1.) In January 2020, Gladio sold his diamond ring for P500,000. At…
Question Answered step-by-step 1.) In January 2020, Gladio sold his diamond ring for P500,000. At… 1.) In January 2020, Gladio sold his diamond ring for P500,000. At the time of sale, the market value of the ring was P350,000. The ring was donated by his father in October 2018. At the time of donation, the market value of the ring was P200,000. The father of Gladio bought the ring for P150,000 in October 2017.In May 2020, Glado likewise sold an antique painting for P1 million. He inherited the painting when his father died in October 2019. The value of the property at the time of death was P1.2 million. The father acquired it for P1.1 milion in May 2016.How much is the net capital gain (loss) for income tax purposes?Group of answer choicesNet capital gain of P75,000 Net capital gain of P200,000 Net capital gain of P150,000 Net capital loss of P25,000 2.)Image transcription textMr. Juan, who is married with 4 minor children, is arank-and-file employee of DEF Corporation. In 2021,he had the following employment-relate… Show more… Show moreHow much is total non-taxable/exempt compensation income of Mr. Reyes?Group of answer choicesP202,400P201,200P178,400P136,000 3.) How much is the gross taxable compensation income of Mr. Juan?Group of answer choices: P994,000P1,040,400P970,000P984,000 4.) Image transcription textThe taxpayer had the following data at theend of the current year: Philippines SouthKorea Gross profit from sales … Show more… Show moreAssuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be:Group of answer choicesP1,000,000P6,000,000P6,140,000P6,282,200 5.) Assuming that the taxpayer is a resident citizen, the total amount of final taxes would be:Group of answer choicesP22,400P48,400P16,400P23,4006.) Assuming that the taxpayer is a non-resident citizen, the total amount of final taxes would be:Group of answer choicesP13,400P48,400P19,400P23,400 Law Social Science Tax law BUSINESS A 123 Share QuestionEmailCopy link Comments (0)
