A resident citizen has the following data for the year 2020: Description From the Philippines From Ukraine
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Question:
A resident citizen has the following data for the year 2020:
Description | From the Philippines | From Ukraine |
Gross sales | 5,000,000 | 3,000,000 |
Sales returns and allowances | 500,000 | 200,000 |
Cost of sales | 1,500,000 | 800,000 |
Business expenses | 500,000 | 300,000 |
Interest income, peso bank deposit BDO-Marikina | 20,000 | 0 |
Interest income, US dollar deposit BDO-Mandaluyong | 50,000 | 0 |
Gain from sale of residential house and lot, P500,000 (Selling price is P3,000,000; FMV at time of sale is P5,000,000) | ||
Gain from sale of shares of stock listed and traded in the local stock exchange, P30,000 (selling price, P100,000) | ||
Gain from sale of shares of stock not traded in the local stock exchange, P150,000. |
Required
Using the information in the previous question, how much is the capital gains tax due?
Using the information in the previous question, how much is the taxable net income?
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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