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Quiz CGT Questions Only

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93 views1 page

Quiz CGT Questions Only

Uploaded by

hannah dale fernandez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Name: Problem 5

Instructions. Answer the questions asked in each Bevor sold to Pano his residential house located in
situation. Write your answers in the space provided. Surabaya, Indonesia. The following are the details of the
Show you solutions in a separate yellow paper. Please sale:
give an explanation if your answer is exempt, zero/nil,
Selling price – P12,000,000
or subject to Regular Income Tax. Answers without
supporting solutions or explanations will receive zero Zonal Value – P15,000,000
credit.
Assessed Value – P13,500,000
Problem 1
Compute for the capital gains tax. (5 points)
Mr. F sold his principal residence which he acquired for
P1,000,000 for P3,000,000. At the time of sale, the fair Problem 6
market value is P2,500,000. After 1 year, Mr. F bought a
Mr. L, a cemetery lot dealer sold real properties to
house and lot, his new principal residence for
different buyers as follows:
P3,200,000.
Selling Price Cost
Requirements: (5 points each)
House and Lot P2,000,000 P1,250,000
1. Assuming all other requisites are present, how much Farm Lot 800,000 300,000
is the CGT due on the sale? Cemetery Lot 45,000 20,000
2. If, however, the new principal residence was
acquired for only P2,000,000, how much is the The house and lot, his former principal place of
CGT? residence, was sold to acquire a condominium unit
3. If, however, fair market value of the principal worth P5,000,000 for Mr. L’s new principal place of
residence was P3,300,000, how much is the CGT? residence. What is Mr. L’s capital gains tax?
Problem 2 Problem 7

Nicanor sold his real property located in Apalit, 2 months ago, Anko, an OFW, sold a house and lot to
Pampanga. The details of information were duly Kabu for P2,000,000. When the FMV was 3,000,000.
provided: However due increase in prices the current values are
as follows:
• Consideration in the Deed of Absolute Sale – Php
5,000,000 House Lot
• Zonal value – Php 4,000,000 Prevailing selling price P1,800,000 P1,500,000
• FMV of assessor – Php 3,000,000 in the area
• Mortgage value of land as annotated in the back of Zonal Value 1,850,000 1,400,000
the Certificate of Title – Php 7,000,000 Assessed Value 1,820,000 1,520,000
• Prevailing selling price in the area – Php 6,000,000
• Imputed selling price of BIR Revenue Officer due to Compute for the Capital Gains tax. (5 points)
commercialization of area – Php 10,000,000
Problem 8
What is the basis in computing the capital gains tax? (5
points) Keynard, not a dealer in securities, sold through the
local stock exchange 10,000 PLDT shares that it bought
Problem 3 2 years ago. Keynard sold the shares for P2,000,000 and
In 2023, Inday sold her rest house in Bicol for Php realized a net gain of P200,000. Compute for the Capital
8,000,000. The fair market value of the rest house at the Gains tax. (5 points)
time of sale is Php 10,000,000. Inday utilized Php Problem 9
6,000,000 of the proceeds of the sale in acquiring a new
principal residence, the capital gains tax due is? (5 On January 18, 2024, Mr. Mulanay bought 10,000 shares
points) of Gen. Luna Corporation for P100,000. On February 6,
2024 he sold the same for P95,000. On March 28, 2024,
Problem 4 he bought 5000 shares for P55,000. Compute for the
Pano sold his residential house to Bevor for P5,000,000. basis of the shares bought on March 28, 2024. (5 points)
Its Fair Market Value when he inherited it was
P6,000,000. Although its present FMV is P8,000,000.
Compute for the Capital Gains Tax. (5 points)

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