ophia derived a total compensation of P350,000. She also derived income from the sale of her personal jewelry in the amount of P50,000. Which of the following statement is true? a. Sophia wi
ophia derived a total compensation of P350,000. She also derived income from the sale of her personal jewelry in the amount of P50,000. Which of the following statement is true? a. Sophia wi
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 26P
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Sophia derived a total compensation of P350,000. She also derived income from the sale of her personal jewelry in the amount of P50,000. Which of the following statement is true?
a. Sophia will declare only her income from compensation because the income from jewelry is unrelated.
b. Sophia will show BIR two computations of taxable income. One for the taxable compensation and the other for the income from jewelry.
c. Sophia will consolidate her income from compensation and sale of jewelry in one declaration of income.
d. None of the above
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