What the taxpayer will report a taxable net income of

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Reference no: EM132833130

Mrs. Santos, married with a 2 year old child, has the following transactions for the current year:

Salaries received as employee P 200,000

Sales 1,440,000

Cost of goods sold 660,000

Deductions:

Operating Expenses 440,000

Loss due to fire (properly reported) 60,000

Contributions:

To a government priority project in education 12,000

To Quiapo church 42,000

Other Income:

Rent 36,000

Capital gain from sale of CAR Family held for 3 years 96,000

Problem 1: The taxpayer will report a taxable net income of

Reference no: EM132833130

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