X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to final tax?
X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to final tax?
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 52P
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Question
X derived the following income in 2020:
Business income of P400,000
Compensation income of P200,000
Interest income from 5/6 lending to clients: P150,000
Interest income from bank deposits in the amount of P25,000.
Royalty income for the sale of books where he is the author: P120,000.
Capital gain on the sale of stocks directly to buyer: P30,000.
Ordinary gain on sale of old office furniture in the amount of P10,000.
Dividend income from stocks of San Miguel Corporation: P60,000.
Proceeds received from the life insurance of his deceased father: P1,000,000
what is the total income of X which is subject to final tax?
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