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Mr. X reported the following in 2020 and 2021: 2020 Net income before dealings in capital assets Dealings in capital assets: 2021 P150,000 P80,000

Mr. X reported the following in 2020 and 2021: 2020 Net income before dealings in capital assets Dealings in capital assets: 2021 P150,000 P80,000 Capital gains Capital losses 20,000 80,000 (60,000) (50,000) Q1. What is the taxable income in 2021? Q2. Assuming net loss before dealings in capital assets in 2020 was (P10,000), what is the taxable income in 2021?

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