Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CAPITAL GAINS TAX On June 20, 2019, Mitch purchased 10,000 shares of common stock of Sarah Company at P50 per share. The par value of

CAPITAL GAINS TAX

image text in transcribed
On June 20, 2019, Mitch purchased 10,000 shares of common stock of Sarah Company at P50 per share. The par value of stocks is P30 per share. Thirty days after, Mitch sold the stocks at P65 per share. How much is the capital gains tax on the sale if (1) the shares are listed and traded in the Philippine Stock Exchange? (2) the shares are not listed and traded in the stock exchange? (3) Mitch is a domestic corporation? (4) Mitch is a foreign corporation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell

4th Edition

1119752620, 978-1119752622

More Books

Students also viewed these Accounting questions

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago

Question

Self-confidence

Answered: 1 week ago