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A resident citizen, has the following data for the year 2020: Description From Philippines From Ukraine Gross sales 5,000,000 3,000,000 Sales returns and allowances 500,000
A resident citizen, has the following data for the year 2020:
Description | From Philippines | From Ukraine |
Gross sales | 5,000,000 | 3,000,000 |
Sales returns and allowances | 500,000 | 200,000 |
Cost of sales | 1,500,000 | 800,000 |
Business expenses | 500,000 | 300,000 |
Interest income, peso bank deposit BDO-Marikina | 20,000 | 0 |
Interest income, US dollar deposit BDO-Mandaluyong | 50,000 | 0 |
Gain from sale of residential house and lot, P500,000 (Selling price is P3,000,000; FMV at time of sale is P5,000,000) | ||
Gain from sale of shares of stock listed and traded in the local stock exchange, P30,000 (selling price, P100,000) | ||
Gain from sale of shares of stock not traded in the local stock exchange, P150,000. |
Using the information in the previous question, how much is the capital gains tax due?\
Using the information in the previous question, how much is the taxable net income?
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