The following data were taken from the financial statement of a corporation for the 3rd taxable taxable year:

Description	Philippines	Abroad
Gross sales	9,000,0000	7,000,000
Sales returns	150,000	-
Rent income (net of 5% expanded withholding tax)	95,000	-
Cost of goods sold	3,500,000	2,250,000
Operating expenses	2,800,000	1,100,000
Interest income from trade rec.	100,000	50,000
Interest income from BPI deposit	100,000	-
Interest income from BPI deposit	-	80,000
Interest income - FCDU	150,000	-
Interest income from money market placements	200,000	100,000
Dividend income from domestic corporation	75,000	-
Dividend income from resident corporation	45,000	-
Dividend income from non-resident corporation	-	30,000
Royalty income	60,000	40,000
Gain on sale on shares of stocks of a domestic corporation held as capital asset thru local stock exchange; selling price - 500,000	120,000	-
Gain on sale of shares of stocks of a domestic corporation held as capital asset directly to a buyer; selling price - 650,000	150,000	-
Sale of real property in the Philippines not used in business; cost - 4,000,000; Fair market value - 7,000,00	5,000,000

Additional information:

Income tax paid for the 3 quarters of the year - 250,000

Determine the capital gains tax due if the corporation is classified as a domestic corporation.

Answer rating: 100% (QA)

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