Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation, directly to buyer and received P200,000 cash plus a car with fair value of P100,000. The car has a depreciated value of 90,000 and was previously bought by the owner for P500,000. The shares sold by Juan were inherited by him. The fair value of the stocks at the time of inheritance was P50,000. The fair value of the stocks at the time of sale was P90,000. Compute the capital gains tax:
Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation, directly to buyer and received P200,000 cash plus a car with fair value of P100,000. The car has a depreciated value of 90,000 and was previously bought by the owner for P500,000. The shares sold by Juan were inherited by him. The fair value of the stocks at the time of inheritance was P50,000. The fair value of the stocks at the time of sale was P90,000. Compute the capital gains tax:
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 28P
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Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation, directly to buyer and received P200,000 cash plus a car with fair value of P100,000. The car has a
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