Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a lot located in Davao valued at P2,500,000 to his long-time friend, Wanwan, for only P1,500,000. The property was purchased by Ling two years ago at a cost of P1,200,000. How much is the donor’s tax due?

Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a lot located in Davao valued at P2,500,000 to his long-time friend, Wanwan, for only P1,500,000. The property was purchased by Ling two years ago at a cost of P1,200,000. How much is the donor’s tax due?

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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