MC Topic: Income TaxationIdentify a false statement: *Capital Gains Tax is a tax imposed on the gains realized by the seller from the sale, exchange, or other disposition of certain capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.Under NIRC, the capital gains tax on the sale of domestic stocks sold directly to buyer is a final tax.Under NIRC, The capital gains tax on the sale of real property located in the Philippines and classified as capital asset is a final tax.None of the aboveAll of the above

Capital gain is the gain on the sale of capital assets during an accounting year.

Answered: Identify a false statement: * Capital…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MC Topic: Income Taxation

Identify a false statement: *

Capital Gains Tax is a tax imposed on the gains realized by the seller from the sale, exchange, or other disposition of certain capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
Under NIRC, the capital gains tax on the sale of domestic stocks sold directly to buyer is a final tax.
Under NIRC, The capital gains tax on the sale of real property located in the Philippines and classified as capital asset is a final tax.
None of the above
All of the above

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