How much of the following is gross income subject to income tax? * a. P2,410,000b. P2,210,000c. P2,160,000d. P1,710,000e. P450,000 DescriptionAmountCancellation of indebtedness for services renderedActual damages for cost of inventories lostInheritanceGain on illegal businessGain on gambling activitiesGain on "5-6"lending activitiesGain on sale of laptop previously used for non-business activitiesP30,000500,000200,000700,000560,000400,00020,000

Name: How much of the following is gross income subject to income tax? * a.
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Description: How much of the following is gross income subject to income tax? * a. P2,410,000b. P2,210,000c. P2,160,000d. P1,710,000e. P450,000 DescriptionAmountCancellation of indebtedness for services renderedActual damages for cost of inventories lostInheritan

Answer: The gross income is the income which is subject to tax before any deductions.

Answered: How much of the following is gross…

Business

Accounting

How much of the following is gross income subject to income tax? *

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 44P

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