Gross income from business (gross of P12, Business Expenses Royalty from books Gain on direct sale to buyer of shares of sto domestic corporation held as capital asset Loss on sale of land in the Philippines held capital asset with cost of P1,500,000 when the zonal value is P1,200,000 w much is the total income tax expense of Ana?

Gross income from business (gross of P12, Business Expenses Royalty from books Gain on direct sale to buyer of shares of sto domestic corporation held as capital asset Loss on sale of land in the Philippines held capital asset with cost of P1,500,000 when the zonal value is P1,200,000 w much is the total income tax expense of Ana?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 83P

See similar textbooks

Similar questions

Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset 70,000 Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 500,000 How much is the income tax payable of Ana? Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) P700,000 Business Expenses 300,000 Royalty from books…
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000
Cong, single, had the following data for 2021 taxable year: Gross business income, Philippines, P1,000,000.00 Gross business income, USA, P500,000.00 Business expenses, Philippines, P700,000.00 Business expenses, USA, P430,000.00 Compensation income, Philippines, P600,000.00 Dividend income from a domestic corporation, P50,000.00 Dividend income from a foreign corporation, P40,000.00 Interest income from peso bank deposit – Philippines, P20,000.00 Interest income from bank deposits abroad, P30,000.00 Interest income from FCDS deposits, P40,000.00 Royalty income from composition, P25,000.00 Raffle draw winnings, P10,000.00 PCSO winnings, P200,000.00 Creditable withholding taxes on business income, P125,000.00 Required: 1. Net Taxable Income 2. Total final taxes on passive income 3. Income Tax Payable *Kindly provide calculations and explanation. Thanks!
Anji, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax?
X is a resident citizen, realized the following gains from the sale ofassets: Capital Gains on sale of shares of a domestic corporation nottraded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) -P120,000 Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax?
Kara sold to Mia shares of stock of a foreign corporation at a selling price of P1,000,000 with an acquisition cost of P380,000. On the same date, Kara sold to Mia shares of stock of a domestic corporation at a selling price of P600,000, and an acquisition cost of P400,000. If Kara is a resident citizen and is a dealer in securities, and the shares were sold directly to Mia, how much is the capital gains tax due of Kara from the transaction?
From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.
A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains tax.
Emma, a U.S. resident, received the following income items for the current tax year. Identify the sourcing of each item as either U.S. or foreign. $10,000 dividend from International Consolidated, Inc., a foreign corporation that reported gross income of $4,000,000 effectively connected with the con- duct of a U.S. trade or business for the immediately preceding three tax years. International’s total gross income for the same period was $12,000,000. $5,000 interest on Warren Corporation bonds. Warren is a U.S. corporation that derived $6,000,000 of its gross income for the immediately preceding three tax years from operation of an active foreign business. Warren’s total gross income for this same period was $7,200,000.