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12 Questions

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Legal Definitions in SEC 22

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Questions and Answers

Who is considered a nonresident citizen for the taxable year in which he arrives in the Philippines?

A citizen who has been previously considered a resident alien

A citizen who leaves the Philippines to reside permanently abroad (correct)

A citizen who works abroad but resides in the Philippines

A citizen of the Philippines who works abroad and derives income from abroad

What is the definition of 'resident alien' according to the text?

An individual who is a permanent resident in the Philippines

An individual whose residence is within the Philippines and who is a citizen of another country (correct)

An individual who is a citizen of the Philippines and resides outside of the Philippines

An individual who is not a citizen of the Philippines and who resides outside of the Philippines

What category does a foreign corporation engaged in trade or business within the Philippines fall under?

Nonresident alien corporation

Nonresident foreign corporation

Resident foreign corporation (correct)

Resident alien corporation

Who is considered a 'fiduciary' based on the provided text?

A person acting in any fiduciary capacity for any person Signup and view all the answers

What does 'shares of stock' include according to the text?

Shares of stock of a corporation, warrants, and options to purchase shares of stock Signup and view all the answers

Who falls under the category of a 'shareholder' based on the text?

Those holding shares of stock, warrants, and options to purchase shares of stock Signup and view all the answers

What is the definition of 'person' as stated in the text?

An individual, trust, or corporation Signup and view all the answers

Which of the following is NOT included in the term 'corporation' as defined in the text?

General professional partnerships Signup and view all the answers

What does 'domestic' mean when applied to a corporation?

Created or organized under Philippine laws Signup and view all the answers

In the context of corporations, what does 'foreign' refer to?

Corporations created or organized outside the Philippines Signup and view all the answers

What is the definition of a 'nonresident citizen' based on the text?

A citizen who establishes intent to permanently reside abroad Signup and view all the answers

Which of the following is specifically excluded from the term 'corporation' in the text?

Partnerships formed for common professions Signup and view all the answers