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A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock exchange at its fair market value amounting to P550,000. Cost of the shares sold is P300,000.
Compute for the
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- Determine the taxpayers gross income for tax purposes in each of the following situations: a. Deb, a cash basis taxpayer, traded a corporate bond with accrued interest of 300 for corporate stock with a fair market value of 12,000 at the time of the exchange. Debs cost of the bond was 10,000. The value of the stock had decreased to 11,000 by the end of the year. b. Deb needed 10,000 to make a down payment on her house. She instructed her broker to sell some stock to raise the 10,000. Debs cost of the stock was 3,000. Based on her brokers advice, instead of selling the stock, she borrowed the 10,000 using the stock as collateral for the debt. c. Debs boss gave her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, each ticket had a face price of 200 and was selling on eBay for 300. On the date of the concert, the tickets were selling for 250 each. Deb and her son attended the concert.A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at its fair market value amounting to P300,000. Cost of the shares sold is P220,000. Compute for the capital gains tax.A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity- Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales Php 6,000,000 Operating Expenses - Php 5,900,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
- A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? CHOICES: Php 480,000 Php 500,000 Php 400,000 Php 600,000A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
- 1. A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock exchange at its fair market value amounting to P550,000. Cost of the shares sold is P300,000. Compute for the capital gains tax. Group of answer choices 0 P15,000 P33,000 P18,000 Flag question: Question 6 Question : A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at its fair market value amounting to P600,000. Cost of the shares sold is P650,000. Compute for the capital gains tax. Group of answer choices 0 P7,500 P39,000 P97,500If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a domestic corporation.A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.000
- A resident citizen obtains P9,500 each from the following sources, net of final tax. Under which of the following passive income does the government obtain the least amount of final tax? interest income from tax-free covenant bonds share in net income of a taxable partnership interest income from bank deposits prizesA resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000