Question

CASE 1: Additional Tax In August 2019, a limited liability company incorporated in Chile sent to a taxpayer, without domicile or residence in the country, income for benefits received that are not contained in articles 58 and 59 of the Law on Income Tax. Rent. The withholding of the Additional Tax, carried out by the company in accordance with the rules contained in the first paragraph of article 60 of the Income Tax Law with a general rate of 35%, amounted to $3,000,000.- Based on the information above, you are asked to answer the following questions: a) Is the beneficiary of the income obliged to submit an annual tax return in Chile using Form N° 22? b) What happens to the withholding made by the company, amounting to the sum of $3,000,000, whether or not the taxpayer should file the tax return? CASE 2: Inheritance Tax A natural person, married under the marital partnership regime, died on 08/20/2020 at his home located in Valparaíso, Chile. Background: The deceased's heirs are his spouse and 3 living children. The estate of the deceased records the following assets: Real estate, non-agricultural. Tax valuation upon death: $200,000,000.- Automobile. Tax valuation upon death: $12,400,000.- Shares: $85,000,000.- Inheritance does not declare an inventory of other assets. Tax appraisal, address at death: $65,200,000.- There is no will. Other background: UTM value on the date of death: $49,229.- UTM value on the date of tax payment: $49,673.- (January 2020) Table for determining the Inheritance Tax: FROM TO FIXED DEDUCTION RATE 0.1 UTM 960 UTM 1% of 0 UTM 960.01 UTM 1920 UTM 2.50% 14.4 UTM 1920.01 UTM 3840 UTM 5% 62.4 UTM 3840.01 UTM 5760 UTM 7.50% 158.4 UTM 5760.01 UTM 7680 UTM 10% 302.4 UTM 7680.01 UTM 9600 UTM 15% 686.4 UTM 9600.01 UTM 14440 UTM 20% 1166.4 UTM 14440.01 UTM AND MORE 25% 1886.4 UTM It is requested: a)Determine the percentage of assignment of assets to the succession. b)Determining the tax base affects the Inheritance Tax. c)Determine the tax obligation.

267

likes
1333 views

Answer to a math question CASE 1: Additional Tax In August 2019, a limited liability company incorporated in Chile sent to a taxpayer, without domicile or residence in the country, income for benefits received that are not contained in articles 58 and 59 of the Law on Income Tax. Rent. The withholding of the Additional Tax, carried out by the company in accordance with the rules contained in the first paragraph of article 60 of the Income Tax Law with a general rate of 35%, amounted to $3,000,000.- Based on the information above, you are asked to answer the following questions: a) Is the beneficiary of the income obliged to submit an annual tax return in Chile using Form N° 22? b) What happens to the withholding made by the company, amounting to the sum of $3,000,000, whether or not the taxpayer should file the tax return? CASE 2: Inheritance Tax A natural person, married under the marital partnership regime, died on 08/20/2020 at his home located in Valparaíso, Chile. Background: The deceased's heirs are his spouse and 3 living children. The estate of the deceased records the following assets: Real estate, non-agricultural. Tax valuation upon death: $200,000,000.- Automobile. Tax valuation upon death: $12,400,000.- Shares: $85,000,000.- Inheritance does not declare an inventory of other assets. Tax appraisal, address at death: $65,200,000.- There is no will. Other background: UTM value on the date of death: $49,229.- UTM value on the date of tax payment: $49,673.- (January 2020) Table for determining the Inheritance Tax: FROM TO FIXED DEDUCTION RATE 0.1 UTM 960 UTM 1% of 0 UTM 960.01 UTM 1920 UTM 2.50% 14.4 UTM 1920.01 UTM 3840 UTM 5% 62.4 UTM 3840.01 UTM 5760 UTM 7.50% 158.4 UTM 5760.01 UTM 7680 UTM 10% 302.4 UTM 7680.01 UTM 9600 UTM 15% 686.4 UTM 9600.01 UTM 14440 UTM 20% 1166.4 UTM 14440.01 UTM AND MORE 25% 1886.4 UTM It is requested: a)Determine the percentage of assignment of assets to the succession. b)Determining the tax base affects the Inheritance Tax. c)Determine the tax obligation.

Expert avatar
Corbin
4.6
77 Answers
Let's break down each case and provide insights into the taxation issues described:

#### Case 1: Additional Tax

**a) Obligation to Submit an Annual Tax Return in Chile using Form N° 22:**
- According to Chilean tax law, non-residents receiving income from Chilean sources subject to withholding tax usually don't need to file an annual tax return if tax is fully withheld at source.
- Since the income has a final withholding tax rate of 35% and there are no other Chilean-source income or additional tax obligations, the taxpayer generally would not need to file Form N° 22.

**b) Withholding Made by the Company:**
- The $3,000,000 withholding at 35% likely meets the tax liability for this income.
- For non-residents, withheld tax serves as the final tax obligation with no further tax liabilities on this income.

