On August 15, 2021, Ms. Mones sold a 500-square meter residential house and lot for P3,000,000. The house was acquired in 2006 at P2,000,000. The Assessor's fair market values of the house and lot, respectively, wer P1,500,000 and P1,000,000. The zonal value of the lot was P5,000 per square meter. What is the capital gains tax?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 26P
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On August 15, 2021, Ms. Mones sold a 500-square meter residential house and lot for P3,000,000. The house was acquired in 2006 at P2,000,000. The Assessor's fair market values of the house and lot, respectively, wer P1,500,000 and P1,000,000. The zonal value of the lot was P5,000 per square meter. What is the capital gains tax?

a.P150,000  b.P240,000  c.P180,000  d.P120,000


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