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  • Gross Profit From Sale

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    Rosemarie Cruz
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    GROSS PROFIT FROM SALE

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    47 views5 pages

    Gross Profit From Sale

    Uploaded by

    Rosemarie Cruz

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 5

    Solution

    :
    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

    141. If the taxpayer is a corporation, how much is the taxable income


    for the year 2016?
    a. P6.700 c. P106.700
    b. P56.700 d. nil

    ❖ 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)

    Short-term capital loss @ 100% Taxable net income

    The rules on holding period and net capital loss carry-over are not applicable to corporate taxpayers.

    146. If the taxpayer is a corporation, how much is the taxable income


    assuming the current taxable year is 2018?
    a. P13,800 c. P113,800
    b. P110.800 d. P260,600
    ❖ Answer: “D”; Same solution with the immediately preceding number

    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)

    In 2017, Jose had a net taxable of P50,000 and a capital loss of


    147.How much is the taxable net P890.0
    income? 00
    a. P415,000
    d
    b. P490.000 * P 500.000
    Answer: "D”
    400.000
    Gross profit from sale of (50,000)
    inventories 60.000
    Gain on sale of delivery truck 80,000
    Loss on option contract = @
    100%
    Gain on sale of bonds = @ 100% Gain on sale of personal
    car = P8k x 50%
    Net Capital Gain
    Less: Net capital loss carry-over
    Taxable net income
    5 Chapter <

    3
    .

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