Pa help guys!
1. Mr. Bernabe owned a machinery with a cost of P300,000. Today, the current value of the machinery after depreciation is P250,000. When an expert assessed it, it has a current fair value of P350,000. He sold the same for P320,000.
He also has an unused lot which he bought years ago amounting to P3,500,000. The current zonal value is P5,000,000 and the assessor’s office assessed it for P5,500,000. He later on sold it for P5,200,000. Since there is a global pandemic, he is going through such a hard time. He has to sell most of his properties including all of his residential houses except the house that he is currently living in which he considers as his principal residence. One residential house has a cost of P10,000,000. On July 15, 2021, a buyer promised to pay P1,000,000 semi-annually starting at the date of sale.
a. How much is the amount that should be included in his income tax return on the sale of the machinery?
b. How much is the amount subject to transfer tax on the sale of machinery? c. How much is the capital gains tax to be paid on the sale of the lot? d. What is the basis of the CGT on the sale of the land? Explain.
e. How much CGT to be paid on the date of the sale of the house?
f. How much CGT to be paid on every installment payment of the house?
g. Is Mr. Bernabe exempted from paying CGT on the sale of the residential house? Why or why not?
h. If the buyer of the land is a government entity, how much will she be paying as CGT
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