FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rock Lee is a resident of Mankayan, Benguet. He sold his family home for P4,000,000 which was previously acquired for P2,000 000. Rock Lee complied

Rock Lee is a resident of Mankayan, Benguet. He sold his family home for P4,000,000 which was previously acquired for P2,000 000. Rock Lee complied all BIR requirements to avail of tax exemption and spent P2, 500, 000 in acquiring new family home. How much is the capital gain tax to be paid by Mr. Rock Lee

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

Step: 3

blur-text-image

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

Accounting Tools for business decision making

Accounting Tools for business decision making

Authors: kimmel, weygandt, kieso

4th Edition

978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461

More Books

Students also viewed these Accounting questions

Question

★★★★★
A container of NO3(g) has a pressure of 0.265 atm. When the absolute temperature of the NO3(g) is tripled, the gas completely decomposes, producing NO (g) and NO(g). Calculate the final pressure of...

Answered: 1 week ago

Question

★★★★★
Rock Lee is a resident of Mankayan, Benguet. He sold his family home for P4,000,000 which was previously acquired for P2,000 000. Rock Lee complied all BIR requirements to avail of tax exemption and...

Answered: 1 week ago

Question

★★★★★
Rock Lee is a resident of Mankayan, Benguet. He sold his family home for P4,000,000 which was previously acquired for P2,000 000. Rock Lee complied all BIR requirements to avail of tax exemption and...

Answered: 1 week ago

Question

★★★★★
In general, algorithms are classified into paradigms like: greedy, dynamic, optimization, brute-force, and divide & conquer. Each of the following phrases describes one of these paradigm 1) A...

Answered: 1 week ago

Question

★★★★★
22 More mirrors. Object O stands on the central axis of a spherical or plane mirror. For this situation, each problem in Table 34-4 refers to (a) The type of mirror, (b) The focal distance f, (c) The...

Answered: 1 week ago

Question

★★★★★
Req 2 a and b Req 2 c and d Req 3 a and b Req 3 c and d , Req 4 Using FIFO, calculate ending inventory and cost of goods sold. \ table [ [ FIFO , Cost of Goods Available for Sale,Cost of Goods...

Answered: 1 week ago

Question

★★★★★
What role do hormone levels play in mood?

Answered: 1 week ago

Question

★★★★★
The Sea Wharf Restaurant would like to determine the best way to allocate a monthly advertising budget of $1000 between newspaper advertising and radio advertising. Management decided that at least...

Answered: 1 week ago

Question

★★★★★
Required information [The following information applies to the questions displayed below] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells...

Answered: 1 week ago

Question

★★★★★
Given p x find p 3 by using synthetic substitution p x x 6x 7x 25 Given p(x), find p(3) by using synthetic substitution. p(x) = x3 + 6x2 + 7x 25

Answered: 1 week ago

Question

★★★★★
Assume the US enacted tax rate is 30%, and a non-US subsidiary\'s local enacted rate is 25%. If the non-US subsidiary\'s outside basis for book exceeds outside basis for tax, at what total rate will...

Answered: 1 week ago

Question

★★★★★
Canada Sweden Real rate of interest required by investors 2% 2% Nominal interest rate 7% 4.5% Spot rate Swedish Krona SEK/CAD $0.1323 Use the differential in expected inflation to forecast the new...

Answered: 1 week ago

Question

★★★★★
In regards to productivity through the use of determining the number of units produced during each work hour by employees. How does this produce an accurate representation of each individual employee...

Answered: 1 week ago

Question

★★★★★
Q2 A large all-equity pension fund company with AUM of $500Billion that is closely following S&P 500 index is facing a possibility of new regulatory changes in its management of market risk. The new...

Answered: 1 week ago

Question

★★★★★
Locate a competitor for Mars. a. Identify ERM processes used by the organization that are the same or different from those used by Mars. b. Select two ERM processes used by the competitor that you...

Answered: 1 week ago

Question

★★★★★
this is my question that I am sending for the third time. please help me as much as possible since my time is running out! these two pictures are the needed data of Exxon to answer above questions....

Answered: 1 week ago

Question

★★★★★
From a medical tourist perspective, compare Shouldice with the traditional hospital in terms of the key factors of competition. Using Table 15-3, why would Shouldice attract patients from outside the...

Answered: 1 week ago

Question

★★★★★
Use a lower 95% confidence bound to estimate the difference (u) in Example 10.9. Does the lower confidence bound indicate that the online test score average is significantly higher than the classroom...

Answered: 1 week ago

Question

★★★★★
10.18 Give the number of degrees of freedom for s, the pooled estimator of o, in these cases: a. n = 16, n = 8 b. n = 10, n = 12 c. n = 15, n = 3

Answered: 1 week ago

Question

★★★★★
10.26 Tuna Fish, again In Exercise 10.6 we presented data on the estimated average price for a 170 g can or a 200 g pouch of tuna, based on prices paid nationally in supermarkets. A portion of the...

Answered: 1 week ago

Previous Question Next Question