Answered: A sale of principal residence to…

Business

Accounting

A sale of principal residence to purchase a new principal residence shall be exempt from tax of done:

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 6BCRQ

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Question

A sale of principal residence to purchase a new principal residence shall be exempt from tax of done:

Once every 10 years and reported to BIR within 1 month from sale.

Once every ten years and reported to BIR within 18 months from sale.

Once every 10 years and reported to BIR within 2 months from sale.

Once every 18 years and reported to BIR within 10 months from sale.

Substituted filing of income tax returns is a manifestation of which principle of a sound tax system?

Theoretical justice

Fiscal adequacy

administrative feasibility

Equality

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