Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
26th Edition
ISBN: 9781337702621
Author: Kevin E. Murphy, Mark Higgins
Publisher: Cengage Learning
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Chapter 11, Problem 58P
To determine
State the impact of the transactions on Person F’s taxable income by providing calculations.
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. Mang Juan, a sole proprietor, died on July 31, 2020. The following summarizes the
taxable income of the business left by Mang Juan:
Period
Taxable Income
P560,000
January 1 to July 31, 2020
August 1 to December 31, 2020
610,000
Total
P1,170,000
Which of the following is a correct statement?
a. The total taxable income of P1,170,000 shall be reported by the estate of Mang
Juan.
b. Mang Juan's 2020 income tax return shall report the total taxable income of
P1,170,000.
c. Mang Juan's 2020 income tax return shall report the taxable income of P560,000
while the estate of Mang Juan shall report a taxable income of P610,000 for the year
2020.
d. Mang Juan's 2020 income tax return shall report the taxable income of P560,000
while the heirs of Mang Juan shall report a taxable income of P610,000 for the year
2020.
Chapter 11 Solutions
Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
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