Question
6. Benjamin, a resident Filipino, married but legally separated, supporting his mother, has the following transactions for the year 2020: Sales Cost of Sales
6. Benjamin, a resident Filipino, married but legally separated, supporting his mother, has the following transactions for the year 2020: Sales Cost of Sales Operating expenses Interest income from BDO Interest Expense Other transactions: Sale of office equipment held for 5 years: Selling price Cost Accumulated depreciation Sale of family van-bus held for 3 years: Selling price Cost Sale of family car held for 18 months: Selling price Cost Taxpayer will report a taxable income of: a. P365,000 b. P385,000 c. P368,300 d. P318,300 P2,000,000 1, 150,000 560, 000 10, 000 20, 000 100, 000 120, 000 80,000 300, 000 210, 000 480,000 500,000
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Get StartedRecommended Textbook for
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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