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. 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?
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 11BCRQ
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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
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT