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How much is the income tax due using the itemized deduction

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Reference no: EM133036599

Question - Atty. Fuerzas, a practicing lawyer, also a licensed real estate broker. Both businesses were registered with the BIR and had the following data made available for year 2018 (months are gross of withholding tax):

Revenues from his profession 4,000,000

Commission received 600,000

Cost of services 700,000

Business related expenses 400,000

Gain on sale of real property held for investment 500,000

Selling price of real property 2,500,000

Wagering gain 150,000

Wagering losses 100,000

Royalties from books published 150,000

Interest Income from banks 30,000

Required - How much is the income tax due using the itemized deduction?

A. 986,000

B. 984,000

C. 1,050,000

D. 850,000

Reference no: EM133036599

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