Professional Documents
Culture Documents
Gross Profit From Sale
Gross Profit From Sale
:
140.How much is the taxable income of Emilio assuming the current
taxable year is 2018?
a. P13.800 c. P213.800
❖ Answer: “C”
Business income
Add: Net capital gain
Short-term capital gain @
100%
Long-term capital gain @
50%
Short-term capital loss @
b. P110,800 d. P260.600
P110,
P90,50
0
40,100
103,
(20,90
P213.
0 The rule on capital loss carry-over is not affected under the TRAIN Law () Personal exemptions are no longer allowed as deductions from
the gross income upon effectivity of the TRAIN Law
❖ Answer: “C”
❖ Answer: “C”
Business P106.
income
Short-term capital gain @ 100% P10.000
Long-term capital gain @ 100% 20.600
Short-term capital loss @ 100% (90.000)
Long-term capital loss @ 100% (80,400)
Net capital loss t
(P139.800) _
Taxable net income
Gross J/tc&tnr
U5. If the taxpayer is a corporation howm„^: „
- n<,onn a. P13.80 ’ c p11jS8tQ®taxab|e income for the year 2017?
0 d- P260.600
Answer: “D”
Solution:
Business income
P110,800
Add: Net capital gain
Short-term capital gain @ P90,500
100% Long-term capital gain 80,200
@ 100% (20,900)
The rules on holding period and net capital loss carry-over are not applicable to corporate taxpayers.
Use the following data for the next two (2) questions:
Jose has the following information in 2018:
Gross profit from sale of inventories held for 2 years P
Loss on two (2) weeks option contract 500,000
Gain on sale of bonds (holding period: 6 months) 50,000
Gain on sale of delivery truck held for 3 % years 60,000
Gain on sale of personal car held for 5 years 400,000
Capital gain on direct sale to buyers of shares of stocks held 160,000
for 4 years Sale of 2-year old residential house (Cost: P540.000)
3
.