Taxation, 2011 Bar — Question 21

MULTIPLE CHOICE

Federico, a Filipino citizen, migrated to the United States some six years ago and got a permanent resident status or green card. He should pay his Philippine income taxes on (A) the gains derived from the sale in California, U.S.A. of jewelry he purchased in the Philippines. (B) the proceeds he received from a Philippine insurance company as the sole beneficiary of life insurance taken by his father who died recently. (C) the gains derived from the sale in the New York Stock Exchange of shares of stock in PLDT, a Philippine corporation. (D) dividends received from a two-year old foreign corporation whose gross income was derived solely from Philippine sources.

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