The taxpayer is a citizen of the Philippines residing in the Philippines Seling price at fair market value of land and building in the Philippines held as capital asset Fair market value at the time of sale Cost of the land and building Holding period of the land and building P5,000,000 P5,000,000 6 months (a) If the whole P8,000,000 proceeds of the sale was invested in a new principal residence (0) The capital gain tax is? 6) The basis of the new principal residence is? (5) #P4,000,000 out of the proceeds was invested in a new principal residence C) The capital gain tax is? (0 The basis of the new principal residence 57