In 2020, Marshall sold a residential house and lot located in Cotabato for P10,000,000 to his friend. He acquired it at P5,000,000 back in 2016. The FMV at the time of sale is P15,000,000 while the Zonal Value is P13,000,000. The tax on the above transaction is A.P 900,000 Capital gains tax B.P 780,000 Capital gains tax C.P1,450,000 Basic Income Tax D.None of the above
In 2020, Marshall sold a residential house and lot located in Cotabato for P10,000,000 to his friend. He acquired it at P5,000,000 back in 2016. The FMV at the time of sale is P15,000,000 while the Zonal Value is P13,000,000. The tax on the above transaction is A.P 900,000 Capital gains tax B.P 780,000 Capital gains tax C.P1,450,000 Basic Income Tax D.None of the above
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 15MCQ
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Question
In 2020, Marshall sold a residential house and lot located in Cotabato for
P10,000,000 to his friend. He acquired it at P5,000,000 back in 2016. The FMV at
the time of sale is P15,000,000 while the Zonal Value is P13,000,000. The tax on
the above transaction is
A.P 900,000
B.P 780,000 Capital gains tax
C.P1,450,000 Basic Income Tax
D.None of the above
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT