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Accounting
7. A resic

7. A resic

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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7. A, resident alien engaged in business in the Phil, sold his house and lot (principal residence) costing P 1,000,000 to B for proceeds of P 1.8M. The fair market value of the property is 2M. He filed the final income tax return to BIR after 10 days. Within 12 months, A purchased a new house and lot for P 2.2M. What is the final capital gain tax?
Transcribed Image Text:7. A, resident alien engaged in business in the Phil, sold his house and lot (principal residence) costing P 1,000,000 to B for proceeds of P 1.8M. The fair market value of the property is 2M. He filed the final income tax return to BIR after 10 days. Within 12 months, A purchased a new house and lot for P 2.2M. What is the final capital gain tax?
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