In January 2020, Mary sold her diamond ring for P500,000. At the time of sale, the market
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In January 2020, Mary sold her diamond ring for P500,000. At the time of sale, the market value of the ring was P350,000. The ring was donated by her father in October 2018. At the time of donation, the market value of the ring was P200,000. The father of Mary bought the ring for P150,000 in October 2017. In May 2020, Mary likewise sold an antique painting for P1 million. She inherited the painting when his father died in October 2019. The value of the property at the time of death was P1.2 million. The father acquired it for P1.1 milion in May 2016. How much is the net capital gain (loss) for income tax purposes?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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