Season 4 - Real Property PDF

Preview

Summary

PHILIPPINE ASSOCIATION of CERTIFIED TAX TECHNICIANSONLINE SEMINARJanuary-February 2021SEASON 4 – SALE/EXCHANGE OF REAL PROPERTYDate of sale August 15, 2020 Seller’s Name Juan Dilla Cruz TIN of Seller 238-076-413- Address Unit 7-B La Cantada Condominium, Little Baguio, San Juan City RDO 042 Buyer’s N...

Description

PHILIPPINE ASSOCIATION of CERTIFIED TAX TECHNICIANS ONLINE SEMINAR January-February 2021 SEASON 4 – SALE/EXCHANGE OF REAL PROPERTY Date of sale Seller’s Name TIN of Seller Address RDO Buyer’s Name TIN of Buyer Address RDO CCT No. Area sold Tax Declaration No. Location of Property Acquisition Cost Market value per Tax Dec Selling Price Zonal valuation 1. The capital gains tax – A. P 180,000 B. 120,000

August 15, 2020 Juan Dilla Cruz 238-076-413-000 Unit 7-B La Cantada Condominium, Little Baguio, San Juan City 042 Henry Ang Tan 751-096-572-000 2 Fuschia St., Xavierville Village, Tanauan City 059 2017-9752568 50 sq. m 2015-896-90871 La Cantada Condominium, Little Baguio, San Juan City P 2,000,000 2,500,000 3,000,000 P 70,000 / sq m

C. D.

P 150,000 210,000

2. The documentary stamp tax on the sale is – A. P 52,500 C. P 37,500 B. 45,000 D. 210,000

E. None of the above

E. None of the above

3. The capital gains tax of Mr. Cruz if the proceeds of sale was utilized in acquiring a new residence – A. P 210,000 C. P 180,000 E. None of the above B. 150,000 D. None 4. The amount to be deposited in escrow if the proceeds of the sale shall be utilized in acquiring a new residence – A. P 210,000 C. P 180,000 E. None of the above B. 150,000 D. None 5. The capital gains tax payable assuming that Mr. Cruz will utilize only P1,500,000 of the proceeds in acquiring a new residence? A. P 90,000 C. None E. None of the above P 105,000 B. 210,000 D. 6. Based on the preceding question, how much will be the cost basis of the new residence? A. P1,500,000 C. P 2,000,000 E. None of the above 1,000,000 D. 105,000 B.

7. PREPARE duly accomplished BIR Form Nos. 1706 and 2000-OT if the seller will utilize only P1.5 million of the selling price. 8. How much is the creditable withholding tax if the property is a residential lot in a subdivision and the seller is Megaworld Corporation, a real estate developer? A. P 150,000 C. P 175,000 E. None of the above B. 210,000 D. 105,000 9. PREPARE a duly accomplished BIR Form No. 1606 based on the information in the preceding question....