From the data below, how much is the total passive income?

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 23P
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From the data below, how much is the total passive income?
Description
Interest income on savings deposits in local banks
2020
Р3,000
Income from sale of lot held for investment, located IN
320,000
Compensation income
Income from legitimate business
Income from illegal business
Income from sale of machine not used in business
200,000
400,000
800,000
40,000
а. Р323,000
b. P43,000
с. Р3,000
d. Answer not given
Transcribed Image Text:From the data below, how much is the total passive income? Description Interest income on savings deposits in local banks 2020 Р3,000 Income from sale of lot held for investment, located IN 320,000 Compensation income Income from legitimate business Income from illegal business Income from sale of machine not used in business 200,000 400,000 800,000 40,000 а. Р323,000 b. P43,000 с. Р3,000 d. Answer not given
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