SHOW YOUR SOLUTION

ANSWERS:

1.A

2.C

3.A

4.C

5.D

1.Based on No. 11, How much is the income subject to income tax in 2018, 2019, and 2020?

a)P56,250, P33,750, and P22,500, respectively

b)P112,500, 67,500 mad P45,000, respectively

c)P225,000, P0 and P0, respectively

d)None of the above

2.A taxpayer had the following dealings in properties

Short term capital gainP200,000

Long term capital gain 100,000

Short term ordinary gain50,000

Long term ordinary gain150,000

Short term capital loss100,000

Long term capital loss150,000

Short term ordinary loss200,000

Long term ordinary loss120,000

Assuming the taxpayer is an individual, compute respectively the total items of gross income and the total items of gross income and the total items deductible from gross income

a)P200,000, P260,000

b)P200,000 P320,000

c)P275,000, P320,000

d)P275,000 260,000

3.Ayala Mall Cebu sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on sale of lot is:

a)0

b)108,000

c)120,000

d)150,000

4.Mateo sold his principal residence for P5,000,000. His principal residence was acquired at 200,000,000 and has a fair value of P6,000,000 at the date of sale. within 18 months, he reconstructed a new principal residence of P4500,000.

a)P270,000

b)P300,000

c)P360,000

d)P0

5.Sarah Geronimo is a stock broker and holds 10,000 ordinary stock of San Miguel Corporation, a domestic corporation, acquired at P100 per share. Her valuation for San Miguel Corporation indicates that San Miguel's stocks will decline in the near future. If Sarah sells her stock investment directly to a buyer, Divine, at P115 per share, how much is the capital gains tax payable on the transaction?

a)P5,000

b)P10,000

c)P5,750

d)P22,500