From the following details of sale by a resident citizen of his principal residence located in the Philippines: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 All requirements under the law on tax exemption have been complied with. How much will be deposited by taxpayer (seller) in favor of the government (BIR)?

From the following details of sale by a resident citizen of his principal residence located in the Philippines: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 All requirements under the law on tax exemption have been complied with. How much will be deposited by taxpayer (seller) in favor of the government (BIR)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A3