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 - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains t
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 - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains t
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 82P
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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 - P500,000
Zonal value - 2,200,000
Cost - 2,000,000
Expenses on sale - 150,000
Compute the
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