AU. pilumici are ue cacinpuve cea | i rains tax. % és ‘41. Discuss the nature of the 6% capital 8: he 56-10% capital gains tax and the : ‘42. Compare the taxpayers covered by # capital gains tax. set to a real estate developer. True or False 1 to be ordinary assets when they _& Avacant and unused lot is an ordinary as' 2. Assets shall cease their classification © discontinued from active use. p ile: _3© Real and other properties acquired are ordinary assets to if the, not engaged in the realty business. ; ‘ale Capital assets become ordinary assets when used in Dead Bic’ An ordinary asset becomes a capital asset when it gets fully ge ect to regular income tay The sale of real property capital assets may be subj ¢ . ‘ x The real properties used by exempt corporations in their exempt operation, A x BE capital assets. ; Dealers in realties are subject to the 6% capital gains tax. Donated assets become ordinary assets when the donee employs the sap, business. Capital gains from assets other than domestic stocks and real propertie subject to regular income tax. Dealers in securities are not subject to the stock transaction tax but are subj the regular income tax on gains realized upon the sale of stocks throug Philippine Stock Exchange. Unit of participations in golf, polo, and similar clubs are considered dor HE ee * we. eA 32. stocks. The excess premium on the re-issuance of treasury stocks is subject to «13. gains tax. 14, The issuance of shares of stock for property is subject to capital gains tax. 196cnapter 6 - Capital Gains Taxation “other dis] ion” 745. The term “ol position” coves and inter-vivos. covers the gratuitous transfer of stocks mortis causa The two-tiered final tax cannot a srchanee, ander disposition apply unless and unl there isa gain on the sale, | the stock transaction tax on the sa a buyer. unless there is a gain on the ae ‘of stocks through the PSE cannot apply ‘he 6% capital gains tay : . 7 P x cannot apply unless there is a gain on the sale of real propery. ,, The sale of real properties located abroad is subj - is . is subject to the 6% cay ital gains tax. 3g. The sale of foreign stocks directly to a buyer is subject to Sal eee rue or False 2 Prune basis of properti , x hast mer roperties received by way of inheritance is the basis in the hands of ; d not acquire the same by donation. vis! = i fi a | xX When specie identification is impossible, the cost of the stocks sold is determined by the weighted average method. (\“~o ‘The basis of the stocks received in tax-free exchanges Is the basis of the shares in 30 days given. The transactional- capital gains tax return i i i en the date of sale. rn is required to be filed withi The annual capital gains tax return is simultaneously due with the annual regular d if the ratio of downpayment income tax return. Installment payment of capital gains tax is allowe price of the sale does not exceed 25%. ing the installment d to determine the propriety of ust s used to determine the capital gains tax payable in the buyer constitutes an elling price. in 30 days before and over the selling ‘The selling price is use method but the contract price is installment. The excess of indirect receipt Wash sales occur Ww! SH WRK asis assumed by which is part of the initial payment and the s hen there is a repurchase of shares withi f disposal of securities at a loss. to a plan of merger and & & 30 days after the date o! yp The gain on the sale of stocks for stocks pursuant if it resulted in the transferor acquiring, corporate control mortgage over the b: ration. consolidation is exemp' oration. in the voting power of a corpo! to capital over the absorbed corp: Control means more than 50% ownership i The sale of delisted stocks is subject to st gains tax. ¥%. Gain and loss in a share-for-share swap pw consolidation shall be recognized up to the extent received. | If the assessed value is lowe! property is the zonal value. ock transaction tax and not t to a plan of merger or rsuant roperties t of the cash and other P' than the selling price, then the fair value of the 197ins Taxation “segeinici ter 6 - Capital Gains egistered by the acehe tax on the it, | oe ay shall not Be Tee cert . *| i donor ar hs represen ital gains tax on the sale, 150 TH osioner oF 8 m capital 8 : Commissio a i are exempt for mee Demestc corporations ertie ital gains 26 Domes spostion of 2210 eo pay capital Be ae of real pon a and other disor sons are eau ay capital gar commercial lots is subject nt ren Pot required (0 POY try of gO cals atta stocks bute ithe National Hou’ oe 18, Thesal = ; ee ative taxation 07 an exp! Phe altern 49. Thea ers. a ‘go. The sale of land pursuant £0 gains tax. Reform Program is exempt from arian : Part Multiple Choice - Theory: Part 2 1. Which is an ordinary asset? @ Delivery truck b. Personal car c. Principal residence of the taxpayer d. Wedding ring of the taxpayer 2. Which is not an ordinary asset? a. Machineries and equipment b. Real property held for sale Personal laptop of the taxpayer Leasehold improvements 3. Which is a capital asset to a realty developer? a. Vacant lot held for future development © Construction equipment ¢. Head office building of the developer i, / Domestic stocks 4. Which of the following assets, if not used in business, is subject to regular tax? a. Real property c, Domestic stock option 6 Domestic stock rights Ja. Taxpayer's Personal car 5. Which is a capital asset for a security dealer? a Domestic stocks © Investment Properties b. Domestic bonds d. Office equipment 6. Which is an ordinary asset? a. Home appliances Personal cellphone b. Personal car Office supplies 198nape Capital Gains Taxation jchis subject to the 59-10% capit i ipital Bains tax? ‘sale of domestic stocks direct eer lirectly to a buyer withi sale af domestic bonds directly toa iver an or tse the Philipines c. Saleol sstic stocks through the Philippi in the Philippines § allofthe above ippine Stock Exchange is not subject to ca t who i nf pital gains tax on the sale of domestic stocks directly to a z ae Dealer of cars 2 Dealer , b. Real property developer feaidene which of the following, when sold, is subject to capital gains tax? " g, Boarding house louse beatin and lot b, Warehouse Personal cellular phone 10. Which is not subject to the 6% capital gains tax? a. Foreclosure ofa mortgaged property b, Expropriation of one’s property in favor of the government ) Donation of property {Sale of property for an insufficient consideration. 44, Statement 1: Ordinary gains may arise from sale, exchange, and other disposition of movable properties used in business. Statement 2: Capital gains may arise from sale, exchange, and other disposition of real properties used in business. ‘ich is true? /,) Statement 1 is correct. _c. Both statements are false. d. Both statements are correct. & " Bb. Statement 2 is correct. a buyer is always 12, Statement 1: The gain on sale of domestic stocks directly to presumed. Statement 2; The gain on sale of real properties is always presumed. Which is true? a. Both statements are correct. Both statements are incorrect. Only statement 1 is correct. c d. Only statement 2 is correct. 13, Which of the following properties when sold may be subject to capital gains tax? a. Foreign stocks c. Patent d&Domestic stock b. Office buildings 199Chapter 6 - Capital Gains Taxation re business can be cl. .ciable properties of busi classifig, 14. Statement 1: Only depre' capital asset since it is c = assets. : Statement 2: Land used in business isa depreciation. ‘ich is not true? false. Bi Statement 1is false. cc. Both statements ere fase ot b. Statement 2 is false. @ Both stateme! . js " 15. Statement 1: Ordinary gains may arise from sal real properties used in business. : o prop exchange, and other Sisposiy,. * Statement 2: Capital gain may arise from sale, real properties not used in business. exchange, and other gig, ni Which is true? false. a. Statement 1iscorrect. c. Both statements are cay b. Statement 2 is correct. (@Both statements are CO) s Multiple Choice - Theory: Part 2 7 1. Which of the following properties, when sold, may be covered by regular j tax? a. Share options c. Share warrants ¢ @ Promissory notes d. Preferred stocks 2. Which of the following assets may be subject to capital gains tax upon disposy | 1 a. Parking lot @/Personal residence b. Dormitory d. Office supplies 7 3. The term “other disposition” covers a. Foreclosure sales b. Expropriation by the government ¢, Auction sale @ Any of these 4, Which of the following sales of domestic stocks is sub; a. Sale