Name: Date:

Yr and Block

1. Juan is a resident of Olongapo City. He sold his family home of P4,000,000 which was previously acquired for P2,000,000. Juan complied all BIR requirements to avail of
tax exemption and spent P2,500,000 in acquiring new family home. How much is the capital gains tax to be paid by Juan?

1,500,000.00 240,000.00 = 90,000.00

x
4,000,000.00

2. An individual who sell shares of stock not traded thru the local stock exchange is liable to pay:
a. Capital gains tax of 5% c. Capital gains tax of 15%
b. Capital gains tax of 5% first 100,000 and in excess 10%. d.Capital gains tax of 5% if gain is less 100,000 and 10% if gain is more than 100,000.

3 Sale of real property located outside the Philippines shall be

a. subject to capital gains tax of 6% on selling price or fair market value whichever is higher.
b. subject to capital gains tax of 15% on the net capital gain
c. exempt from tax if the taxpayer is resident citizen.
d. Subject to regular income tax if taxpayer is resident citizen or domestic corporation.

4. Mr. L, a cemetery lot dealer sold real properties to different buyers are as follows:
Selling Price Cost
House and lot 2,000,000 1,250,000
Farm Lot 800,000 300,000
Cemetery lot 45,000 20,000

The house and lot were sold to acquire a condominium unit for Mr. L new principal residence place of business. What is Mr. L's capital gains tax?

800,000.00 x 0.06 = 48,000.00

5. Minnie, a real estate dealer sold a house and lot for P 600,000 on November 20, 2018. The cost of the property is P 375,000. Terms are
Down payment 100,000
Balance: payable in monthly installment of P 25,000 beginning Dec. 20, 2018

How much is the income subiect to income tax in 2018? 125,000.00 0.21 225,000.00 46,875.00
600,000.00

How much is the income subject to income tax in 2019? 300,000.00 0.50 112,500.00
600,000.00

Assuming the asset above is capital asset, the capital gains tax payable in
2018? 125,000.00 0.21 36,000.00 7,500.00
600,000.00

2019? 300,000.00 0.50 18,000.00

600,000.00

6.
Ms. Lalaine sold her residential house to Ms. Lambino for P 5M. Its FMV when he inherited it was P 6M although its present FMV is P 8M. The tax on this transaction is:
8,000,000.00 x 6% = 480,000.00

Same with # 06, but assuming the residential house is located abroad, the capital gains tax is:

P0.00

7. Income from dealings in property (real, personal, or mixed) is the gain or loss derived:
a. Only form the cash sale of property c. From sale and lease of property
b. From cash and gratuitous receipts of property d. Only from sale of property

8. The term "capital assets" includes

a. Stock in trade or other property included in the taxpayer's inventory.
b. Real property not used in the trade or business of taxpayer.
c. Property primarily for sale to customers in the ordinary course of trade or business.
d. Property used in the trade or business of the taxpayer and subject to depreciation.

9. In computing gain or loss from the sale or other disposition of property acquired as gift or donation, the basis of cost shall be:
a. The fair market value as of the date of acquisition. c. The latest inventory value.
b. The purchase price plus expenses of acquisition. d. The same as it would be in the hands of the donor.

10. Statement 1: Gain on sale of all kinds of capital assets are subject to the final tax on capital gain.
Statement 2: Gain from sale of real property classified as capital asset and located in Miami, Florida is not subject to the final tax on capital gain.
a. Both statements are correct c. Only the first statement is correct
b. Both statements are not correct d. Only the second statement is correct

In 2020, Mr. Vicente Tagle, a retiree, bought 10,000 CDA shares that are unlisted in the local stock exchange for P10 per share. In 2021, the said shares had a book
value per share of P60 per share. In view of a car accident in 2021, Mr. Vicente Tagle had to sell his CDA shares but he could sell the same only for P50 per share
11. directly to the buyer. The sale is subject to tax as follows:
a. Stock transaction tax of 6/10 of 1% of gross selling price.
b. 15% capital gains tax on the capital gain of P50 per share, arrived at by deducing the cost (P10 per share) from the book value (P60 per share).
c. 15% capital gains tax on the capital gain from sale of P40 per share (P50 selling price less P10 cost) plus donor's tax on the excess of the fair market value
of the shares over the consideration.
d. Graduated income tax rates on the net taxable income from the sale of the shares.

12. Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value OF P2,800,000, a zonal value of P3,200,000, and an appraisal value of P3,500,00.
What is the capital gains tax?
3,200,000.00 x 0.06 = 192,000.00

13. Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the
sale of the lot is
 P 0.00

14. Mr. Antonio disposed his principal residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Antonio P1,000,000 and
had a fair market value of P2,500,000 on the date of sale. Compute the capital gains tax to be deposited in escrow.

2,500,000.00 x 0.06 = 150,000.00

15. Same details with no. 14, what would be the tax basis of Mr. Antonio's new residence? 900,000.00

16. Same details with no. 14, how much of the capital gains tax will be released to the taxpayer? 135,000.00

17. Manny, a resident Filipino citizen, sold his principal residence (house and lot) at its original purchase price of P11,000,000. The property had a P13,000,000 fair value at
that time. If the proceeds of the sale were not invested in the new principal residence but, instead, new funds of P15,000,000 were used to construct it, the capital gains
tax is

13,000,000.00 x 0.06 = 780,000.00

18. Mr. Bigos sold shares of a resident foreign corporation directly to a buyer. The shares were purchased for P100,000 and were sold at a net selling price of P210,000.
Compute the capital gains tax.

P 0.00

19. Argao Company, a trading company, made the following transactions during the year involving the stocks of Xurpas, a domestic corporation:
DATE TRANSACTION SHARES NET PRICE
06/15/2021 Purchase 10,000.00 30.00
09/30/2021 Sale 8,000.00 28.00
10/03/2021 Purchase 15,000.00 25.00
12/07/2021 Sale 10,000.00 32.00
Argao uses the FIFO method in costing.
Compute the Taxable gain on the December 07 sale
# of shares unit price
Cost: 06/15/2021 2,000.00 30.00 60,000.00
10/03/2021 8,000.00 25.00 200,000.00
260,000.00 Cost:

SP: 320,000.00
Cost: 260,000.00
60,000.00

20. Mrs. San Marcelino, a resident citizen and a stock dealer, purchased 100,000 shares of PhilHotdogs, a domestic listed company. The shares were acquired at P200,000.
She disposed the shares through the Philippine Stock Exchange at a fair value of P250,000. Compute the Capital Gains Tax.

P 0.00