For 2021 taxable year, determine whether the folliowing is subject to vat. Write "V" in the space provided if the transaction is subject to vat. Write "E" if the transaction is vat exempt. Case A Transaction Answer Sale by a real estate dealer of residential lot with a selling price of P800,000. В Sale by a real estate dealer of residential lot with a selling price of P3,500,000. C Sale by a real estate dealer of commercial lot with a selling price of P2,800,000. Sale of residential lot classified as capital asset. Sale by a real estate dealer of residential house and lot with a selling price of P3,000,000) F E Sale by a real estate dealer of condominium unit with a selling price of P3,250,000) G Sale by a real estate dealer of parking lot in a condominium unit with a selling price of P850,000) Sale of residential house and lot classified as capital asset with a selling price of P8.000.000) H

For 2021 taxable year, determine whether the folliowing is subject to vat. Write "V" in the space provided if the transaction is subject to vat. Write "E" if the transaction is vat exempt. Case A Transaction Answer Sale by a real estate dealer of residential lot with a selling price of P800,000. В Sale by a real estate dealer of residential lot with a selling price of P3,500,000. C Sale by a real estate dealer of commercial lot with a selling price of P2,800,000. Sale of residential lot classified as capital asset. Sale by a real estate dealer of residential house and lot with a selling price of P3,000,000) F E Sale by a real estate dealer of condominium unit with a selling price of P3,250,000) G Sale by a real estate dealer of parking lot in a condominium unit with a selling price of P850,000) Sale of residential house and lot classified as capital asset with a selling price of P8.000.000) H

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 38P

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In 2021, TPC Incorporated sold investment land with a $474,000 book and tax basis for $775,000. The purchaser paid $100,000 in cash and gave TPC a note for the $675,000 balance of the price. In 2022, TPC received a $105,500 payment on the note ($67,500 principal + $38,000 interest). Assuming that TPC is using the installment sale method, compute its gain recognized in 2022.