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.