Question
INCOME TAXATION (Please show computations. Thank you.) 1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding
INCOME TAXATION (Please show computations. Thank you.)
1. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows:
Selling price - P5,500,000
Fair market value - 6,000,000
Zonal value - 5,850,000
Expenses on sale - 275,000
Compute for the capital gains tax.
Group of answer choices
a. P360,000
b. 0
c. P351,000
d. P330,000
2. A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows:
Gain on sale - P500,000
Zonal value - 2,200,000
Cost - 2,000,000
Expenses on sale - 150,000
Compute the capital gains tax.
Group of answer choices
a. 0
b. P132,000
c. P120,000
d. P150,000
3. A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock exchange at its fair market value amounting to P550,000. Cost of the shares sold is P300,000.
Compute for the capital gains tax.
Group of answer choices
a. P33,000
b. P18,000
c. 0
d. P15,000
4. A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at its fair market value amounting to P600,000. Cost of the shares sold is P650,000.
Compute for the capital gains tax.
Group of answer choices
a. 0
b. P97,500
c. P39,000
d. P7,500
5. A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at its fair market value amounting to P300,000. Cost of the shares sold is P220,000.
Compute for the capital gains tax.
Group of answer choices
a. P12,000
b. 0
c. P45,000
d. P33,000
6. A resident citizen, has the following data for the year 2020:
| Description | From Philippines | From Ukraine |
| Gross sales | 5,000,000 | 3,000,000 |
| Sales returns and allowances | 500,000 | 200,000 |
| Cost of sales | 1,500,000 | 800,000 |
| Business expenses | 500,000 | 300,000 |
| Interest income, peso bank deposit BDO-Marikina | 20,000 | 0 |
| Interest income, US dollar deposit BDO-Mandaluyong | 50,000 | 0 |
| Gain from sale of residential house and lot, P500,000 (Selling price is P3,000,000; FMV at time of sale is P5,000,000) | ||
| Gain from sale of shares of stock listed and traded in the local stock exchange, P30,000 (selling price, P100,000) | ||
| Gain from sale of shares of stock not traded in the local stock exchange, P150,000. | ||
How much is the total final tax on passive income?
Group of answer choices
a. P4,000
b. P11,500
c. P14,000
d. P7,750
7. Using the information in the previous question, how much is the capital gains tax due?
Group of answer choices
a. P310,000
b. P322,500
c. P300,000
d. P180,000
8. Using the information in the previous question, how much is the taxable net income?
Group of answer choices
a. P4,200,000
b. P2,900,000
c. P4,280,000
d. P4,700,000
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The Organisational Change Audit
Authors: Ralph Houston
1st Edition
1907766014, 978-1907766015
