Helen sold her principal residence with a fair market value of P6,000,000 for P5,000,000. Helen purchased the residence for P3,000,000 several years ago. The imposable capital gains tax is P360,000. Assume Helen uses only P4,500,000 out of the P5,000,000 proceeds in acquiring her new residence which she bought after 1.6 years. How much is the capital gains tax to be collected by BIR from the escrow account?        a. P0       b. P36,000       c. P324,000       d. P360,000       e. Answer not given

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Helen sold her principal residence with a fair market value of P6,000,000 for P5,000,000. Helen purchased the residence for P3,000,000 several years ago. The imposable capital gains tax is P360,000. Assume Helen uses only P4,500,000 out of the P5,000,000 proceeds in acquiring her new residence which she bought after 1.6 years. How much is the capital gains tax to be collected by BIR from the escrow account? 
 
 
 
a. P0
 
 
 
b. P36,000
 
 
 
c. P324,000
 
 
 
d. P360,000
 
 
 
e. Answer not given
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