A corporation sold a residential lot on July of 2022. The following are the terms of the sale:
Gross selling price (excluding VAT): 4,050,000
Down payment: 10%
Balance:
40 % is payable in 36 equal monthly installments, starting July of 2022
50 % upon turnover
Zonal Value of residential lot: 2,950,000

1. What will be the basis of VAT?
2. How much is the down payment (inclusive of VAT)?
3. What is the amount to be paid (including VAT) before turnover?
4. How much will the monthly amortization (including VAT) be?
5. What is the initial payment (including VAT)?

PROBLEM 2: 
A is a Filipino and unmarried. He has the following properties and deductions:
Real and Personal Properties: 20,000,000
Family home: 9,000,000
Other deductions: 2,000,000

Answer the following:
1. How much is his gross estate?
2. How much is the ordinary deduction?
3. Special deductions is how much?
4. How much is the total deductions?
5. How much is net taxable estate?
6. How much will be the estate tax due?

Answer rating: 100% (QA)

Here are the answers to your questions 1 The basis of VAT is the higher of the gross selling price o... View the full answer