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INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS)

SUGGESTED ANSWERS
C!"t#$ %: Lo&&#&
CHA'TER %
LOSSES
'$o()#* % + , TRUE OR -ALSE
1 . True
2 . True
3 . True
4 . True
5 . True
6 . True
7 . True
8 . False deductible only to either income or estate.
9 . False NO!O is not a""licable #hen O$% is used.
1& . False NO!O is not a""licable under '!(T.
11 . True
12 . False not deductible
13 . False lo#er amount o) the re"lacement cost or boo* +alue
14 . True
15 . True
16 . False %eductible )rom ,amblin, ,ains only.
'$o()#* % + .
1. -
2. !
3. %
4. !
'$o()#* % + / Not in t# 0oi0#& 1 ',232224
-ccount #orthless and #ritten.o))
Not# : The de"reciation amountin, to /160&&& is deductible )rom business income as an
e1"ense but not a loss.
'$o()#* % + 5 B
2. oss )rom sale o) business e3ui"ment
'$o()#* % + 6 A
oss on sale o) ca"ital assets is not deductible )rom business income.
'$o()#* % + 6 C
%eductible loss 2oo* +alue 4/1&&0&&& 1 1&5 1 46
'$o()#* % + 7 D
%eductible loss boo* +alue lo#er than re"lacement cost
'$o()#* % + 8 C
-c3uisition cost
ess7 -ccum. %"n. 84/6&&0&&& 1 9&5691&: 1 2
2oo* +alue
'ulti"lied by "ercent o) dama,ed "ortion
%ama,ed "ortion
%eductible loss re"lacement cost 4lo#er6
82
5. %
6. -
7. %
;. -
/1&0&&&
/1&&0&&&
/ 4&0&&&
/ 5&0&&&
/6&&0&&&
1&;0&&&
/4920&&&
3&5
/14706&&
/12706&&
9. -
1&. !
11. 2
12. !
INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS)
SUGGESTED ANSWERS
C!"t#$ %: Lo&&#&
'$o()#* % + % C
No deductible loss at balance sheet date. On <une 3&0 the re"ortable ,ain #ould be
/2&0&&&0 or 4/12&0&&& /1&&0&&&6.
'$o()#* % + ,2 D
Net o"eratin, loss "er =--/
ess7 2ad debts estimate
NO!O in the succeedin, years
'$o()#* % + ,, D
>ero. -n indi+idual #ho claims the 1&5 o"tional standard deduction shall not simultaneously
claim deduction o) the NO!O.
'$o()#* % + ,.
/250&&&. The lo#er bet#een the carryin, +alue and re"lacement cost.
'$o()#* % + ,/
2oo* +alue 4/102&&0&&&6 11&92&
ess7 (nsurance reco+ery
$cra" reco+ered
%eductible loss
'$o()#* % + ,5
None0 because the demolition cost0 net o) amount reali?ed )rom scra" should be ca"itali?ed
as "art o) the )actory buildin, cost.
'$o()#* % + ,6
Net loss re"orted
@stimated bad debts
Aarranty e1"ense
Net loss carry.o+er
'$o()#* % + ,6
=ross "ro)it year 1
ess7 Other o"eratin, e1"enses
NO!O )or year 2
'$o()#* % + ,7
Bear 1
$ale
ess7 !ost Notes recei+able
=ain
No ,ain or loss on year 1 because there #as no actual sale o) )oreclosed "ro"erty.
'$o()#* % + ,8
None0 because the loss should be reco,ni?ed only u"on actual sale o) the "ro"erty )oreclosed.
'$o()#* % + ,%
None. There is no deductible loss )rom ,ross income. =amblin, losses can only be deducted
)rom the ,amblin, #innin,s. =amblin, transactions are not ordinary business transactions0
but ca"ital asset transaction. -ccordin,ly0 ,amblin, losses are not an allo#able deduction
)rom ordinary ,ross income.
