12 Questions
Who is considered a nonresident citizen for the taxable year in which he arrives in the Philippines?
A citizen who leaves the Philippines to reside permanently abroad
What is the definition of 'resident alien' according to the text?
An individual whose residence is within the Philippines and who is a citizen of another country
What category does a foreign corporation engaged in trade or business within the Philippines fall under?
Resident foreign corporation
Who is considered a 'fiduciary' based on the provided text?
A person acting in any fiduciary capacity for any person
What does 'shares of stock' include according to the text?
Shares of stock of a corporation, warrants, and options to purchase shares of stock
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
What is the definition of 'person' as stated in the text?
An individual, trust, or corporation
Which of the following is NOT included in the term 'corporation' as defined in the text?
General professional partnerships
What does 'domestic' mean when applied to a corporation?
Created or organized under Philippine laws
In the context of corporations, what does 'foreign' refer to?
Corporations created or organized outside the Philippines
What is the definition of a 'nonresident citizen' based on the text?
A citizen who establishes intent to permanently reside abroad
Which of the following is specifically excluded from the term 'corporation' in the text?
Partnerships formed for common professions
Learn about the definitions stated in Section 22 of the legal Title. Definitions include terms like 'person' and 'corporation', specifying what each term encompasses and excludes.
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