Question
Mrs. Dela Cruz owns a parcel of land worth P500,000 which she inherited from her father in 2003 when itwas worth P300,000. Her father purchased
Mrs. Dela Cruz owns a parcel of land worth P500,000 which she inherited from her father in 2003 when itwas worth P300,000. Her father purchased it in 1990 for P100,000. If Mrs. Dela Cruz transfer this parcel of land to her wholly owned corporation in exchange for shares of stocks of said corporation worth P450,000, Mrs. Dela Cruz taxable gain is*
A store building was constructed on January 2, 2009 with a cost of P570,000. Its estimated useful life is 16 years with scrap value of P70,000 after 16 years. In January, 2014 replacement of some worn-out parts of the building costing P50,000 was spent. After the repairs, the building was appraised with a fair market value of P770,000. The allowable deduction for depreciation for the year 2014 is:*
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