1. Jerome, a resident citizen, deposited his P20M to BPI Savings time deposit. The bank pays 5% interest per annum. How much final tax should BPI Savings withhold in the 1st quarter of the year? 

2. Mr. Yoongi disposes a vacant lot for P12M. Per Tax Declaration Certificate, the lot was valued at P11.2M. Before he sold the property it was appraised by ABC Appraiser Inc at P14M. Upon verification with BIR, you learned that its zonal value was P12.8M. How much is the capital gains tax?

3. Mr. Jin Alfonso sold his residential house and lot for P4M. He notified the BIR of his intention to acquire a new residence. After six months, he acquired a new house and lot in Pampanga for P3.6M. His old residence had a cost of P2M and had fair market value of P5M at the time of sale. How much capital gains tax should be deposited in escrow?

4. Mr. Romeo Guzman has 60% share interest in GM Management Company. In 2020 GM Management reported net income of P500,000. How much is the final tax to be withheld by the partnership on Mr. Guzman's share?

Answer rating: 100% (QA)

Solution 1 Final tax on interest income from time deposit Interest income P20M x 5 P1M Final ... View the full answer