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Flashcards — Multiple Choice

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Question Type

Essay Multiple Choice

Question Source

All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A resident citizen operates a profitable repair shop and also earns covered Philippine-source interest on an ordinary bank deposit opened in 2026. The shop requires daily active work; the deposit does not. No exemption or transitional protection applies. He argues that the interest must be ordinary shop income simply because he uses one personal bank account. Which analysis is best?

Choose the Best Answer

Every bank balance is itself taxable income The shop profits and covered deposit interest retain distinct earning characters and governing tax treatments All shop profits become passive once deposited The taxpayer may erase interest by naming it sales The account’s ownership makes all income active

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