Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;
How much is the income from sources within?
Gross Income from the practice of profession as CPA in the Philippines, P220,000;
Rent on a building located in Makati, net of 5% withholding tax, P95,000;
Rent on a commercial building located in USA, P70,000;
Interest income, debtor resides in Hongkong, P10,000;
Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;
Royalties received from Ford Motors for use of patents in the USA, P30,000;
Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;
Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;
Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;
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