Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car was mortgaged was in turn mortgaged to the latter. The amount of the mortgage is P600,000. In addition, Ben donated a parcel of land to the government for exclusively public use. Market value per tax declaration is P1M while the zonal value is P800,000. Requirement:  1. Total documentary stamp tax due

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car was
mortgaged was in turn mortgaged to the latter. The amount of the mortgage is P600,000. In addition, Ben
donated a parcel of land to the government for exclusively public use. Market value per tax declaration is P1M
while the zonal value is P800,000.


Requirement: 
1. Total documentary stamp tax due

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