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?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 53P

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1. Mr. Redmare, a resident citizen of the Philippines, had shares of stock of adomestic 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? 2. Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book value of P1,000,000. He sold half to Mr. Hapona, a direct buyer, for P1,000,000. The other half through the Philippine Stock Exchange for P950,000, inclusive of the broker’s fee of P50,000. How much is the final income tax? 3. Miss Bae provided information to the government, which led the capture and seizure of smuggled goods with FMV of P 20, 000, 000. If the government destroyed the goods seized because these are regarded as harmful to…
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? Your answer
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26.)
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