Mr. 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.
Mr. 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.
Chapter17: Property Transactions: §1231 And Recapture Provisions
Section: Chapter Questions
Problem 49P
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Mr. 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
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