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Determine the taxable income

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Reference no: EM132702088

Problem - A taxpayer has the following data for the years 2018 and 2019:

Income 2018 2019

Gross income P360,000 P500,000

Business Expense 280,000 350,000

Capital Loss (capital asset was held for three months) 60,000

Capital Loss (capital asset was held for 2 years) 20,000

Capital gain (capital asset held for 26.5 months) 40,000

Capital gain (capital asset held for 12 months) 80,000

Required - Determine the taxable income in 2018 and 2019 if the taxpayer is (a) resident citizen (b) domestic corporation.

Reference no: EM132702088

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