Professional Documents
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Incotax Materials
Incotax Materials
12. Which of the following sale transactions will be subject to capital gains tax?
a. Sale of shares of stock by a dealer in securities.
b. Sale of shares of stock during Initial Public Offerings (IPO)
c. Sale of shares of stock not through the local stock exchange by a person
who is not a dealer in securities.
d. Sale of shares of stock through the local stock exchange by a person who is
not a dealer in securities.
13.On March 2023, Josh sold the following shares of stock of domestic
corporations which he bought for investment purposes:
Listed and Traded Not Listed and Traded
Selling Price P250,000 P140,000
Cost 118,000 80,000
How much is the capital gains tax?
a. P3,000 c. P9,000
b. P6,000 d. P12,000
14.On March 2022, Josh sold the following shares of stock of domestic
corporations which he bought for investment purposes:
Listed and Traded Not Listed and Traded
Selling Price P250,000 P140,000
Cost 118,000 80,000
Assume that Johnson is a dealer in securities, the capital gains tax should be:
a. P0 c. P6,000
b. P3,000 d. P12,000
15.On March 2022, Josh sold the following shares of stock of domestic
corporations which he bought for investment purposes:
Listed and Traded Not Listed and Traded
Selling Price P250,000 P140,000
Cost 118,000 80,000
Assume the shares sold were issued by foreign corporations, the capital gains
tax should be:
a. P0 c. P6,000
b. P3,000 d. P12,000
16.On March 2022, Josh sold the following shares of stock of domestic
corporations which he bought for investment purposes:
Listed and Traded Not Listed and Traded
Selling Price P250,000 P140,000
Cost 118,000 80,000
Assume the shares not listed and traded in the local stock exchange were only
sold for P60,000, the capital gains tax should:
a. P0 c. P6,000
b. P3,000 d. P12,000
22.If the property is located abroad, what type of income tax will apply on the
transaction?
A. Basic income tax
B. Capital gains tax
C. Either “a” or “b” at the option of the seller
D. Either “a” or “b” at the option of the buyer
23.A foreign corporation sold a condominium unit to Pedro for P10,000,000
which it acquired at a cost of P5,000,000. The fair market value of the said
property per tax declaration was P12,000,000 while its zonal value was
P15,000,000. How much is the capital gains tax?
A. P600,000 C. P900,000
B. P720,000 D. nil
ANSWER KEYS:
1. A
2. C
2. D
3. D
4. C
5. A
6. C
7. B
8. C
9. C
10. C
11. B
12. C
13. C
14. A
15. A
16. A
17. D
18. B
19. B
20. C
21. A
22. A
23. D
24. B
25. C
26. D
27. D
28. D