From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.
From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 3DQ
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From the following details of sale of a principal residence located in the Philippines by a resident citizen:
Cost - P1,000,000
Fair value - P6,000,000
Selling price - P5,500,000
Proceeds of sale were used to acquire new residence for P4,700,000
Other requirements by BIR/NIRC complied with.
Compute the
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT