A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) 30,000 Capital loss (Assets held for 7 months) 40,000 Determine the amount of taxable net income.
A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) 30,000 Capital loss (Assets held for 7 months) 40,000 Determine the amount of taxable net income.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Transcribed Image Text:A resident citizen has the following data for a taxable year:
Ordinary income
P300,000
Ordinary loss
50,000
Interest income on bank deposit
10,000
Capital gains (Assets held for 6 months)
20,000
Capital gains (Assets held for 3 years)
Capital loss (Assets held for 7 months)
30,000
40,000
Determine the amount of taxable net income.
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