Financial Accounting > QUESTION PAPER (QP) > Assumption College - ACCOUNTING 101REVIEW-APC004_Problem_Cases_Individual_Taxpayers (All)

Assumption College - ACCOUNTING 101REVIEW-APC004_Problem_Cases_Individual_Taxpayers

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TAXATION PROF. R.E. HERMOSILLA PROBLEM / CASES – INDIVIDUAL TAXPAYERS 1. The taxpayer is a resident citizen Selling price of land and building in the Philippines held as capital asset P 6,200,0 ... 00 Fair market value of land and building at the time of sale 6,500,000 Expense on the sale 500,000 • How much as the capital gain tax? 2. The taxpayer is a resident citizen Selling price of Land and Building No.1 in the Philippines (ZV is 90%) P 5,000,000 Selling price of Land and Building No.2 in the Philippines (ZV is 150%) 4,000,000 Cost of Land and Building 1 4,000,000 Cost of Land and Building 2 4,200,000 How much was the capital gain tax; • On Land and Building 1 • On Land and Building 2 3. The taxpayer is a resident citizen Selling price on a direct sale to a buyer of shares of stock of a domestic corporation P 500,000 Fair market value of the shares of stock at the time of sale 450,000 Expense on the sale 5,000 Purchase price of the shares of stock at the time of sale 200,000 Expense on the acquisition of the shares 2,000 • How much was the capital gain tax? 4. The taxpayer is a resident citizen Selling price at prevailing market value, on a direct sale to a buyer, of shares of stock of Co. X, a domestic corporation P 700,000 Selling price at prevailing market value, on a direct sale to a buyer, of shares of stock of Co. Y, a domestic corporation 600,000 Cost of Co. X shares of stock 500,000 Cost of Co. Y shares of stock 650,000 • How much was the capital gain tax on the sale of Co. X shares? • How much was the capital gain tax on the sale of Co. Y shares? 5. An individual taxpayer owns several pieces of land which are classified as capital assets. During the current year, he has the following data: [Show More]

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