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)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)?
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