Ms. , non-resident alien not engaged in business, sold her residential house for P4,000,000. Its fair market value when she inherited it from her resident grandmother was P5,000,000 although its present fair market value is P7,000,000. The tax on the above transaction is: Assuming Ms. is a resident alien and used ½ of the proceeds of the said house to buy a new principal residence 10 days after the above sale and he properly informed BIR about it, the tax shall only be:

Ms. , non-resident alien not engaged in business, sold her residential house for P4,000,000. Its fair market value when she inherited it from her resident grandmother was P5,000,000 although its present fair market value is P7,000,000. The tax on the above transaction is: Assuming Ms. is a resident alien and used ½ of the proceeds of the said house to buy a new principal residence 10 days after the above sale and he properly informed BIR about it, the tax shall only be:

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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