From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.

From the following details of sale of a principal residence located in the Philippines by a resident citizen: Cost - P1,000,000 Fair value - P6,000,000 Selling price - P5,500,000 Proceeds of sale were used to acquire new residence for P4,700,000 Other requirements by BIR/NIRC complied with. Compute the capital gains tax liability of the seller/taxpayer.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 3DQ

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