Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

kindly include the step by step solution thank you Problem! Boy has the following data: 2019 2020 Business Income 106,700 110,800 Interest on Time Deposit

image text in transcribed

kindly include the step by step solution thank you

Problem! Boy has the following data: 2019 2020 Business Income 106,700 110,800 Interest on Time Deposit With PNB 2,000 3,000 Short-term Capital gain 10,000 90,500 Long-term capital gain 20,600 80,200 Short-term Capital Loss 90,000 20,900 Long-term Capital loss 80,400 Required: How much is the taxable income for 2019 and 2020 if a. TP is individual b. TP is a corporation Problem 2 Carlos has the following information for 2020: Gross Profit from sale of inventories held for 2 years 500,000 Loss on two weeks option contract 50,000 Gain on sale of bonds held for 6 months 60,000 Gain on sale of delivery truck held for 3.5 years 400,000 Gain on sale of personal car held for 5 years 160,000 Capital gain on direct sale to buyers of shares of stocks Held for 4 years 40,000 Sale of 2-year old residential house (Cost: P540,000) 5,500,000 In 2019, Carlos had a net taxable income of P50,000 and a capital loss of P75,000. Required: 1. How much is Net Taxable income 2. How much is the capital gains tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Pauline Weetman

6th Edition

0273789252, 978-0273789253

More Books

Students also viewed these Accounting questions