X derived the following income in 2020, shade 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
X derived the following income in 2020, shade 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
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 11DQ
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Question
X derived the following income in 2020, shade A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39626923-0ac1-41fa-a618-c8f49742141f%2Fe33bcb0f-d883-4681-911b-f64a42745d49%2Frbqxwb9_processed.png&w=3840&q=75)
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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