Chantal holds 51% stock of DDK Corp, Inc., a Filipino corporation. In turn, DDK Corp, Inc. owes BDO a sum of 500M Pesos. With this information alone, how much does Chantal owe from BDO?
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Chantal holds 51% stock of DDK Corp, Inc., a Filipino corporation. In turn, DDK Corp, Inc. owes BDO a sum of 500M Pesos. With this information alone, how much does Chantal owe from BDO?
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- 1. Mr. Redmare, a resident citizen of the Philippines, had shares of stock of adomestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax? 2. Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book value of P1,000,000. He sold half to Mr. Hapona, a direct buyer, for P1,000,000. The other half through the Philippine Stock Exchange for P950,000, inclusive of the broker’s fee of P50,000. How much is the final income tax? 3. Miss Bae provided information to the government, which led the capture and seizure of smuggled goods with FMV of P 20, 000, 000. If the government destroyed the goods seized because these are regarded as harmful to…Mr. Chua sold shares of stocks of a resident foreign corporation directly to a buyer. The shares were purchased for P100,000 and were sold at a net selling price of P210,000.Compute the capital gains tax.Kara sold to Mia shares of stock of a foreign corporation at a selling price of P1,000,000 with an acquisition cost of P380,000. On the same date, Kara sold to Mia shares of stock of a domestic corporation at a selling price of P600,000, and an acquisition cost of P400,000. If Kara is a resident citizen and is a dealer in securities, and the shares were sold directly to Mia, how much is the capital gains tax due of Kara from the transaction?
- Michael transfers $20,000 cash and land to XYZ, Inc. in exchange for all of its stock. The land has a $140,000 adjusted basis and a fair market value of $250,000 immediately before the exchange. XYZ, Inc assumes a $200,000 mortgage on the land for a valid business purpose. Now answer the following questions. 1. What, if anything, must Michael recognize on this exchange? 2. What is Michael’s basis in the stock?Irene sold his stocks in Seulgi Corporation (domestic corporation) to a foreign investor at a gain of P800,000. The foreign investor is a corporation abroad which is not registered as doing business in the Philippines. How much of Irene’s income is considered as coming from Philippine source?51. Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax? Your answer
- 1. Macmod sold 2,000 shares of his investment in stock eCare. The sale is made through the Philippine Stock Exchange (PSE) tor P1,000,000. How much is the percentage tax if Macmod acquired the shares of stock for P800,000 2. Macmod sold 2,000 shares of his investment in stock eCare. The sale is made through the Philippine Stock Exchange (PSE) tor P1,000,000. How much is the percentage tax if Macmod acquired the shares of stock for P800,000(3) Brown transfers Blackacre to XYZ Corp., a newly formed corporation, in exchange for 140 shares of its common stock having a FMV of $70,000. Blackacre had a basis in Brown's hands of $10,000. At the same time the remaining 60 shares of the stock of XYZ is issued to Green in exchange for $500 of cash and her promise to manage Blackacre. (a) What are the tax consequences to the Brown, Green and XYZ Corp.? (b) Would your answer change if Green contributed $4,000 of cash in addition to her promise to manage Blackacre?Jhaeron is a stockholder in both Agrix Corporation (domestic corporation) and Atlanta corporation (non-resident foreign corporation). During the year, Jhaeron earned P100,000 dividends from Agrix and P300,000 dividends from Atlanta. Jhaeron is a Filipino citizen residing in the Philippines. How much of the dividend income of Jhaeron is subject to income tax in the Philippines?
- Anji, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax?Peter owns 1,000 shares with a cost of P200 per share of Jollibee Foods Corporation (JFC). JFC shares are traded in the Philippine Stock Exchange and the shares of Peter were sold for P300 per share. How much is the * percentage tax? O PO. The sale is subject to capital gains tax O P600 O P1,500 O P1,800Marlo, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax?