X derived the following income in 2020, choose A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to capital gains tax and D if it is exempt

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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X derived the following income in 2020, choose A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to capital gains tax and D if it is exempt

A
C
Capital gain on
the sale of stocks
directly to buyer:
P30,000.
Ordinary gain on
sale of old office
furniture in the
amount of
P10,000.
Dividend income
from stocks of
San Miguel
Corporation:
P60,000.
Proceeds
received from the
life insurance of
his deceased
father:
P1,000,000
Transcribed Image Text:A C Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000
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