2025 Customized Calendar Landscape with Holiday Symbols

[Timrep1914]

salamat

 

[fredz2424]

Salamat lods

 

[jaycee68510]

wow

 

[lado23]

ty

 

[JMPBoxz]

support bossing salamat

 

[cristian181997]

sayang

 

[DiablosBhamut]

support boss salamat

 

[richardbalagot04]

ang ganda naman nito bossing ,, maraming salamat

 

[alisha shreya]

maraming salamat po

 

[JhayAr2024]

Support na lang ako, new account pa lang to kaya hindi ko pa makita.

 

[Lilxiao]

pa bm mona lods

 

[elitejun]

Thanks

 

[DiablosBhamut]

ok cia boss, sayang naman kulang pako sa post

 

[LordCED]

Salamat dol

 

[roktetnachi12]

support

 

[DiablosBhamut]

SUPPORT HAHAHA KAIHIT MALAYO PA SA 600 HAHA

 

[blackangel57]

Ganda nito bossing. Salamat!

 

[luisclark]

ty TS, sana ma ishare na...

 

[Inhinyerongsibil1]

SGSHDJ

THANK YOU FOR THE LOVE HEARTS HAERTS

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CRC-ACE/TAX: WEEK 4 –SOURCES OF INCOME & GROSS INCOME PAGE 16 f.Option gains or losses –Gains or losses attributable to the failure to exercise privileges or options to buy or sell property shall be considered as capital gains or losses. g.Gains and losses from short sales –Gains or losses from short sales of property shall be considered as gains or losses from sales or exchanges of capital assets. Problems 1.A feature of ordinary gains as distinguished from capital gains: a. Gains from sales of assets not stock in trade. c. Sources are capital assets. b. May or may not be taxable in full. d. No holding period. 2.Lots being rented when subsequently sold are classified as: a. Capital assets b. Liquid assets c. Ordinary assets d. Fixed assets 3.The term “capital assets” includes: a.Stock in trade or other property included in the taxpayer’s inventory. b.Real property not used in the trade or business of taxpayer. c.Property primarily for sale to customers in the ordinary course of his trade or business. d.Property used in trade or business subject to depreciation. 4.Which of the following is a capital asset? a.Stock in trade. b.Property held by the taxpayer primarily for sale to customers in the ordinary course of trade or business. c.Personal property used in trade or business subject to depreciation. d.Property of a kind which would not be included in inventory of the taxpayer if on hand at the close of the taxable year. 5.Wilson operates a retail store and owns the following property. Indicate which of the property is capital asset in the hands of Wilson: a.The building which houses the retail store b.Inventory on hand at the end of the year c.Fixtures used in the retail store d.Trade accounts receivable 6.Individual, single, has the following records during 2018: Net income from business P140,000 Sales of assets: Gain, sale of ordinary asset held for 5 years 30,000 Gain, sale of capital asset held for 6 years 40,000 Loss, sale of capital asset held for 9 months 60,000 The taxable income of the taxpayer is: a. P100,000 b. P120,000 c. P150,000 d. P170,000 7.In addition to his business as construction materials dealer, Henlin had the following capital assets transactions in 2018: Capital Sold Acquired Selling Capital Assets Date Selling price Date Cost expenses gain (loss) Jewelry 03/15/2018 P 80,000 05/10/2016 P 10,000 P 1,000 P69,000 M. Benz Car 05/16/2018 400,000 07/15/2016 350,000 20,000 30,000 Refrigerator 09/05/2018 6,000 02/09/2018 5,000 1,000 Ford car 12/05/2018 12,000 01/10/2018 20,500 (8,500) The net capital gain of Henlin in 2018 is: a. P27,000 b. P76,500 c. P42,000 d. P26,500 17.A resident citizen has the following records of transactions in 2018: Capital gains (short-term) on sale of: Domestic shares listed and traded in the stock exchange P 22,400 Vacant lot, thru a broker, located in Baguio City (market value –P700,000) 150,000 Residential house in Singapore 300,000 Capital loss (long-term) on sale of: Land in New York City 125,000 Family car 50,000 The net capital gain/(loss) of the resident citizen is: a. P212,500 b. (P175,000) c. P275,000 d. (P25,000) 9.Calendar year is 2018: Taxpayer is a citizen of the Philippines who is single. Capital gain on sale of bonds held for 20 months P 50,000 Capital gain on sale directly to buyer of shares of domestic corporation held for 6 months 120,000 Capital loss on sale of family car held for 11 months 80,000 Capital loss on sale of land in the Philippines held for 3 years on a selling


CRC-ACE/TAX: WEEK 4 –SOURCES OF INCOME & GROSS INCOME PAGE 17 price of P800,000 60,000 Net capital loss in 2017 (net income of the year was P10,000) 20,000 Total capital gains to consider at the end of the year: a. P145,000 b. P25,000 c. P120,000 d. P130,000 Items 10 and 11 are based on the following information: Martin has the following data in 2018: Sale of Property Holding Period Gain/(loss) Apartment house 10 years P 35,000 Residential house 6 years 120,000 Vacant lot 12 years 72,500 Jewelry for personal use 6 months 4,200 Jewelry in a jewelry store 2 months 8,000 Car for personal use 4 years (20,000) Transportation equipment 12 months (10,000) The proceeds from sale of residential house shall be used in acquiring a new residence. During the year, Martin had a business income (other than the sale of the properties above) in the amount of P5,000. 10.The taxable income before personal exemption of Martin in 2018 is: a. P32,200 b. P38,000 c. P22,200 d. P42,200 11.Assuming the net income of Martin in 2019 is P130,000 which includes a capital gain of P6,000. The taxable income of Martin in 2019 is: a. P125,000 b. P130,000 c. P124,200 d. P120,000 12.A resident citizen who is married, had the following data in 2018: Gross receipts from sale of services P400,000 Capital gain on sale of asset held for 2 years 10,000 Dividend from resident corporation 15,000 Direct costs of the services sold 100,000 Capital loss on sale of asset held for 6 months 5,000 If choosing the Optional Standard Deduction (OSD), the taxable income is: a. P142,000 b. P252,000 c. P205,000 d. P256,000 Items 13 and 14 are based on the following information: A certain taxpayer has the following transactions: 2018 - Net income from business P 60,000 Dividends received from Resident Foreign Corporation 15,000 Interest on savings deposit 1,600 Capital gains on capital assets held for 12 months 10,000 Capital losses on capital assets held for 11 months 15,000 2019 - Net income from business 120,000 Royalties received 4,000 Interest from time deposits 2,80

 

[Yheha17]

support po sir