Compute the ordinary gain and the net capital gain subject to regular income tax. a. P480,000; PO b. P400,000; P60,000 c. P400,000; P80,000 d. P300,000; P60,000
Compute the ordinary gain and the net capital gain subject to regular income tax. a. P480,000; PO b. P400,000; P60,000 c. P400,000; P80,000 d. P300,000; P60,000
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 40P
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Transcribed Image Text:5. Mr. San Juanico, a realty dealer, had the following dealings in properties in 2019.
Date of
Date of sale
2/27/2019
3/14/2019
5/12/2019
7/3/2019
Gain (Loss)
P 400,000
(100,000)
80,000
Properties
House and lot
Acquisition
2/25/2014
8/12/2015
7/18/2019
1/14/2019
Commercial lot
Personal car
Personal i-Phone
(40,000)
Compute the ordinary gain and the net capital gain subject to regular income tax.
a. P480,000; PO
b. P400,000; P60,000
c. P400,000; P80,000
d. P300,000; P60,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT