s net capital gain c

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations
Section: Chapter Questions
Problem 16CE
icon
Related questions
Question
ATRIG Corporation sold some of its capital assets and derived gain or loss as follows:
Item
Holding Period
Gain/Loss
Truck 1
3 years
(P350,000)
Truck 2
9 months
(90,000)
Shares sold directly to buyer
5 years
400,000
Land located in Cebu
10 years
1,200,000
Equipment
4 years
120,000
How much shall be reported as net capital gain or loss subject to rules on regular
income tax?
P1,280,000
O (P320,000)
O (P145,000)
zero
Transcribed Image Text:ATRIG Corporation sold some of its capital assets and derived gain or loss as follows: Item Holding Period Gain/Loss Truck 1 3 years (P350,000) Truck 2 9 months (90,000) Shares sold directly to buyer 5 years 400,000 Land located in Cebu 10 years 1,200,000 Equipment 4 years 120,000 How much shall be reported as net capital gain or loss subject to rules on regular income tax? P1,280,000 O (P320,000) O (P145,000) zero
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Managing Risks Off the Balance Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT