15. On December 15, 2023, Mr. Carino sold a 500 square meter residential condominium The unit was acquired in 2002 for sale, the fair market value of the property as shown in the real property declaration is P2,500,000 and the assessed value amounted to P450,000. The zonal value is P7,000 per square meter. The capital gains tax on the sale is- A. 150,000 B. 120,000 C. 180,000 D. 210,000 16. Using the same preceding data, the capital gains tax payable assuming Mr. Carino will utilize only P1,500,000 of the proceeds in acquiring a new residence is? A. 90,000 B. 105,000 C. 210,000 ta

15. On December 15, 2023, Mr. Carino sold a 500 square meter residential condominium The unit was acquired in 2002 for sale, the fair market value of the property as shown in the real property declaration is P2,500,000 and the assessed value amounted to P450,000. The zonal value is P7,000 per square meter. The capital gains tax on the sale is- A. 150,000 B. 120,000 C. 180,000 D. 210,000 16. Using the same preceding data, the capital gains tax payable assuming Mr. Carino will utilize only P1,500,000 of the proceeds in acquiring a new residence is? A. 90,000 B. 105,000 C. 210,000 ta

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 18DQ: LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation...

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