Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a lot located in Davao valued at P2,500,000 to his long-time friend, Wanwan, for only P1,500,000. The property was purchased by Ling two years ago at a cost of P1,200,000. How much is the donor’s tax due?

Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a lot located in Davao valued at P2,500,000 to his long-time friend, Wanwan, for only P1,500,000. The property was purchased by Ling two years ago at a cost of P1,200,000. How much is the donor’s tax due?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 44P

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