A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains t
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A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows:
Gain on sale - P500,000
Zonal value - 2,200,000
Cost - 2,000,000
Expenses on sale - 150,000
Compute the
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- A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price - P5,500,000 Fair market value - 6,000,000 Zonal value - 5,850,000 Expenses on sale - 275,000 Compute for the capital gains tax.A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regarding the sale are as follows: Selling price - P5,500,000 Fair market value - 6,000,000 Zonal value - 5,850,000 Expenses on sale - 275,000 The individual taxpayer was able to comply all the requirements for exemption, however, the new principal residence was bought for P4,125,000. Compute for the capital gains tax.From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.
- From the following details of sale by a resident citizen of his principal residence located in the Philippines: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 All requirements under the law on tax exemption have been complied with. How much will be deposited by taxpayer (seller) in favor of the government (BIR)?The taxpayer had the following data at the end of the current year: Philippines South Korea Gross profit from sales P3,000,000 P10,000,000 Interest from FC bank deposit 20,000 40,000 Royalties from patents 60,000 100,000 Dividends from domestic corporation 50,000 0 Prizes 12,000 0 Operating expenses 2,000,000 5,000,000 Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income tax) would be: P1,000,000 P6,282,200 P6,000,000 P6,140,000Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000