25. Is the following statement regarding qualified business income deductions accurate. A. form 11:20 the death qualified business income online 29b. B. A taxpayer with of income of $30,000 to qualify business income comes with a specific side service trade or business must limit their qbi deduction

25. Is the following statement regarding qualified business income deductions accurate. A. form 11:20 the death qualified business income online 29b. B. A taxpayer with of income of $30,000 to qualify business income comes with a specific side service trade or business must limit their qbi deduction

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 3BCRQ

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13 These statements are presented to you for evaluation:Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000.Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase.In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true.
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How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
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