Reference no: EM132727232

A taxpayer had the following dealings in properties:

Short-term capital gain P 200,000

Long-term capital gain 100,000

Short-term ordinary gain 50,000

Long-term ordinary gain 150,000

Short-term capital loss 100,000

Long-term capital loss 150,000

Short-term ordinary loss 200,000

Long-term ordinary loss 120,000

Problem 1: Assuming that the taxpayer is an individual, compute respectively the total items of gross income and the total items of deductions from gross income.

a. P200,000; P 260,000                 c. P 275,000; P 320,000

b. P 200,000; P 260,000                     d. P 275,000; P 320,000