The following are the transactions of the X business for the year: Ordinary gain P50,000 Short term

Fantastic news! We've Found the answer you've been seeking!

Question:

The following are the transactions of the X business for the year: Ordinary gain P50,000 Short term capital gain 20,000 Long term capital gain 30,000 Long term capital loss 10,000 If X is an individual, how much is the taxable?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Mar 07, 2024 10:24 PM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
Imagine that a researcher develops a new cancer drug that shrinks tumors, which she measures using an MRI. The researcher needs to determine if the new drug performs differently from, or the same as,...
In September 2007, Democratic presidential candidate Hillary Rodham Clinton suggested that every child born in the United States should get a $5,000 "baby bond" from the government to help pay for...
a. Using the information in Exercise 27-17, identify the cost of quality classification for each activity. b. Prepare of cost of quality report. Assume sales for the period were $3,000,000. Round...
George Oppenheimer, an agent for Wellington Farms of Massachusetts, Inc., had contacted Mark Kiriakou from the Capital Area Food Bank regarding an order for frozen turkey meat. In an exchange of...
Smoky Mountain Corporation makes two types of hiking bootsXtreme and the Pathfinder. Data concerning these two product lines appear below: The company has a traditional costing system in which...
Water is supplied to a fountain via a large pipe. Somewhere along the flow path a troublesome teenager injects a soap solution at a rate of 3 . 2 4 g / s in an attempt to create a grand sudsy mess....
American Dream, is a retail and entertainment complex located in the Meadowlands Sports Complex in Rutherford, NJ. The mega-sized mall opened only a few months prior to the start of COVID in the...
A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows: Year 0 1 2 3 Cash Flow IRR -$34,000 15,000 17,000 13,000 If the required...
Determine the tax consequences to each shareholder and the corporation and show supporting computations. Your answers should include: Gain/loss realized by each shareholder Gain/loss recognized by...
A . 3 5 m long string is attached at both ends and is under a tension of 1 5 0 N . The speed of the waved on this spring is 1 8 m / s . ( A ) what us the mass of the string . ( b ) what us the...
If Danny has an income of a hundred dollars to spend on food. (burgers=x, soup=y) the price of burgers is p1=1 per unit and the price of soup is p2=2 per unit. there is a tax on burgers changing the...
Green Moose Industries reported sales of $743,000 at the end of last year; but this year, sales are expected to grow by 9%. Green Moose expects to maintain its current profit margin of 24% and...
One mole of steam is condensed at 100C and is cooled to 0C. If it is further frozen to ice at 0C, what is the entropy change of the entire process?
Social and environmental reports are not regulated (required) in New Zealand. According to the KPMG reports this has resulted in publicly listed companies in New Zealand starting behind their...
Find the intercepts and then graph the line. (a) 2x - 3y = 6 (b) 10 - 5x = 2y
Robert Ramos (age 36) is a single taxpayer, living at 8765 Bay Dr., Monterey, CA 93940. His Social Security number is 976-23-5132. Robert's earnings and income tax withholding as the manager of a...
Yolanda earns $112,000 in 2012. Calculate the FICA tax that must be paid by: Yolanda:.....................Soc.Sec..................$__________...
In 2012, Michael has net short-term capital losses of $2,000, a net long-term capital loss of $45,000, and other ordinary taxable income of $45,000. a. Calculate the amount of Michael's deduction for...
Aggarwal suggests that young people just starting at work might rely too much on what he calls Level 1 research: jumping on the Internet to find information. Would you consider that a strength of new...
Kaplan also notes how time- and labor-intensive it is to prepare proposals and sustain good relationships with funders and others. Which of Kaplans remarks underscore the importance of good business...
Which specific paperless tools are discussed by Shelby Walsh? Which are inferior to paper-based media, and which are superior? Is an entirely paperless office possible, or does paper still have...

The following are the transactions of the X business for the year: Ordinary gain P50,000 Short term

Question:

Expert Answer:

The total taxable income for the individual X is Php 90... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions