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What is the taxable income

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Reference no: EM133171584

Question - A citizen who is married, had the following data in 2000:

Gross revenues from 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 100,000

Capital loss on sale of asset held for 6 months 5,000

Required -

1. What is the taxable income if the taxpayer had chosen itemized deduction?

2. What is the taxable income if the taxpayer had chosen optional standard deduction?

Reference no: EM133171584

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