Compute the total amount of income subject to finaltax.• Yield from deposit substitute- 20,000• Interest income from bonds of a domesticcorporation- 23,000• Property dividend declared by a foreigncorporation- 40,000• Stock dividend declared by a domesticcorporation- 60,000• Compensation income, net of P10,000withholding tax- 80,000• Prize on "Search for Mr. Sexy Body"- 25,000• Royalties from books- 24,000• Interest income on personal loans granted to afriend- 8,000AP89,000BP99,000P49,000DP69,000

Tax liability: The amount of tax owed to the government by the individual and the corporate is known…

Answered: A P89,000 B P99,000 C P49,000 D P69,000

Business

Accounting

A P89,000 B P99,000 C P49,000 D P69,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 12CE

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