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
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- How much is the Estate Tax Payable? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…How much is the Gross Estate? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000 when…Compute the DST payable, if any. Disregard any penalty, if any. Relevant information: Juan Dela Cruz, single, Filipino citizen, and a resident of N. Reyes St., Manila City sold a piece of land with improvement (house) located in Brgy. Forbes Park, Makati City. In filing the Capital Gains Tax return, the BIR RDO which has jurisdiction over the transaction assigned Juan Taxpayer Identification No. 123-456-789-0000. YOU are the buyer. The RDO which has jurisdiction over your residence assigned you TIN no. 987-654-321-0000. As buyer, it was agreed, that you are to pay the documentary stamp tax. Additional information: Details House and Lot Title No. 14344 Tax Declaration No. - Land 99501 Tax Declaration No. - House 99502 Location Brgy. Forbes Park, Makati City Area 100sqm Classification Residential Details Zonal Value Assessed Value Lot in Makati Php 10,000,000.00 Php 5,000,000.00 House Php 5,000,000.00 Selling…
- How much is the Ordinary Deduction? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) Business Expenses Royalty from books Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 How much is the total income tax expense of Ana? 159,500 207,500 116,500 156,000 P700,000 300,000 40,000 70,000 500,000Ms. Iniwan Sa Ere owns a residential house in a municipality located in Metro Manila. The fair market value of her house is ₱12 million. The Sangguniang Bayan of the Municipality fixed the assessment levels and tax rate based on the maximum allowable rates provided in RA 7160. The real property tax of Ms. Ere would be? a. ₱168,000.00 b. ₱192,000.00 c. ₱120,000.00 d. ₱144,000.00 e. ₱96,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Ms. Ere would be? a. Metropolitan Manila Authority-₱42,000.00; Municipality-₱42,000.00; Barangays-₱36,000.00 b. Metropolitan Manila Authority-₱58,800.00; Municipality-₱58,800.00; Barangays-₱50,400.00 c. Metropolitan Manila Authority-₱50,400.00; Municipality-₱50,400.00; Barangays-₱43,200.00 d. Metropolitan Manila Authority-₱33,600.00; Municipality-₱33,600.00; Barangays-₱28,800.00 e. Metropolitan Manila Authority-₱67,200.00; Municipality-₱67,200.00; Barangays-₱57,600.00
- Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and goodwill subject to land transfer tax is $800,000 and the value of chattels included in the transaction is $5,000. Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.26.)Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the taxable year. He left certain properties located in the Philippines and abroad. In the computation of the gross estate of Carlos for purposes of taxation in the Philippines, which of the following properties shall be included: Only the properties located in the Philippines. All properties located in the Philippines and abroad. Only the properties located abroad. There shall be no transfer tax in the Philippines because Carlos died abroad
- Diosdado Gomez, Jr. is a non-resident citizen taxpayer. He has the following interest income for the year 2019: Interest income - BDO Philippines 120,000 Interest income - Bank of China 250,000 Interest income received by a taxpayer from a depository bank under FCDS, Philippines 80,000 1. How much is the Final Withholding Tax on interest income of taxpayer from BDO Philippines? 2. How much is the Final Withholding Tax on interest income of taxpayer from Bank of China? 3. How much is the Final Withholding Tax on interest income received by a taxpayer from a depository bank under FCDS, Philippines? 4. How much of the total interest income of Mr. Gomez is subject to the Final withholding Tax? 5. How much is the total Final Withholding Tax of the taxpayer for the year 2019?Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands where he works as an OFW. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5,000,000 20,000,000 15,000,000 Allowable Deductions 5,000,000 10,000,000 5,000,000 Net estate 0 10,000,000 10,000,000 Estate tax paid Php 500,000 1,500,000 How much is the ESTATE TAX PAYABLE?Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at a consideration of P1 Million. In 2021, the land , which remained undeveloped and idle, had a fair market value of P20Million. Mr. Ayala, another Filipino citizen, is very much interested in the property and he offered to buy the same for P20 Million. The Assessor of Makati City re-assessed in 2021 the property at P10 Million. Should Mr. Espiritu agree to sell the land to Mr. Ayala in 2022 for P20 Million, subject to the condition as stated in the Deed of Sale that the buyer shall assume the capital gains tax thereon, how much is the income tax due on the transaction?