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1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price Fair market value Zonal value P5,500,000 6,000,000 5,850,000

1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price Fair market value Zonal value P5,500,000 6,000,000 5,850,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer 2-9. Numbers 1 to 4. thank you.

P380 00 me and 1st Q P300,000 120,000 2, a resident citizen: 2nd Q P650,000 262,000 OPE P910,000 P1,200,000 Gross Profit from Sales Business expenses Dividends-domestic corp. Interest income from BPI UCPB Metro Bank Year 405,890 426,700 000'0 12,000 30,000 000' 000' 000' 000 000'0 000'0 150,000 000' 000 000' 000'0E 150,000 Capital gain on sale of Land: 150,000 Selling price-P600,000; Cost-P450,000 REQUIRED: Using above information, compute the following 1. Income tax payable, first quarter 2. Income tax payable, second quarter 3. Income tax payable, third quarter 4. Income tax payable, fourth quarter 5. Total final taxes (for the year) on passive income 6. Total capital gains tax CAPITAL GAINS TAX 2-9. Compute the capital gains tax of the following: 1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price Fair market value P5,500,000 6,000,000 5,850,000 Zonal value 2. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale Zonal value Cost P500,000 2,200,000 2,000,000
Transcribed Image Text:P380 00 me and 1st Q P300,000 120,000 2, a resident citizen: 2nd Q P650,000 262,000 OPE P910,000 P1,200,000 Gross Profit from Sales Business expenses Dividends-domestic corp. Interest income from BPI UCPB Metro Bank Year 405,890 426,700 000'0 12,000 30,000 000' 000' 000' 000 000'0 000'0 150,000 000' 000 000' 000'0E 150,000 Capital gain on sale of Land: 150,000 Selling price-P600,000; Cost-P450,000 REQUIRED: Using above information, compute the following 1. Income tax payable, first quarter 2. Income tax payable, second quarter 3. Income tax payable, third quarter 4. Income tax payable, fourth quarter 5. Total final taxes (for the year) on passive income 6. Total capital gains tax CAPITAL GAINS TAX 2-9. Compute the capital gains tax of the following: 1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Selling price Fair market value P5,500,000 6,000,000 5,850,000 Zonal value 2. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale Zonal value Cost P500,000 2,200,000 2,000,000
(principal residence) in the Philippines. Other data regarding the 3. A resident citizen taxpayer sold a residential house and lot Chapter Exercises Tndividuals sale are as follows: Selling price Fair market value Zonal value P5,000,000 6,000,000 5,500,000 In addition, assume the taxpayer purchased a new principal residence worth P5,800,000 within eighteen months (18) from disposal of the principal residence. informed about the sale. The BIR was properly 4. Using the same data in the preceding number, determine the capital gains tax assuming the taxpayer utilized only 80% of the proceeds in acquiring his new principal residence. 2-10. Assume the following data: Selling price of Building No.1 Selling price of Building No.2 Cost of Building No.1 Cost of Building No. 2 Expenses on sale of Building No. 1 Expenses on Building No. 2 Fair market value of Building No. 1 Fair market value of Building No. 2 P15,000,000 20,000,000 10,000,000 30,000,000 200,000 300,000 12,000,000 8,000,000 Required: a) Compute the capital gains tax on Building No. 1 b) Compute the capital gains tax on Building No. 2 C) Compute the capital gains tay on Building No. 2 assuming
Transcribed Image Text:(principal residence) in the Philippines. Other data regarding the 3. A resident citizen taxpayer sold a residential house and lot Chapter Exercises Tndividuals sale are as follows: Selling price Fair market value Zonal value P5,000,000 6,000,000 5,500,000 In addition, assume the taxpayer purchased a new principal residence worth P5,800,000 within eighteen months (18) from disposal of the principal residence. informed about the sale. The BIR was properly 4. Using the same data in the preceding number, determine the capital gains tax assuming the taxpayer utilized only 80% of the proceeds in acquiring his new principal residence. 2-10. Assume the following data: Selling price of Building No.1 Selling price of Building No.2 Cost of Building No.1 Cost of Building No. 2 Expenses on sale of Building No. 1 Expenses on Building No. 2 Fair market value of Building No. 1 Fair market value of Building No. 2 P15,000,000 20,000,000 10,000,000 30,000,000 200,000 300,000 12,000,000 8,000,000 Required: a) Compute the capital gains tax on Building No. 1 b) Compute the capital gains tax on Building No. 2 C) Compute the capital gains tay on Building No. 2 assuming
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