Thora B., a taxpayer, has the following data for taxable year 2019: Capital stock issued and outstanding - Common only Stock owned: Acquisition No. 1: 100 shares acquired at P120 per share Acquisition No. 2: 50 shares acquired at P130 per share Stock dividend received: (Acquisition No. 3) - 20% Shares sold directly to a buyer - 110 shares at P110 per share 20. If costing is under the FIFO method, the capital gains tax is a. P118 b. P165 C. P160 d. P110

Thora B., a taxpayer, has the following data for taxable year 2019: Capital stock issued and outstanding - Common only Stock owned: Acquisition No. 1: 100 shares acquired at P120 per share Acquisition No. 2: 50 shares acquired at P130 per share Stock dividend received: (Acquisition No. 3) - 20% Shares sold directly to a buyer - 110 shares at P110 per share 20. If costing is under the FIFO method, the capital gains tax is a. P118 b. P165 C. P160 d. P110

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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