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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
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 taxStep by Step Solution
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