A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regarding the sale
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Question:
A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regarding the sale are as follows:
- Selling price - P5,500,000
- Fair market value - 6,000,000
- Zonal value - 5,850,000
- Expenses on sale - 275,000
- The individual taxpayer was able to comply with all the requirements for exemption, however, the new principal residence was bought for P4,125,000.
- Compute for the capital gains tax.
Group of answer choices
- 1. 288,000
- 2. 90,000
- 3. 360,000
- 4. 72,000
Related Book For
Taxes and Business Strategy A Planning Approach
ISBN: 9780132752671
5th edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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