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mklae > [tax] exc, incl, ded from gross inc > Flashcards

[tax] exc, incl, ded from gross inc Flashcards

1
Q

rent income

A

inclusion

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2
Q

compensation for services

A

inclusion

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3
Q

supplementary compensation

A

inclusion

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4
Q

gross income from business

A

inclusion

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5
Q

gains derived from dealings in property

A

inclusion

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6
Q

interest (other than subject to final tax)

A

inclusion

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7
Q

active royalties

A

inclusion

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8
Q

royalties from sources abroad by rc/dc

A

inclusion

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9
Q

dividends not subject to final tax

A

inclusion

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10
Q

annuities

A

inclusion

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11
Q

prizes and winnings of below 10,000 for individuals

A

inclusion

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12
Q

non-individual prizes

A

inclusion

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13
Q

prizes outside the Philippines

A

inclusion

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14
Q

non-individual won a non-pcso/lotto winning

A

inclusion

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15
Q

non-individual won a non-pcso/lotto winning

A

inclusion

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16
Q

pensions held in trust

A

inclusion

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17
Q

non-contributory pension plans

A

inclusion

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18
Q

excess in a contributory pension plan

A

inclusion

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19
Q

distributive share of a partner from net income of a general professional partnership

A

inclusion

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20
Q

unreturned excess election contributions

A

inclusion

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21
Q

tax benefit from recovered bad debt

A

inclusion

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22
Q

canceled indebtedness due to consideration of service

A

inclusion

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23
Q

gambling

A

inclusion

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24
Q

smuggling

A

inclusion

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25
Q

illegal sources

A

inclusion

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26
Q

proceeds of life insurance policy

A

exclusion

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27
Q

return of premium received by insured

A

exclusion

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28
Q

excess of premium received

A

inclusion

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29
Q

gifts

A

exclusion

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30
Q

bequests

A

exclusion

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31
Q

devises

A

exclusion

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32
Q

moral damage

A

exclusion

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33
Q

compensation for injuries

A

exclusion

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34
Q

exemplary damages

A

exclusion

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35
Q

nominal damages

A

exclusion

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36
Q

temperate

A

exclusion

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37
Q

actual damages

A

exclusion

38
Q

liquidated damages

A

exclusion

39
Q

compensatory damage: lost income

A

inclusion

40
Q

compensatory for death

A

exclusion

41
Q

income exempt under treaty

A

exclusion

42
Q

retirement benefit of a first-time 55 year old retiree who worked for the same employer for 12 years and has a retirement plan.

A

exclusion

43
Q

retirement benefit of a first-time 45 year old retiree who worked for the same employer for 10 years and has a retirement plan.

A

inclusion

44
Q

retirement benefit of a second-time 60 year old retiree who worked for the same employer for 15 years and has a retirement plan.

A

inclusion

45
Q

retirement benefit of a 35 year old woman who worked for the same employer for 10 years and has no retirement plan.

A

inclusion

46
Q

retirement benefit of a 63 year old man who worked for the same employer for 7 years and has no retirement plan.

A

exclusion

47
Q

retirement benefit of a 67 year old retiree who worked for the same employer for 10 years and has no retirement plan.

A

inclusion

48
Q

separation pay received due to reasons beyond the control of the employee

A

exclusion

49
Q

separation pay due to resignation

A

inclusion

50
Q

retirement gratuities from foreign government agencies

A

exclusion

51
Q

administered benefits from united states veterans administration

A

exclusion

52
Q

sss benefits

A

exclusion

53
Q

gsis benefits

A

exclusion

54
Q

medicare

A

exclusion

55
Q

union dues

A

exclusion

56
Q

gain realized from the sale of certificate of indebtedness with maturity of more than 5 years

A

exclusion

57
Q

gain realized from redemption of stocks in a mutual fund company

A

exclusion

58
Q

income from sale of gold to bangko sentral ng pilipinas

A

exclusion

59
Q

investment income in the philippines in loans by a foreign government

A

exclusion

60
Q

income of government from public utility and essential function

A

exclusion

61
Q

prizes and awards in recognition of chartiable achievements

A

exclusion

62
Q

awards in recognizing religious achievements

A

exclusion

63
Q

prizes and awards in sports competition granted to athletes

A

exclusion

64
Q

13th month pay and other benefits within the limit of 90,000

A

exclusion

65
Q

13th month pay of over 90,000

A

excess is an inclusion

66
Q

collateral allowance of a member of the armed forces of the philippines

A

exclusion

67
Q

monthly provisional allowance of a member of the armed forces of the philippines

A

exclusion

68
Q

covid-19 special risk allowance for health workers

A

exclusion

69
Q

compensation for contracting covid-19 for severe or critical cases of 100,000

A

exclusion

70
Q

compensation for contracting covid-19 for mild or moderate cases of 15,000

A

exclusion

71
Q

compensation for contracting covid-19 in cases of death of 1,000,000

A

exclusion

72
Q

income from personal equity and retirement account contribution

A

exclusion

73
Q

annual registration fee

A

deduction

74
Q

real property tax

A

deductible

75
Q

compensation expense

A

deduction

76
Q

transportation and travel expense

A

deductible

77
Q

interest expense less 20% of interest income subject to final tax

A

deductibe

78
Q

net operating loss from previous year

A

deductible

79
Q

wagering loss to the extent of gains

A

deductible

80
Q

capital loss to the extent of its gains

A

deductible

81
Q

abandonment loss for petroleum operations of all its exploration and development expenses

A

deductible

82
Q

petroleum operation is reentered and resumed

A

inclusion

83
Q

mayor’s permit fee

A

deductible

84
Q

depletion of oil and gas wells and mines to recover costs

A

deduction

85
Q

charitable cultural contribution to government agencies for priority projects

A

fully deductible

86
Q

contributions for educational purposes to accredited domestic non-government organizations

A

fully deductible

87
Q

charitable contributions to foreign institutions

A

fully deductible

88
Q

contributions to governtment agencies for non-priority activities

A

deductible but subject to a limit

89
Q

charitable contributions for social welfare to non-accredited organizations

A

deductible but subject to a limit

90
Q

research and development

A

deductible

91
Q

pension trust contributions

A

deductible

92
Q

compensation for services outside the philippines by a non-resident citizen

A

exclusion

mklae (10 decks)

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