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Questions and Answers
Which of the following is considered an item of gross income subject to regular tax?
Which of the following is considered an item of gross income subject to regular tax?
- Scholarships
- Inheritance
- Proceeds from life insurance
- Gifts from relatives
- Dividends (correct)
What is technically included in the term 'compensation income' under the tax rules?
What is technically included in the term 'compensation income' under the tax rules?
- Investment income subject to final tax
- Income from rental properties
- Employee benefits subject to regular tax (correct)
- Proceeds from the sale of personal assets
- Income from freelance work
Which of the following is not an item of gross income subject to regular tax?
Which of the following is not an item of gross income subject to regular tax?
- Proceeds from the sale of personal residence (correct)
- Royalties
- Interest
- Pensions
- Gains derived from dealings in properties
What type of income is a partner's distributive share from the net income of a general professional partnership considered as?
What type of income is a partner's distributive share from the net income of a general professional partnership considered as?
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Which of the following is an item of gross income subject to capital gains tax?
Which of the following is an item of gross income subject to capital gains tax?
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