of domestic stocks through the PSE Bb Issue of domestic stocks to subscribers g Sale of domestic stocks directly to a buyer |. Exchange of stocks for stocks in a corporate merger ject to capital gains tax? The sale of listed shares will never be subjected to a.) 6% capital gains tax c.5% - 10% capital gains tax \ % of 1% percentage tax d. Any of these \ 200 iy,[ _ Capital Gains Taxat; oor Td xation ale of norlisted shares m, 6 7596 capital gains tax only, °Y be subjecteg ty 2% y of 1% percentage tax onjy > 59-10% capital gains tax op & any of these % a fice building wi _ thesale ofan o! uilding wi 7 2 4 of 1% percentage tax csi bles to b ital gai fi bv capa gains tax, pepe aPltal gains tax, which ofthe following when soig Developed residential may be exem, a ipted - B Unsed land to the orp Pes forsale OM the 6% capital guns tw? . Residential lot ent @) Principal residence ‘Statement 1: The sale or 106% capital gains tax range Must result to an actual gain before the 5%- Statement 2: The sale or capital galns taxis impoce oe must result to an actual gain before the 6% a. Both statements are Correct b. Both statements are incorrect | @ Only statement 1 is correct | d. Only statement 2 is correct gains tax exceeds the transactional capital gains tax, | 10. When the annualized capital sah | | the excess is a | a. Tax credit @ax payable d.AorB | b. Tax refundable 11. Which of these shall pay the two-tiered capital gains tax? | a. Areal property developer b. Amerchandiser or trader of goods | c. Adealer in stocks | @ AorB 12. The sale of real properties which would otherwise be subject to the 6% capital gains tax may nevertheless be subject to regular income tax if all of the following conditions are met, except one. Which is the exception? a. the seller must be an individual taxpayer (CB? the sale involves the principal residence of the taxpayer c. the buyer is the government d._ the taxpayer opted to be subjected to regular tax 9n1Chapter 6 - Capital Gains Taxation 13, ‘Security dealer Real proper 1b Real property dealer 114, The sale ofa prineipal residence is exempt following conditions are met, except ch ofthese pay the 6% capital galns tax? ry developer ‘None ofthese from the pl gins ty ly, au, The proceeds fly lized in aequting New plncpa residang (6) The reacquisition must be by purchase ‘©The reacquisition must have been made within 18 month sale. 4 15. Which isan incorrect statement? The buyer of real property capital asset ‘emit the same to the government. 'b. Capital gains tax is identified under the Ni ‘existence of gain on the sales transaction. (@) The capital gains tax on the disposition of ca existence of gain on the sales transaction, ‘Multiple Choice - Theory: Part’ 1 ‘The capital gains tax must be deposited in escrow, ‘The capital gains tax on the disposition of real prope hs from the shall withhold the axa so, a IRCasa form of final tax, "YY presume pital stock resin ‘The transactional $96-10% capital gains taxis tobe paid 42, Within 30 days from the end of month of sale. (Gy Within 30 days from the date of sale or exch: the sale was made, d. On the 15% day of the fourth month following z © on or before the 15% day of the fourth 7) quarter when the sale was made @ on or before the 15% da end, 3. Capital gains tax that is not payable on install a. within 30 days from the end of month of b. Iment sale, on or before the 15% day of the fourth mo quarter when the sale was made. on or before the 15" day of the fourth month end. € 202 a On the 15% day of the fourth month followin ‘The annual 596-10% capital gains tax return is due within 30 days from the end of the month of sae. | 'b. within 30 days from the date of sale or exchange, 'y of the fourth month following the taxpayer's yet ange. i the close of the quarter wi 8 the taxpayer's year-end | | ionth following the close of te basis is due nth following the close of tt following the taxpayer's" - Capital Gains Taxation — Cees «pean arte tag 2 within 30 days fom the date face SPEER payee, ORES ek eee 4 Wha 20 days from the dateofcaq esate payment, Se installment payment of capital gains ‘rei a ns appa to the 5. T Soeand 1096 capital gains eset aS Capital gains tax only > Goth Aand 8 © Neither Anor 8 ae sptemaais ett rao ‘Eres, A eee ee ‘Scirocmnes