Taxation, 2011 Bar — Question 48

MULTIPLE CHOICE

Zygomite Minerals, Inc., a corporation registered and holding office in Australia, not operating in the Philippines, may be subject to Philippine income taxation on (A) gains it derived from sale in Australia of an ore crusher it bought from the Philippines with the proceeds converted to pesos. (B) gains it derived from sale in Australia of shares of stock of Philex Mining Corporation, a Philippine corporation. (C) dividends earned from investment in a foreign corporation that derived 40% of its gross income from Philippine sources. (D) interests derived from its dollar deposits in a Philippine bank under the Expanded Foreign Currency Deposit System.

You can write freely without an account. Sign in to reveal the suggested answer and track your progress.