A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on January 14, 1980 at a cost of P60,000. The terms of payment are as follows: Down payment, February 14, 2018 P25,000 Installment payment, February 14, 25,000 2019 Installment payment February 14, 50,000 2019 Mortgage assumed by the buyer 20,000 Total P120,000 The taxable gain to be reported by A in 2018 is
A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on January 14, 1980 at a cost of P60,000. The terms of payment are as follows: Down payment, February 14, 2018 P25,000 Installment payment, February 14, 25,000 2019 Installment payment February 14, 50,000 2019 Mortgage assumed by the buyer 20,000 Total P120,000 The taxable gain to be reported by A in 2018 is
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 15MCQ
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Transcribed Image Text:A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on
January 14, 1980 at a cost of P60,000. The terms of payment are as follows:
Down payment, February 14, 2018
P25,000
Installment payment, February 14,
25,000
2019
Installment payment February 14,
50,000
2019
Mortgage assumed by the buyer
20,000
Total
P120,000
The taxable gain to be reported by A in 2018 is
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