After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a
Question:
After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a cost of P3,000, on the following terms:
June 1, 2021 downpayment 1,000
August 1, 2021 installment due 1,000
October 1, 2021 installment due 2,000
October 1, 2022 installment due 4,000
October 1, 2023 installment due 4,000
How much gain should he report as part of gross income?
X, a resident citizen, is engaged in business. In Taxable Year 2023, X declared the following:
Sales, P1,000,000;
Cost of sales and expenses, P600,000
Lotto winnings, USA, P20,000.
Also, X claimed in his income tax return a personal exemption of 50,000, as head of the family.
How much is the basic income tax due of X for the Taxable Year 2023?
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