Xiu-ying sold a residential house held as a capital asset for P1,200,000 to her friend Xoese. The zonal value of the real property is P2,000,000 and the assessed value per tax declaration is P1, 500,000. Compute for the Donor’s tax due.

Xiu-ying sold a residential house held as a capital asset for P1,200,000 to her friend Xoese. The zonal value of the real property is P2,000,000 and the assessed value per tax declaration is P1, 500,000. Compute for the Donor’s tax due.

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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