The tax payer is a resident citizen. The receipts/earnings/balances during the taxable period are as follows: Winnings from gambling is 900,000; interest on bank deposits is 20,000; increase in fair value of lands held for investment is 500,000; share in partnership income credited to capital account in the partnership is 150,000; and gross income from profession is 200, 000. What is his taxable income?
The tax payer is a resident citizen. The receipts/earnings/balances during the taxable period are as follows: Winnings from gambling is 900,000; interest on bank deposits is 20,000; increase in fair value of lands held for investment is 500,000; share in partnership income credited to capital account in the partnership is 150,000; and gross income from profession is 200, 000. What is his taxable income?
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 29P
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The tax payer is a resident citizen. The receipts/earnings/balances during the taxable period are as follows: Winnings from gambling is 900,000; interest on bank deposits is 20,000; increase in fair value of lands held for investment is 500,000; share in partnership income credited to capital account in the partnership is 150,000; and gross income from profession is 200, 000. What is his taxable income?
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