Mr. Antonio disposed his principal residence for P2M and immediately acquired a new one for P1.8M. The old residence cost Mr. Antonio P1M and had a fair market value of P2.5M on the date of sale. Compute the capital gains tax to be deposited in escrow
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Mr. Antonio disposed his principal residence for P2M and immediately acquired a new one for P1.8M. The old residence cost Mr. Antonio P1M and had a fair market value of P2.5M on the date of sale. Compute the
a.0
b.P60,000
c.P120,000
d.P150,000
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- Mr. B disposed his principal 2 points residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Antonio P1,000,000 and had a fair value of P2,500,000 on the date of sale. Compute the capital gains tax to be deposited in escrow. Your answerMr. Reyes disposed his principal residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Reyes P1,000,000 and had a fair market value of P2,500,000 on the date of sale.Compute the capital gains tax to be deposited in escrow.7. A, resident alien engaged in business in the Phil, sold his house and lot (principal residence) costing P 1,000,000 to B for proceeds of P 1.8M. The fair market value of the property is 2M. He filed the final income tax return to BIR after 10 days. Within 12 months, A purchased a new house and lot for P 2.2M. What is the final capital gain tax?
- Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.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 600,000Ms. Cruz, a licensed real estate broker obtained a net listing of P6,500,000.00. She sold the property at a price which is inclusive of her 5% commission, capital gains tax and documentary stamps. The Deed of Sale provides that the buyer will pay for the transfer and registration fees. At how much was it sold?
- Mr. F sold his principal residence which he acquired for P1,000,000 for P3,000,000. At the time of sale, the fair market value is P2,500,000. After 1 year, Mr. F bought a house and lot for P3,200,000. Assuming all other requisites are present, how much is Income subject to Capital Gain Tax?Mr. XYZ, is negotiating to buy a parcel of property for his business. The seller of the property is asking P 1,700,000 for the property. The assessed value of the property for tax purposes of P 1,250,000. The property is presently insured by the owner for P 1,350,000. Mr. XYZ, originally offered the seller P 1,300,000 for the property. Mr. XYZ and the seller have agreed on a purchase price of P 1,500,000. Shortly after the purchase is made by Mr. XYZ, he is offered P 1,750,000 for the same property. At what price would Mr. XYZ record the property on the books of his business?c. wnat amount of the gain or 1oss IS subject to orainary tan raic Brantley owns an automobile for personal use. The adjusted basis is $19,500, and the FMV is $16,000. Assume Brantley has owned the automobile f a. Respond to the following if Brantley sells the vehicle for S16,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040? Respond to the following if Brantley sells the vehicle for $20,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040?
- Mang Pandoy sold his primary residence (house and lot) for P10M. The cost of the property is P6M. Compute the business tax. zero P1.2M P100,000the purchase for tax purpo 6. Derek purchases a small business from Art on August 30, 2022. He paid the following amounts for the business: Fixed assets Goodwill Covenant not to compete Total $170,000 50,000 20,000 $240,000 a. How much of the $240,000 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? Annie develops a successful tax practice. She sells the practice to her friend CarolG transferred property to F, in trust, and under the terms of the transfer, F should accumulate the income for the benefit of B until the latter reaches the age of majority. During 2020, the property earned P1,000,000 and incurred expenses of P350,000. P50,000 of the income was distributed to B. How much is income tax?
