Question: . . Use the following information for the next three (3) questions: Binibini Marikit, a domestic corporation, sold a parcel of land with the following
. . Use the following information for the next three (3) questions: Binibini Marikit, a domestic corporation, sold a parcel of land with the following details: The land has a Transfer Certificate of Title No. 109201. It is an agricultural land located in the municipality of Bamban in the provice of Tarlac The area is 2,500 square meters. . It was acquired in 2004 at a cost of P500,000. At the time of sale, it has a fair market value of P7,500,000. This is equivalent to the prevailing market values enacted by the Sanggunian. The consideration for the sale is P6,700,000. Based on the information above, answer the following: 1. How much is the capital gains tax from the sale? 2. How much is the documentary stamp tax from the sale? 3. How much is the local transfer tax from the sale
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
