Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following is NOT a form of income mentioned in the text?
Which of the following is NOT a form of income mentioned in the text?
- Dividends received from stocks (correct)
- Interest paid on bank loans
- Rent received from leasing a condo unit
- Salaries received by call center agents
What are the requisites for income to be taxable?
What are the requisites for income to be taxable?
- There must be gain; it must be realized or received; it must not be exempted by law (correct)
- There must be gain; it must be realized or received; it must be exempted by law
- There must be loss; it must be realized or received; it must not be exempted by law
- There must be gain; it must be unrealized or unreceived; it must not be exempted by law
In the given scenario, if the borrower pays back the borrowed amount without any interest, is there any taxable gain?
In the given scenario, if the borrower pays back the borrowed amount without any interest, is there any taxable gain?
- It depends on the duration of the loan
- It depends on the amount borrowed
- Yes, there is taxable gain
- No, there is no taxable gain (correct)
If the borrower agrees to pay back the borrowed amount plus interest after a certain period of time, is the interest considered taxable income?
If the borrower agrees to pay back the borrowed amount plus interest after a certain period of time, is the interest considered taxable income?
Signup and view all the answers
What is the main factor that determines whether income is taxable or not?
What is the main factor that determines whether income is taxable or not?
Signup and view all the answers
Flashcards are hidden until you start studying
