Mr. Cruz sold his lot which is considered as a capital asset for P700,000. The lot was previously acquired for P300,000. At the time of sale, the zonal value as appearing in the BIR’s list of values is P600,000 and the assessed value as appearing in the records of the City Assessor’s Office is P350,000. An independent appraisal of the lot concluded an appraised value of P800,000. COMPUTE THE DOCUMENTARY STAMP TAX DUE. a. P4,500 b. P9,000 c. P10,500 d. P12,000
Mr. Cruz sold his lot which is considered as a capital asset for P700,000. The lot was previously acquired for P300,000. At the time of sale, the zonal value as appearing in the BIR’s list of values is P600,000 and the assessed value as appearing in the records of the City Assessor’s Office is P350,000. An independent appraisal of the lot concluded an appraised value of P800,000. COMPUTE THE DOCUMENTARY STAMP TAX DUE. a. P4,500 b. P9,000 c. P10,500 d. P12,000
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 41P
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Mr. Cruz sold his lot which is considered as a capital asset for P700,000. The lot was previously acquired for P300,000. At the time of sale, the zonal value as appearing in the BIR’s list of values is P600,000 and the assessed value as appearing in the records of the City Assessor’s Office is P350,000. An independent appraisal of the lot concluded an appraised value of P800,000. COMPUTE THE DOCUMENTARY STAMP TAX DUE.
a. P4,500
b. P9,000
c. P10,500
d. P12,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT