Bert Martinez was the owner of a grocery business registered as a sole proprietorship under his name. For January to August, the business earned a total income of P3,800,000. Bert died on September 1 of the. From September 1 to October 31, the business earned a total income of P900,000. On November 3, the business was transferred in the name of the only son and heir of Bert. From November 3 to December 31, the business earned a total of P1,600,000. All incidents and transactions occurred within the current taxable year. Which of the following statements is CORRECT? * There are three income taxpayers: Bert, the estate of Bert, and the son. Their respective income is subject to both income tax and transfer tax. The sale transaction of the grocery from January to December is subject to business tax. There are three income taxpayers: Bert, the estate of Bert, and the son. Their respective income is subject to income tax. The sale transaction of the grocery from January to December is subject to business tax. The transfer of business to the son is subject to estate tax. The total income from January to December shall be included in the Income Tax Return of Bert. The sale transaction of the grocery is subject to business tax and the transfer of business shall be subject to transfer tax. None of the above
Bert Martinez was the owner of a grocery business registered as a sole proprietorship under his name. For January to August, the business earned a total income of P3,800,000. Bert died on September 1 of the. From September 1 to October 31, the business earned a total income of P900,000. On November 3, the business was transferred in the name of the only son and heir of Bert. From November 3 to December 31, the business earned a total of P1,600,000. All incidents and transactions occurred within the current taxable year. Which of the following statements is CORRECT? *
There are three income taxpayers: Bert, the estate of Bert, and the son. Their respective income is subject to both income tax and transfer tax. The sale transaction of the grocery from January to December is subject to business tax.
There are three income taxpayers: Bert, the estate of Bert, and the son. Their respective income is subject to income tax. The sale transaction of the grocery from January to December is subject to business tax. The transfer of business to the son is subject to estate tax.
The total income from January to December shall be included in the Income Tax Return of Bert. The sale transaction of the grocery is subject to business tax and the transfer of business shall be subject to transfer tax.
None of the above
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