32. Jin is engaged in business. The following pertains to her transactions during 2018: • Sold his personal car which was purchased at P200,000 to a friend who paid only half of the car's P500,000 current fair value. Sales of merchandise was P800,000 and the cost of goods sold was P600,000. Jin acquired several stocks from the Philippines Stock Exchange for speculation. These stocks have an aggregate purchase price of P400,000 but with P700,000 fair value by December 31, 2018. Jin's house and lot which he acquired for P1,500,000 in 2014 now have a current fair value of P2,500,000. Compute Jin's total income subject to income tax.

32. Jin is engaged in business. The following pertains to her transactions during 2018: • Sold his personal car which was purchased at P200,000 to a friend who paid only half of the car's P500,000 current fair value. Sales of merchandise was P800,000 and the cost of goods sold was P600,000. Jin acquired several stocks from the Philippines Stock Exchange for speculation. These stocks have an aggregate purchase price of P400,000 but with P700,000 fair value by December 31, 2018. Jin's house and lot which he acquired for P1,500,000 in 2014 now have a current fair value of P2,500,000. Compute Jin's total income subject to income tax.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 14DQ

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