ITEMS OF INCOME Net income - business* Interest income on customer notes IN 10,000,000 145,000 OUT...

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ITEMS OF INCOME Net income - business* Interest income on customer notes IN 10,000,000 145,000 OUT 15,000,000 260,000 Interest income RECEIVED on 6-year bank deposits 10,000 5,000 Interest income RECEIVED on 4-year bank deposits 4,000 2,000 Interest income EARNED under EFCDS 4,000 Dividend income from a DC 1,150,000 Dividend income from a RFC doing 60% business in the Philippines - 1,500,000 Dividend income from a NRFC Royalty income on franchise agreement Income on sale of company truck 220,000 2,550,000 120,000 Income on sale of immovable property classified as capital asset where SP (3M); Zonal value (5M); FV per City Assessor (2M) 1,500,000 Income on sale of immovable considered as capital asset where SP (10M) 5,000,000 Income on sale of domestic stocks sold DIRECTLY to buyer Income on sale of foreign stocks *Disregard (do not use) this data on the NRFC SOLVE THE FOLLOWING UNDER CERTAIN ASSUMPTIONS: 100,000 250,000 Taxable Income subject to RIT FIT CGT-6% CGT-15% DC RFC NRFC ITEMS OF INCOME Net income - business* Interest income on customer notes IN 10,000,000 145,000 OUT 15,000,000 260,000 Interest income RECEIVED on 6-year bank deposits 10,000 5,000 Interest income RECEIVED on 4-year bank deposits 4,000 2,000 Interest income EARNED under EFCDS 4,000 Dividend income from a DC 1,150,000 Dividend income from a RFC doing 60% business in the Philippines - 1,500,000 Dividend income from a NRFC Royalty income on franchise agreement Income on sale of company truck 220,000 2,550,000 120,000 Income on sale of immovable property classified as capital asset where SP (3M); Zonal value (5M); FV per City Assessor (2M) 1,500,000 Income on sale of immovable considered as capital asset where SP (10M) 5,000,000 Income on sale of domestic stocks sold DIRECTLY to buyer Income on sale of foreign stocks *Disregard (do not use) this data on the NRFC SOLVE THE FOLLOWING UNDER CERTAIN ASSUMPTIONS: 100,000 250,000 Taxable Income subject to RIT FIT CGT-6% CGT-15% DC RFC NRFC

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1Calculate the total income for each category Net income business Interest income on customer notes Interest income RECEIVED on 6year bank deposits In... View the full answer