48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. How much is the capital gains tax due, if any?
48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. How much is the capital gains tax due, if any?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 30P
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48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you:
Selling price |
P 4,000,000 |
Cost of the principal residence (property was acquired in 2000) |
2,000,000 |
Fair market value of land as per tax declaration (based on the latest tax declaration) |
3,000,000 |
Fair market value of house as per tax declaration (based on the latest tax declaration) |
2,000,000 |
Zonal value of the land as determined by the CIR |
4,000,000 |
Additional information:
- He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021.
- His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan.
How much is the
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