Ganon sale ofbonds o "xis ppliableto a Paulo indicated in his return his intent to avail of the e capital gains tax. Under what condition willhe be exempte ‘1 When the proceeds ofthe sale exceeds the costbasis b. When the proceeds of the sale exceeds the aeqi residence When the cost basis ofthe property sold exceeds @® When the acquisition price of the new propery ex ‘old property sold der the 696 capital gains tax willresu he proceed frm the sl off POPE acquisition price of the new property. b. The proceeds of the sale exceeds its zonal value a ‘The proceeds of the old property exceds the property regardless ofthe tax basis, zonal value, roperty. 4. Thvona valu is grester than th se poe 203~ » e «capa! Gains Taxation | coer 6-capt oa domesti stocks Is se tne capital gains tax sto pu 20000 sop or Fi so, aes asta due. 75000 45,000 Pt le 6 steerer ios sold shares ofa resident foreign corporation directly to a buyer. The § Satine . 1. me DAS Moras for PLODBOD aed eke Ta oS ae oc G cee Noes acne leo domes Oks ret 10.000 pe docemen 07 Mo] Eiehecaae a ce Fave corfinoco oF Sst itm 600 Parva ‘ é econ ele pert bad om Is sees dress bere loweg aes ee 12. The dagen a 5 Gnas rue value of shares 400,000 igre GL Aayatehese ona ren ae fais ed 12. Tec capt ine tt oe ty 0 comin 2 Damesicorpeains ca OO ‘P1000 @ Famigncnperatons B mss 4.P15.00 4 Rowreent izes 4 pigong Ine exchanged its investments representing domestic shares fora pies 1 peat ms op i wit lnioeigt eal + BEE Preston fel property? fair market value of shares P 400,000 fa, Seller «Transfer agent fair market value of land 500,000 Buyer The registry of deeds ar value of shares 300,000 15, The 5%-10% capital gains tax does not apply to Costof shares 350,000 teste cine deers toes ‘compute the capital gains tax. 2 haa eo Saris meet dap ne pps | aie ane ‘Multiple Cholces Problems: Part 1 ts aa sl amet P200,000, He paic sere | 1 Teaine, exchanged its share investment from Bee Inc, as payment ofits long outstanding loan from the latter. Tea acquired the shares for F iret 2 ba a 3 markup 0 |gnoring documentary stamp tax, compute the capital gains taxon the tr taxon the sale Compas HES commission and 8,000 documentarysey, «a PO P5000 a. P1500 we (B) P2500 4.P7;500 b Pigsoo risa 2 Mr. Abdul, a non & Onjanuary 5,2015, Mercy disposed the following shares directly to at resident ain, ol no Md domestics | Shares Selling price ost Bh P8000. compute heart t® 8°AS rely toa buyeratanl SE 200,000 P170,000 b P6000 4000 Preferred stocks 100,000 110,000 2000 Mr: Dionisio, non resi | - ‘ignoring the documentary stamp tax, the capital gains tax payable on atanet ino ent clea Sold domestic po P1800 82in of 300,00, mest stock rights directly to aba) (8) P1000 arian 208Chapter 6 - Capital Gains Ta yxation rice company, has the following ic sel : corporatio? domesti awan, Inc, @ st = eee of another domestic 20,000 30,000 Purchase 40,000 Purchase Sale Ass ‘a,’ P500 Gy P 480 480 ae Trinidad, a trading company, made the following transactions uring involving the stocks of Carmen, a domestic corpo! : ' Net price Date Transaction Shares P30 6/15/2015 Buy 10,000 9/30/2015 Sell 8,000 28 10/3/2015 Buy 15,000 25 10,000 32 12/7/2015 Sell La Trinidad uses the FIFO method in costing the Carmen stocks. Compute the deductible loss on th a. P20,000 c. P12,800 b. P16,000 ajP 0 ¢ 12. Compute the taxable gain on the December 7 sale. a P64,118 ()P51,467 b. P60,000 . P44,000 13, Mr. Koronadal has the fol stocks of Philippine Pines, Date 5/8/2015 Sale 8/5/2015 Sale 9/8/2015 Sale : zane) Compute the final capital gains tax on April 15 s , 2016, a. P29,000 )P3,000 b. 22,000 d.Po i out uring the first-in, first-out m Po 10. Assuming the moving. average: ee ‘Transaction Net price 40,000 63,000 92,000 method, compute the capital gains tax on te . P400 ., compute the capital gains tax o, the a d.PO thy) e September 30 sale, lowing transactions during the year on the com) a domestic non-listed company: P120,000 206te, a Ns, a wey ! the | ; ot te | tot 6- Capital Gains Taxation ch ‘alibo shows the followi; a : . we tea totes ta 6 transactions inthe Shares of Aklan Corporati ion, a Dae rare 6: rchase i 10, cs iys/2011 : — ion. P 120,000 5/1/20 ‘urchase 20,000 100,000 atis the tax basis of the sha, 240,000 3"p300,000 oP on May 