Juan bought a certain piece of lot for P300,000. After 2 years, when its fair value was P500,000, he sold it to his best friend for P320,000 in consideration of their friendship. For taxation purposes, how much shall be the gross income subject to income tax? a.P500,000 b.P300,000 c.P200,000 d.P20,000

Juan bought a certain piece of lot for P300,000. After 2 years, when its fair value was P500,000, he sold it to his best friend for P320,000 in consideration of their friendship. For taxation purposes, how much shall be the gross income subject to income tax? a.P500,000 b.P300,000 c.P200,000 d.P20,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H5.