Suri Company is a dealer of real properties. On June 30, 2020, it sold a parcel of land with a tax basis of P1,600,000. A cash downpayment of P200,000 was made. The buyer agreed to shoulder the mortgage attached to the land amounting to P1,700,000. In addition, nine payments of P100,000 are to be made every last day of each calendar quarter after the sale. 24.How much is the gross income to be reported in 2020 using the instalment method, if applicable?
Suri Company is a dealer of real properties. On June 30, 2020, it sold a parcel of land with a tax basis of P1,600,000. A cash downpayment of P200,000 was made. The buyer agreed to shoulder the mortgage attached to the land amounting to P1,700,000. In addition, nine payments of P100,000 are to be made every last day of each calendar quarter after the sale. 24.How much is the gross income to be reported in 2020 using the instalment method, if applicable?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE
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Suri Company is a dealer of real properties. On June 30, 2020, it sold a parcel of land with a tax basis of P1,600,000. A cash downpayment of P200,000 was made. The buyer agreed to shoulder the mortgage attached to the land amounting to P1,700,000. In addition, nine payments of P100,000 are to be made every last day of each calendar quarter after the sale.
24.How much is the gross income to be reported in 2020 using the instalment method, if applicable?
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