Discuss capital gains tax using the names and amounts given.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Capital There are two types of capital gains subject to capital gains tax: Capital gains on the sale of domestic stocks sold directly to buyer subject to 15% Capital gains on the sale of real properties not used in business subject to 6%. EXAMPLE: Seth engages in transactions 1 and 2. Seth sold his shares of stocks directly to the buyer with the selling price of P180,000 and sold his personal lot with a tax base of P5M. Requirements: Discuss capital gains tax using the names and amounts given.
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