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Park, a Filipino-Korean actor, inherited parcel of land located in Clark Pampanga from his mother Inday, a Filipino residing in Clark Pampanga. Park sold the parcel of land to Nicanor, a Filipino residing in Manila evidenced by a deed of sale. S1: The sale of land by Park is subject to 6% capital gains tax. S2: The sale of land by Park is subject to regular income tax. S3. The sale is subject to documentary stamp tax. O a. Only S1 is false O b. Only S2 is false O c. Only S3 is true O d. All is true

Park, a Filipino-Korean actor, inherited parcel of land located in Clark Pampanga from his mother Inday, a Filipino residing in Clark Pampanga. Park sold the parcel of land to Nicanor, a Filipino residing in Manila evidenced by a deed of sale. S1: The sale of land by Park is subject to 6% capital gains tax. S2: The sale of land by Park is subject to regular income tax. S3. The sale is subject to documentary stamp tax. O a. Only S1 is false O b. Only S2 is false O c. Only S3 is true O d. All is true

FINANCIAL ACCOUNTING
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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15.)
Park, a Filipino-Korean actor, inherited parcel of land located in Clark Pampanga from his mother Inday, a Filipino residing in Clark Pampanga. Park sold the parcel of land to Nicanor, a Filipino residing in Manila evidenced by a deed of sale. S1: The sale of land by Park is subject to 6% capital gains tax. S2: The sale of land by Park is subject to regular income tax. S3. The sale is subject to documentary stamp tax. O a. Only S1 is false O b. Only S2 is false O c. Only S3 is true d. All is true
Transcribed Image Text:Park, a Filipino-Korean actor, inherited parcel of land located in Clark Pampanga from his mother Inday, a Filipino residing in Clark Pampanga. Park sold the parcel of land to Nicanor, a Filipino residing in Manila evidenced by a deed of sale. S1: The sale of land by Park is subject to 6% capital gains tax. S2: The sale of land by Park is subject to regular income tax. S3. The sale is subject to documentary stamp tax. O a. Only S1 is false O b. Only S2 is false O c. Only S3 is true d. All is true
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