32 .On August 15, 2015, Ms. On Jo sold a 500 square meter residential house to Min ho forP3,000,000. The house was acquired in 2002 for P2,000,000. On the date of sale, the fair marketvalue of the house as shown in the real property declaration was P2,500,000 and the assessor'svalue amounted to P2,200,000. The zonal value was P7,000 per square meter.The capital gains tax isO 210,000O 150,000O 200,000O 180,000

As per the provisions by BIR [ Burau of Internal Revenue] in Phillipines ,…

Answered: e of the

Business

Accounting

e of the

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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Question

.On August 15, 2015, Ms. On Jo sold a 500 square meter residential house to Min ho for
P3,000,000. The house was acquired in 2002 for P2,000,000. On the date of sale, the fair market
value of the house as shown in the real property declaration was P2,500,000 and the assessor's
value amounted to P2,200,000. The zonal value was P7,000 per square meter.
The capital gains tax is
O 210,000
O 150,000
O 200,000
O 180,000

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Refer to the previous problem, the capital gains tax if the proceeds of sale was utilized in acquiring new residence.

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