1, 20117 6B F260.00 ree oee ars. Norala, a resident Citizen, q Paes 4 Purchased domestic listed company, The sha 100,000 share. i any. T es were aca Sof PhilHotdogs, a shares through the Philippine Stock Exchereote ar eh She disposed the lue of P250,000. Compute the capital gains tax, a. 10,000 ©. P2,500 b. 5,000 @Po LPO Multiple Choice - Problems; Part 2 ef cei Sepa bows “te tollovetne cxiedhiecctoniws seameaesides dey 0 shares of a domestic corporation: Date Transaction Quantity Net price P 112,000 2/8/2015 Purchase 10,000 4/5/2015 Sale 10,000 100,000 5/1/2015 Purchase 8,000 80,000 6/7/2015 Sale 5,000 60,000 mpute the capital gain on June 7, 2015 that is subject to capital gains tax. P 4,000 c. P10,000 b. P5,000 d. P12,000 2. Anon-security dealer sold domestic stocks directly to a buyer on October 1, 2015 under the following terms: Selling price P 500,000 Cost 200,000 Downpayment aoe Po 50,000 Installments in 2015 Compute the total capital gains tax in 2015. a. P30,000 £:P6,250 b. P25,000 (45,000 207Gains Taxawr Chapter 6 - Capital ins or tosses in eli VArTOus SECU, ot “86 following gains P 300,000 Ke 3, ABCrealized the 9. ap onsale ‘ofdomestic stocks vearent goniagn: 4 oo al 4 ano eat afte 2 Pa er poralons ; oes Gain on the sale of stocks 4 capital gains tax: 00 a0 c Compute the capi “, p.35,0 it Saget nena ws b. P40, olka 3 " ding problem, +g entary stamp tax in the ee a 4 Compute the docum 22S ve fe . P1875 e om ein 20,000 shares were disposed 5. Awash sale of domestic shares sie ‘ithin the 30-day period by a Pin pve 40,000 were subsequently covered UP ‘ee 15,000 shares for P10/share. o ital gain on the wash sale is 8 The deductible capital loss against capital gain i a PO c. P 13,333 P1000 d. P 20,000 a Y ired i receding problem? 2 6. What is the cost of the 15,000 shares acquired in the p ig problem: a. P150,000 180,000 b. P160,000 ( P190,000 7. Ronnie sold 1,500 shares of stocks of Achievers Corporation directly to aj The share’s par value per shares was P85. Ronnie purchased the shares for) each. On the date of sale, the shares had a selling price of P120 per share. What is the capital gains tax on the sale? @ 2,250 c. P14,000 P2,625 d.P11,375 8. Mr. Palangdan purchased domestic stocks which were priced at 150% above ty par values. After two years, he sold the stocks when their fair value doubled i paid P3,750.00 documentary stamp and P10,000 in commission expenses ont sale. Compute the selling price of the stocks. @ P 3,000,000 c. P 1,500,000 | b. P2,500,000 d.P 1,000,000 9. Compute the capital gains tax. @) P 143,625 c.P152,750 b. P 145,000 d, P153,725 \ 208 \| june | 10 Soest oe capital Gains Taxation nati 20, 2016, Mr. Lito filed th stocks on February 20, 2H ene Bains tax return j unt due including penalties except net gain was Plagne eaetee CP 11709 1 O™MPTOMIse penalty, "Put Me d.P 12,250 amol cot 1,250 p P11,500 Ae choice - Problems: Part 3 mul ; nderson disposes a vacant lot for p3, 000,01 000,000. 00,000, a zonal value of P3,200,000, an in ame nid an assessed value of value of P3,500,000. 1 2, it Hat js the capital gains tax? po Pp 2 192,000 p, P180,000 . P 210,000 Parking lot for P2,000,000. The lot has a zonal uerto Princesa Company sold its value of P1,800,000. The capital gains tax on Pl 2 alue of P2,500,000 and appraisal the sale of the lot is cP 120,000 Qn P108,000 d. P 150,000 3 Laer disposed vy principal residence for P2,000,000 and immediately acq one for P1,800,000. The old residence cost Mr. Antonio 1,000,000 and had a fair market value of P2,500,000 on the date of sale. Compute the capital gains tax to be deposited in escrow. aeRO c. P120,000 b. P60,000 @P150,000 4, What would be the tax basis of Mr. Antonio’s new residence? a. P1,800,000 c. P- 900,000 (@P 800,000 b. P1,000,000 5, How much of the capital gains tax will be released to the taxpayer? a. P150,000 c. P120,000 ( P135,000 d.P15,000 6. On August 15, 2011, Ms. Mones sold a 500-square meter residential house and lot for P3,000,000. The house was acquired in 2005 at P2,000,000. The assessed fair market values of the house and lot, respectively, were P1,500,000 and P1,000,000. The zonal value of the lot was P5,000 per square meter. What is the capital gains tax? a. P180,000 __¢.P150,000 b. P120,000 / d-P210,000 209' . Taxation - Capital Gain: : carter sold his principal residence rilipino citizen, tis a manny, 2 resident FINDING eee oO ogo, The property had ¢ ws, * its original purchase P “5 value at that time: invested in the new princip of the sale were not d to construct it al ere uset it, the om ds of P15,000,000 we! le capi If the proceeds tead, new fun' iy Tres aah 780, z 660,000 @pP Numbers 8 through 10 are based on the following information: jum Mr. Payumo sold his residential land in Manila with fair market valye ot, 1 “he for P10,000,000. : : i in buying a h« 8. IfMr. Payumo utilized all of the P10,000,000 ii ying a house ang lot as his new principal residence, the final tax due from him is tl (a) P720,000 c. P120,000 ' ‘BW. P600,000 d.PO 9. If Mr. Payumo utilized only P7,000,000 from the proceeds of the Sale in new residence, the final tax due from him is % 720,000 c. P180,000 b. P216,000 d.PO 10. The documentary stamp tax due on the sale is P179,895 ¢.P149,985 V(b) P 180,000 (a) 150,000 Multiple Choice - Problems: Part 4 1. Mr. Alabama exchanged his Almanac Corporation stocks for the stocks Corporation pursuant to a plan of merger between the 4 two i following data relates to the exchange: oe Basis of Almanac shares P 400,000 Fair value of Almanac shares 500,000 Par value of Atlas shares received 300,000 Fair value of Atlas shares received 520,000 What is the capital gains tax on the transaction? a) PO c. P5,000 P3,000 d. P7,000 2. Inthe immediatel i i anna ¥ Preceding problem, what is the basis of the Atlas shares a PO cP b. P300,000 a Ps00000 210 | |y it ir Ms . | sor6- Capit Gains Taxation fate h , quirino exchanged his stoci; } a cle é i 3. Mock of Dingalan Corporation, 1yerment in Carmen ¢ wy i hag of the Stocks of Dingalan Comoran” S acquired iy tation for the shares Ya, pasis of the stocks given : ae eee it pair market value of stocks given P 3,000, Mi Fairmarket value of stocks receiyeq 5000000 what is the capital gains tax? 2 | po 1) ©. P145, 000 | 45,000 4 i e 4.P 195,009 Oy immediatel i | in the immediately precegin, Gl 4 Mr. Quirino? '8 Problem, what is the basi i : aut asis of the stocks received by a ©. P4500, 3,000,000 000.000 fb) P 4. 5,000,000 | 5, Mr Bller exchanged his DEF shares f | r. Mr. Eller bo ; for the shares of 790,000 on the pees oe for P1,000,000, The: itehednaa fair alae ot value of P1,300,000 plus cash ofP260.00n Eller received EFG shares with a fair Compute the capital gains tax, | a PO €.P15,0 / Bb. P10,000 p4s.000 | a a | 6 Whatis the basis of the shares received by Mr. Eller? a, PO c. P1,200,000 (6) P1,000,000 d. P1,300,000 7. What is the basis of the DEF shares received by EFG Company? a PO &P1,200,000 d. 1,300,000 b. P1,000,000 8 Raymund exchanged his A Company shares pursuant to a plan of consolidation where A Company will be integrated with B Company. The following relates to the exchange: Basis of A Company shares given P 1,200,000 Fair value of A Company shares given 1,300,000 Fair value of B Company shares received 1,100,000 250,000 Fair value of other properties received Compute the capital gains tax. a PO c.P 10,000 b. P5,000 d.P 20,000 211 a aA AChapter 6 - Capital Gains Taxation 9. Whats the tax basis of the B Company received by Raymund? a. PO c.P1,200,000 ¢@) P1,100,000 d.P1,350,000 10. What is the basis of the “boot” or the other properties Treceiveg by Ra My a PO 7c}P250,000 b. P 150,000 |. P400,000 11. What is the basis of the A Company shares received by B Company a PO c. P1,200,000 b. P1,100,000 .)P1,350,000 0 | 12. Mrs. Joson sold a residential lot on July 1, 2014 for P2,000,000, The prop. | Zonal value of P2,500,000 and an assessed value of P1,000,000, ey On July 1, 2014, Mrs. Joson was compelled to pay the Capital gains request of the buyer. The compromise penalty was determined tobe P20 Compute the total tax due. a. P 150,000 b. P 180,000 c.P 217,500 | (@)P 237,500 | 13. Basic Company paid P9,000 documentary stamp tax on the sale ofa Teal po capital asset. Compute the capital gains tax on the sale, a. P9,000 (c/P 36,000 | b. P 16,000 d. P 42,000 | | 14. Mr. Bassit Unay sold a residential land for P4,000,000. The land had a fait) P3,500,000 and an assessed value of P2,000,000. What is the total income! documentary stamp tax due? a. PO c. P400,000 6) P 300,000 d.P450,000