Answered: On June 1, 2019, Joy inherited…

On June 1, 2019, Joy inherited properties worth P3,000,000 from her mother. The properties are earning income of P90,000 a month. 21.How much income is to be reported by Joy in 2019?

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 56P

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On June 1, 2019, Joy inherited properties worth P3,000,000 from her mother. The properties are earning income of P90,000 a month.

21.How much income is to be reported by Joy in 2019?

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