Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax?
Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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51. Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax ?
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