Halyu Corp., a domestic corporation, sold a parcel of land with the following details: The land has a Transfer Certificate of Title No. 109201. It is an agricultural property situated in the municipality of Lopez, Quezon province, with an area of 2,500 square meters. The land was acquired in 2004 for a purchase price of P500,000. At the time of the sale, the land's fair market value stands at P7,500,000, which aligns with the prevailing market values set by the Sanggunian. The agreed consideration for the sale is P6,700,000. How much is the documentary stamp tax from the sale? P56,250 P50,250 P112,500 P100,50
Halyu Corp., a domestic corporation, sold a parcel of land with the following details: The land has a Transfer Certificate of Title No. 109201. It is an agricultural property situated in the municipality of Lopez, Quezon province, with an area of 2,500 square meters. The land was acquired in 2004 for a purchase price of P500,000. At the time of the sale, the land's fair market value stands at P7,500,000, which aligns with the prevailing market values set by the Sanggunian. The agreed consideration for the sale is P6,700,000. How much is the documentary stamp tax from the sale? P56,250 P50,250 P112,500 P100,50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Halyu Corp., a domestic corporation, sold a parcel of land with the following details: The land has a Transfer Certificate of Title No. 109201. It is an agricultural property situated in the municipality of Lopez, Quezon province, with an area of 2,500 square meters. The land was acquired in 2004 for a purchase price of P500,000. At the time of the sale, the land's fair market value stands at P7,500,000, which aligns with the prevailing market values set by the Sanggunian. The agreed consideration for the sale is P6,700,000. How much is the documentary stamp tax from the sale?
P56,250
P50,250
P112,500
P100,500
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