What is the taxable income if the taxpayer had chosen itemized deduction? D. Co. is a domestic corporation with the following data for 2002 (first year of operations): Gross profit from sales P2,000,000 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? D. Co. is a domestic corporation with the following data for 2002 (first year of operations): Gross profit from sales P2,000,000 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

What is the taxable income if the taxpayer had chosen itemized
deduction? *
D. Co. is a domestic corporation with the following data for 2002 (first year of operations):
Gross profit from sales
Dividend from domestic corporation
Capital gain on sale of land in the Philippines held for two
years (sold at P1,000,000)
Capital gains on sale of shares of domestic corporation held for two
months (direct sale to buyer)
Business expenses
Capital loss on bonds of domestic corporation held for 6 months
P2,000.000
20,000
200,000
120,000
1,100,000
30,000

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