#### Case 2: Inheritance Tax

**Calculations:**
- **Total Estate Valuation**: $362,600,000
- **Tax Base Determination**: Total estate value is considered.
- **Tax Obligation**:
- Estate value in UTM = $362,600,000 / $49,229 ≈ 7368 UTM
- Tax payable = (10% of 7368 UTM) - 302.4 UTM
- Tax in UTM = 736.8 - 302.4 = 434.4 UTM
- Convert UTM to currency = 434.4 UTM * $49,673 = $21,583,835.2

### Answer:
- **Case 1**: No need for annual tax return; withholding is final.
- **Case 2**: Inheritance tax payable is approximately $21,583,835.2.

Frequently asked questions (FAQs)
Math Question: In circle O, if angle AOB is 110° and angle BOC is 70°, what is the measure of angle COA?
+
What is the derivative of (sin(x))^2 * (cos(x))^3?
+
Question: What is the sum of the numbers from 1 to 100, using the formula n*(n+1)/2?
+
New questions in Mathematics
Exercise 4 - the line (AC) is perpendicular to the line (AB) - the line (EB) is perpendicular to the line (AB) - the lines (AE) and (BC) intersect at D - AC = 2.4 cm; BD = 2.5 cm: DC = 1.5 cm Determine the area of triangle ABE.
If O(3,-2) is reflected across x = 2. What are the coordinates of O
If L = (-2, -5) is reflected across y= -4 , what are the coordinates of L?
math question a bookstore announces a promotion valid for the same purchase as follows: buy a book and get 10% off the total purchase! buy two books and get 20% off your total purchase! buy three or more books and get 30% off your total purchase! Marcelo wanted to buy three books that cost 20.00 each without discount but he decided to buy two books in one day and another purchase with the third book the next day. If he had bought the three books at once he would have saved the following amount.
[(36,000,000)(0.000003)^2]divided(0.00000006)
Let I ⊂ R be a bounded and nonempty interval. Show that there are numbers a, b ∈ R with a ≤ b and I =[a,b] or I =[a,b) or I =(a,b] or I =(a,b)
Suppose 56% of politicians are lawyers if a random sample of size 873 is selected, what is the probability that the proportion of politicians who are lawyers will be less than 55% round your answer to four decimal places
To make brine, José buys 1 kg of salt and pays 12 pesos. If he buys 4 kg, they charge him 48 pesos, but for 100 pesos they sell him 9 kg. What is the constant of proportionality?
If the midpoint of point A on the x=3 line and point B on the y=-2 line is C(-2,0), what is the sum of the ordinate of point A and the abscissa of point B?
4x + 8y = 5 2x + 4y = 10
In a order to compare the means of two populations, independent random samples of 410 observations are selected from each population, with Sample 1 the results found in the table to the right. Complete parts a through e below. X1 = 5,319 S1= 143 a. Use a 95% confidence interval to estimate the difference between the population means (H - H2) Interpret the contidence interval. The contidence interval IS (Round to one decimal place as needed.) Sample 2 X2 = 5,285 S2 = 198 Aa. Use a 95% confidence interval to estimate the difference between the population means (A1 - M2) Interpret the contidence interval. The contidence interval Is (Round to one decimal place as needed.) b. Test the null hypothesis Ho versus alternative hypothesis Ha (H What is the test statistic? H2) + Give the significance level of the test, and interpret the result. Use a = 0.05. Z=
Let A, B, C and D be sets such that | A| = |C| and |B| = |D|. Prove that |A × B| = |C × D|
Buffalo Company makes and sells shampoo. Each unit requires $1.40 labor costs, material costs per unit are $0.90 and other variable costs are $0.30. It sells shampoo for $4.45 to retailers. Fixed costs are $15,000. It sold 25,000 units in the current month. What is the Break-Even point in units? What is the Break-Even point in dollars? What is the contribution margin of Buffalo Company?
A house located within the city limits has a current market value of $325,000 according to a recent appraisal. The assessed value from the last county wide tax valuation is $272,475. The tax rate is $0.36 per hundred for the county and $0.72 per hundred for the city. What is the total annual property tax liability on the property? $2340 $3510 $1962 $2943
22. Let [AB] be a chord in a circle C, and k a circle which is internally tangent to the circle C at a point P and to the chord [AB] at a point Q. Show that the line P Q passes through the midpoint of the arc AB opposite to the arc APB.
Select a variable and collect at least 50 data values. For example, you may ask the students in the college how many hours they study per week or how old they are, etc. a. Explain what your target population was. b. State how the sample was selected. c. Summarise the data by using a frequency table. d. Calculate all the descriptive measures for the data and describe the data set using the measures. e. Present the data in an appropriate way. f. Write a paragraph summarizing the data.
Sally’s sales for last Sunday were $1,278. That was an increase of 6.5% over her sales for the previous Saturday. What were her sales for the previous Saturday?
Find the distance from the point (2,-1) to the line 2x-5y+10=0
Paul invites 12 friends to his birthday. He wants to give 15 candies to everyone two. The candies are sold in packs of 25. How many should he buy? packages?
An invoice for €2,880 plus default interest of €48.40 was paid on October 28th. Interest rate 5.5%. When was the bill due?