Compute for the capital gains tax

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 29P
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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.

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