Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation, directly to buyer and received P200,000 cash plus a car with fair value of P100,000. The car has a depreciated value of 90,000 and was previously bought by the owner for P500,00O. The shares sold by Juan were inherited by him. The fair value of the stocks at the time of inheritance was P50,000. The fair value of the stocks at the time of sale was P90,000. Compute the capital gains tax: а. Р31,500 b. P36,000 c. P37,500 d. Not subject to capital gains tax
Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation, directly to buyer and received P200,000 cash plus a car with fair value of P100,000. The car has a depreciated value of 90,000 and was previously bought by the owner for P500,00O. The shares sold by Juan were inherited by him. The fair value of the stocks at the time of inheritance was P50,000. The fair value of the stocks at the time of sale was P90,000. Compute the capital gains tax: а. Р31,500 b. P36,000 c. P37,500 d. Not subject to capital gains tax
Chapter6: Corporations: Redemptions And Liquidations
Section: Chapter Questions
Problem 49P
Related questions
Question
Transcribed Image Text:Juan, a non-resident Filipino, sold his
stocks in San Gabriel, Inc., a
domestic corporation, directly to
buyer and received P200,000 cash
plus a car with fair value of P100,000.
The car has a depreciated value of
90,000 and was previously bought
by the owner for P500,000. The
shares sold by Juan were inherited by
him. The fair value of the stocks at
the time of inheritance was P50,000.
The fair value of the stocks at the
time of sale was P90,000. Compute
the capital gains tax: *
а. Р31,500
b. P36,000
с. Р37,500
d. Not subject to capital gains tax
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you