Professional Documents
Culture Documents
I. INTRODUCTION
1. General Principles
2. Basic Concepts: Definitions
a. Taxation
b. Taxes
c. Income Tax
1. Income defined
2. Income distinguished from capital
3. Gross Income – Section 32 (A), Tax Code
4. Exclusions from Gross Income- Section 32 (B), Tax Code
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IV. TYPES OF CORPORATIONS
a. Domestic Corporation
b. Resident Foreign Corporation
c. Nonresident Foreign Corporation
d. Entities Treated as a “corporation” for income tax purposes
V. TAX BASE
IX. DEDUCTIONS
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b. When is expense considered as ordinary and necessary
2. Interest Expense
3. Taxes
Deductible Taxes
Tax Credits
Foreign Tax Credits
4. Losses
5. Bad Debts
6. Depreciation
Definition
Requirements for deductibility
RMC No. 70-2010
7. Depletion
Limitations
Rev. Regs. No. 13-98
C. Special Deductions
Special Laws:
RR No. 7-10 Implementing the Tax Privileges Provisions of RA No.
9994
R.A. No. 9999 An Act Providing a Mechanism for Free Legal
Assistance and for Other Purposes
R.A. No. 8525 An Act Establishing an “Adopt-a-School Program,"
Providing Incentives Therefor, and for Other Purposes
R.A. No. 7600 An Act Providing Incentives to all Government and
Private Health Institutions with Rooming-in and Breast-feeding
Practices and for Other Purpose
A. Accounting periods
B. Method of Accounting
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1. Cash Method
2. Accrual Method
RMC55-80
RMC No.35-2012
RMC No. 65-2012
RMC No. 4-2013
RMC No. 9-2013
RMO No. 20-2013
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