Other than the properties above, the tax payer has also a vacant lot which was purchased on
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Question:
Items sold | Date Acquired | Date Sold | Gain(Loss) |
Car | 08/14/2017 | 02/14/2019 | 100,000 |
Laptop | 04/05/2018 | 03/05/2019 | 80,000 |
Home appliances | 07/21/2018 | 08/24/2019 | (160,000) |
Books | 12/28/2018 | 11/26/2019 | (30,000) |
Required: Assuming that the taxpayer is a/an a.) individual, b.) corporation, determine the following:
1.Taxable income subject to regular income tax rate.
2.Income subject to capital gains tax and the corresponding tax due.
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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