The following are the transactions of Pablo pertaining to sale of real properties for the current...
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The following are the transactions of Pablo pertaining to sale of real properties for the current year: > Sale of vacant lot used in his trading business, P500,000. This was acquired 2 years ago at P200,000. > Sale of his residential lot for P1,000,000, the zonal value at the date of sale is P1,200,000. This was purchased 3 years ago at P400,000. What would be the final tax fr these real estate transactions? The following are the transactions of Pablo pertaining to sale of real properties for the current year: > Sale of vacant lot used in his trading business, P500,000. This was acquired 2 years ago at P200,000. > Sale of his residential lot for P1,000,000, the zonal value at the date of sale is P1,200,000. This was purchased 3 years ago at P400,000. What would be the final tax fr these real estate transactions?
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To calculate the final tax for the real estate transactions we need to determine the capital gains f... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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