JACK sold for P10M her Baguio rest house with a FMV of P 12M to buy a new principal residence. If JACK utilized P8M of the proceeds of the sale in acquiring a new principal residence, the capital gains tax payable is P 720,000 P 144,000 P 120,000 P 600,000
JACK sold for P10M her Baguio rest house with a FMV of P 12M to buy a new principal residence. If JACK utilized P8M of the proceeds of the sale in acquiring a new principal residence, the capital gains tax payable is P 720,000 P 144,000 P 120,000 P 600,000
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 2BCRQ
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JACK sold for P10M her Baguio rest house with a FMV of P 12M to buy a new principal residence. If JACK utilized P8M of the proceeds of the sale in acquiring a new principal residence, the capital gains tax payable is
P 720,000
P 144,000
P 120,000
P 600,000
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