83
/5&0&&&
1&0&&&
/4&0&&&
/6&&0&&&
/2&&0&&&
2&0&&&
/3;&0&&&
/ 5&0&&&
4 2&0&&&6
4 1&0&&&6
/ 2&0&&&
/5&&0&&&
5;&0&&&
/ ;&0&&&
Bear 2
/10;&&0&&&
105&&0&&&
/ 3&&0&&&
22&0&&&
INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS)
SUGGESTED ANSWERS
C!"t#$ %: Lo&&#&
'$o()#* % + .2
oss on robbery 4construction su""lies6
oss on "il)era,e o) business su""lies
Ce"lacement cost o) dama,ed "ortion o) machine
%eductible loss
The com"ensatory and actual dama,es can be claimed under the classi)ication o) deductible
Ddama,es.E
'$o()#* % + .,
1 . O$% 4/20&&&0&&& 1 4&56
2.
'$o()#* % + ..
1 . =ross income 4/20&&&0&&& /10&&&0&&&6
'ulti"lied by '!(T rate
(ncome ta1 due '!(T
2.
Note7 The 3.year re,lamentary "eriod )or NO!O shall not be sus"ended
e+en i) '!(T has been used. NO!O has e1"ired e))ecti+ely on
2&&%.
'$o()#* % + ./
Ordinary
/il)era,e loss
!a"ital loss on sale o) ca"ital asset
!asualty loss
Total deductible loss
'$o()#* % + .5
%eath o) li+estoc* "re+iously "urchased
!ost o) "ro"erty e1"ro"riated by the ,o+ernment
4/3&0&&& /1&0&&&6
Total deductible )arm loss
'$o()#* % + .6
!ost o) the buildin,
ess7 -ccumulated de"reciation 4/1&0&&&0&&&93&6 1 5
2oo* +alue be)ore additions and im"ro+ements
-dd7 -dditions and im"ro+ements
Total
ess7 -ccum de"n 4/;0;3303339256 1 3
2oo* +alue
ess7 (nsurance collected
$al+a,e +alue
%eductible loss
'$o()#* % + .6
!om"ensatory li3uidated dama,es
Ce"lacement cost o) dama,ed "ortion o) machine
2oo* +alue o) abandoned e3ui"ment 4/15&0&&& /12&0&&&6
84
/5&0&&&
1&0&&&
15&0&&&
/21&0&&&
/;&&0&&&
O$% 4/20&&&0&&& /5&&0&&&6 1 4&5
/10&&&0&&&
25
/ 2&0&&&
NO!O )or year 2&&@
!a"ital
/50&&&
/1&0&&&
150&&&
/2&0&&&
/1&0&&&
2&0&&&
/3&0&&&
/1&0&&&0&&&
106660667
/ ;03330333
5&&0&&&
/ ;0;330333
10&6&0&&&
/ 707730333
/50;&&0&&&
3&&0&&&
/ 106730333
/1&&0&&&
4&0&&&
3&0&&&
/6&&0&&&
/ . & .
.
/1&0&&&
601&&0&&&
INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS)
SUGGESTED ANSWERS
C!"t#$ %: Lo&&#&
-mount o) deductible losses
oss on unreali?ed earnin,s is not deductible because it is not an actual loss 4$ec.
960 Ce+. Ce,s. No. 26. The casualty losses are )ully com"ensated by insurance0
hence0 not deductible. The e1cess o) insurance com"ensation is a ta1able ,ain and
should not be treated as a deduction o) other losses 4$ec. 50 Ce+. Ce,s. No. 12.776.
oss caused by embe??lement o) )unds by a *no#n "erson can only be deducted
#hen the ri,ht o) reco+ery becomes #orthless 4Talisay.$ilay 'illin, !o. (nc.0 +s.
!ommissioner0 !T- !ases No. 1399 and 14&60 %ecember 290 19656. !a"ital losses
are not deductible )rom business ,ross income. 4$ec. 394!60 N(C!6
85
/17&0&&&

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