Mr. A has the information as shown below:

• A sold his residential building (principal residence) in Quezon City with Fair value per Schedule of Market Values (SMV) of P12,000,000 (LGU) for P10,000,000 (Selling Price) and appraisal value of P15,000,000. If he utilized only P7,000,000 from the proceeds of sale in acquiring a new residence.
• A sold his personal car with fair market value of P2,000,000 for P1,000,000 and appraisal value of P500,000. If he utilized only P700,000 from the proceeds of sale in acquiring a new car.
• A is a dealer of securities, sold 10,000 no par value shares of GMA Company for P100/share. He purchased the shares for P75/ share from a buyer who bought the shares from GMA Company for P75/share.
• The following are the assessment level:

FMV Over	But Not Over	Assessment Level
0.00	P175,000	0%
P175,000	300,000	10%
300,000	500,000	20%
500,000	750,000	25%
750,000	1,000,000	30%
1,000,000	2,000,000	35%
2,000,000	5,000,000	40%
5,000,000	10,000,000	50%
10,000,000		60%

Based on the information above, find the following:

1. The final tax
2. The documentary stamp tax

Answer rating: 100% (QA)

To find the final tax for each transaction and the documentary stamp tax DST for the sale of the res... View the full answer