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    This document contains 7 multiple choice questions regarding capital gains and losses related to the sale of various assets over different time periods based on tax law. The correct answers are: C, C, A, B, D, B, A

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    BLT

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    Jaylord Pido
    326 views4 pages
    This document contains 7 multiple choice questions regarding capital gains and losses related to the sale of various assets over different time periods based on tax law. The correct answers are: C, C, A, B, D, B, A

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    This document contains 7 multiple choice questions regarding capital gains and losses related to the sale of various assets over different time periods based on tax law. The correct answers are: C, C, A, B, D, B, A

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    326 views4 pages

    BLT

    Uploaded by

    Jaylord Pido
    This document contains 7 multiple choice questions regarding capital gains and losses related to the sale of various assets over different time periods based on tax law. The correct answers are: C, C, A, B, D, B, A

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    1.

    Marzan sold his residential house under the following terms:


    Cash received, January 10, 2008
    Amount received, June 10, 2008
    Installment due, June 10, 2009
    Additional information:
    Cost of residential house
    Mortgage assumed by the buyer
    Mortgage on the residential house executed by the
    buyer in favor of the seller to guarantee payment
    Fair market value of residential house
    How much was the capital gains tax due in 2008?
    a. P15,882
    b. P17,647
    c. P54,000

    P100,000
    100,000
    600,000
    150,000
    200,000
    600,000
    900,000
    d. P60,000

    RUFFA purchased 10,000 shares of Dubidu Bidu in


    200A for P30,000. The shares are listed in the LSE,
    6 months later she sold them for P15,000. She
    also bought in 200B 500 domestic shares at
    P1,000/ share & sold them after 3 months for
    P1,500/s directly thru a buyer, the capital gains
    tax is:
    a. P75
    b. P3,750
    c. P20,000
    d. P1,250
    1.
    C

    Jose Josue qualified as head of a household for 2007 tax purposes. Mr. Josues 2008 gross
    income was P200,000 inclusive of P10,000 short term capital gain. Mr. Josue had a long-term
    loss of P8,000 in 2008. What amount of this capital loss could Mr. Josue deduct in 2008?
    a. Zero
    c. P4,000
    b. P3,000
    d
    P8,000
    .

    D. Co. is a domestic corporation with the following data for 2002 (first year of operations):
    Gross profit from sales
    Dividend from domestic corporation
    Capital gain on sale of land in the Philippines held for two
    years
    (sold
    at
    P1,000,000)
    200,000
    Capital gains on sale of shares of domestic corporation held for two
    months
    (direct
    sale
    to
    buyer)
    120,000
    Business expenses
    1,100,000
    Capital loss on bonds of domestic corporation held for 6 months
    30,000
    The total capital gains taxes for the year:
    a. P64,000.
    b. P54,000.
    c. P67,000.
    d. P0.

    P2,000,000
    20,000

    A citizen of the Philippines sold his principal residence in the Philippines at a selling price equal to its fair
    market value of P4,000,000. The basis or cost of the property was P2,500,000.
    If the entire proceeds of the sale is immediately invested in acquiring a net principal residence,
    the capital gain tax is:
    a. P240,000.
    b. P200,000.
    c. P0.
    d. Some other amount.
    ii

    iii

    In Question 170, how much is the basis of the new principal residence?
    a. P0.
    b. P249,000.
    c. P2,500,000.
    d. Some other amount.

    In Question 170, if only P3,000,000 out of P4,000,000 was utilized in acquiring a new principal
    residence, the capital gain tax is:
    a. P60,000.
    b. P240,000.
    c. P180,000.
    d. Some other amount.

    Calendar year 2002


    Taxpayer is a citizen of the Philippines who is single:
    Capital gain on sale of bonds held for 20 months
    Capital gain on direct sale to buyer of shares of domestic
    corporation
    held
    for
    6
    months
    120,000
    Capital loss on sale of family car held for 11 months
    80,000
    Capital loss on sale of land in the Philippines held for 3
    years
    60,000
    Net capital loss in 2001 (net taxable income of the year was
    P10,000)
    20,000

    iv

    P50,000

    Total capital gains to consider at the end of the year:


    a. P145,000.
    b. P25,000.
    c. P120,000.
    d. P130,000.
    v

    vi

    In Question 173, the net capital loss carry-over from 2001 would have been:
    a. P40,000.
    b. P55,000.
    c. P10,000.
    d. P0.
    Calendar year 2002:
    Taxpayer is a citizen of the Philippines who is single
    Capital gain on sale of bonds held for 2

    months

    P45,000
    Capital gain on sale directly to buyer of shares of domestic
    corporation
    held
    for
    16
    months

    120,000
    Capital loss on

    sale

    of

    family

    car

    held

    for

    years

    80,000
    Capital loss on sale of land in the Philippines held for 3 years on a
    selling
    price
    of
    P800,000
    60,000
    Net capital loss in 2001 (net taxable income of the year was
    P30,000)
    20,000

    vii

    The net capital gain in 2002 was:


    a. P50,000.
    b. P5,000.
    c. None.
    d. Some other amount.
    In Question 175, the net capital loss carry over to 2002 was:
    a. P5,000.
    b. P20,000.
    c. P30,000.
    d. Some other amount.

    i. Letter C is the correct answer.


    ii. Letter C is the correct answer.
    iii. Letter A is the correct answer.
    iv. Letter B is the correct answer.
    v. Letter D is the correct answer.
    vi. Letter B is the correct answer.
    vii. Letter A is the correct answer.

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