ross income from the practice of profession, P1,590,000 Gross income from business, P3,500,000 Interest income from currency bank deposit at Metro Bank, P8,300 Interest income on private securities, P24,000 Dividend income from domestic corporation, P26,000 Interest income on loans to friends, P13,000 Winnings from raffle draws, P2,000 Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000 Deductible business and professional expenses, P3,842,000 How much should X report as his gross income?

ross income from the practice of profession, P1,590,000 Gross income from business, P3,500,000 Interest income from currency bank deposit at Metro Bank, P8,300 Interest income on private securities, P24,000 Dividend income from domestic corporation, P26,000 Interest income on loans to friends, P13,000 Winnings from raffle draws, P2,000 Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000 Deductible business and professional expenses, P3,842,000 How much should X report as his gross income?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 6BCRQ

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