Ms. X had the following transactions for the year 2020. He comes to you for help to assess his income tax liability.

Royalties from sale of his ebooks.		4,000,000.00
Stock dividends from XYZ corporation, a domestic corporation		500,000
Cash dividends from ABC corporation, a foreign corporation		200,000
Cash dividends from XXX corporation, a domestic corporation		300,000
Interest income from lending activities		500,000
Income from the sale of land located in Batangas with a selling price of P5 Million		1,500,000
Income from eSabong		3,500,000

How much is the gross income subject to final taxes? a. 300,000

b. 1,500,000

c. None of the choices

d. 4,500,000

How much is the gross income subject to regular taxes?

a. None of the choices

b. 9,700,000

c. 5,500,000

d. 10,500,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Ms Xs Income Tax Liability Assessment G... View the full answer