20. San Miguel Corporation is a resident corporation having the following data in 2020: Selling price,...

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20. San Miguel Corporation is a resident corporation having the following data in 2020: Selling price, at fair market value, on a direct sale to a buyer, of shares of stock of a domestic corporation, not traded in the Philippine Stock Exchange, held as capital asset 3,500,000 Sales Discount Expenses on sales Cost of the shares of stock How much damages are taxable and not taxable? Nontaxable Holding period of the asset What is the capital gains tax? a. 240,000 c. 155,500 d. 160,000 b. 240,750 21. Jalex Rosales, an entrepreneur, met an accident and was able to claim the following damages: Actual damages for unrealized profit P100,000 200,000 Actual damages for lost products Exemplary damages due to injuries Moral damages due to injuries Interest on nontaxable damages Attorney's fee Taxable a. P380,000 b. P300,000 c. P200,000 d. P120,000 P120,000 P200,000 P300,000 P380,000 15,000 30,000 1,850,000 24 months 680,000 50,000 50,000 20,000 80,000 22. Ms. Vandish, a manager of Burn, Inc., received the following fringe benefits during the taxable year 2020: Cash travel allowance P 34, 000 House and lot- ownership of real property is transferred to Ms Vandish, (FMV, P544,000) cost- 476,000 Car-ownership was transferred to Ms. Vandish. The car has a 10-year estimated useful life, but already 1 year in use at date of transfer - The grossed-up monetary value of the fringe benefits would be a. P 850,000 c. P 1,750,000 b. P 950,000 d. P 1,830,769 20. San Miguel Corporation is a resident corporation having the following data in 2020: Selling price, at fair market value, on a direct sale to a buyer, of shares of stock of a domestic corporation, not traded in the Philippine Stock Exchange, held as capital asset 3,500,000 Sales Discount Expenses on sales Cost of the shares of stock How much damages are taxable and not taxable? Nontaxable Holding period of the asset What is the capital gains tax? a. 240,000 c. 155,500 d. 160,000 b. 240,750 21. Jalex Rosales, an entrepreneur, met an accident and was able to claim the following damages: Actual damages for unrealized profit P100,000 200,000 Actual damages for lost products Exemplary damages due to injuries Moral damages due to injuries Interest on nontaxable damages Attorney's fee Taxable a. P380,000 b. P300,000 c. P200,000 d. P120,000 P120,000 P200,000 P300,000 P380,000 15,000 30,000 1,850,000 24 months 680,000 50,000 50,000 20,000 80,000 22. Ms. Vandish, a manager of Burn, Inc., received the following fringe benefits during the taxable year 2020: Cash travel allowance P 34, 000 House and lot- ownership of real property is transferred to Ms Vandish, (FMV, P544,000) cost- 476,000 Car-ownership was transferred to Ms. Vandish. The car has a 10-year estimated useful life, but already 1 year in use at date of transfer - The grossed-up monetary value of the fringe benefits would be a. P 850,000 c. P 1,750,000 b. P 950,000 d. P 1,830,769

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20 To calculate the capital gains tax we first determine the net capital gain Net Capital Gain Selli... View the full answer