On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was 2,000,000 acquired in 2000) Fair market value of land as per tax declaration 3,000,000 (based on the latest tax declaration) Fair market value of house as per tax 2,000,000 declaration (based on the latest tax declaration) Zonal value of the land as determined by the 4,000,000 CIR Additional information: • He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. • His TIN is registered in Makati where he wórks as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. How much is the capital gains tax due, if any?

On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was 2,000,000 acquired in 2000) Fair market value of land as per tax declaration 3,000,000 (based on the latest tax declaration) Fair market value of house as per tax 2,000,000 declaration (based on the latest tax declaration) Zonal value of the land as determined by the 4,000,000 CIR Additional information: • He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. • His TIN is registered in Makati where he wórks as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. How much is the capital gains tax due, if any?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 3DQ

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On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return? Group of answer choices a. RDO in Makati b. RDO in Manila c. RDO in…
48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. How much is the capital gains tax due, if any?
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