Mr. C. is a domestic corporation with the following data for 2002 (first year of operations): Gross profit from sales 2,000,000 Dividend from domestic corporation 20,000 Capital gain on sale of land in the Philippines held for two years (sold at P1,000,000) 200,000 Capital gains on sale of shares of domestic corporation held for two months (direct sale to buyer) 120,000 Business expenses 1,100,000 Capital loss on bonds of domestic corporation held for 6 months 30,000 What is the taxable income if the taxpayer had chosen itemized deduction?
Mr. C. is a domestic corporation with the following data for 2002 (first year of operations): Gross profit from sales 2,000,000 Dividend from domestic corporation 20,000 Capital gain on sale of land in the Philippines held for two years (sold at P1,000,000) 200,000 Capital gains on sale of shares of domestic corporation held for two months (direct sale to buyer) 120,000 Business expenses 1,100,000 Capital loss on bonds of domestic corporation held for 6 months 30,000 What is the taxable income if the taxpayer had chosen itemized deduction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. C. is a domestic corporation with the following data for 2002 (first year of operations):
Gross profit from sales 2,000,000
Dividend from domestic corporation 20,000
Capital gain on sale of land in the Philippines held for two years (sold at P1,000,000) 200,000
Business expenses 1,100,000
Capital loss on bonds of domestic corporation held for 6 months 30,000
What is the taxable income if the taxpayer had chosen itemized deduction?
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