22 Mr. A has the information as shown below: A sold his residential…

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Question Answered step-by-step 22 Mr. A has the information as shown below: A sold his residential… 22Mr. A has the information as shown below: A sold his residential building (principal residence) in Quezon City with Fair value per Schedule of Market Values (SMV) of P12,000,000 (LGU) for P10,000,000 (Selling Price) and appraisal value of P15,000,000. If he utilized only P7,000,000 from the proceeds of sale in acquiring a new residence.A sold his personal car with fair market value of P2,000,000 for P1,000,000 and appraisal value of P500,000. If he utilized only P700,000 from the proceeds of sale in acquiring a new car.A is a dealer of securities, sold 10,000 no par value shares of GMA Company for P100/share. He purchased the shares for P75/ share from a buyer who bought the shares from GMA Company for P75/share.The following are the assessment level:FMV OverBut Not OverAssessment Level0.00P175,0000%P175,000300,00010%300,000500,00020%500,000750,00025%750,0001,000,00030%1,000,0002,000,00035%2,000,0005,000,00040%5,000,00010,000,00050%10,000,000 60% Based on the information above, answer the following:The documentary stamp tax The local transfer tax (use the maximum rate)  Law Social Science Tax law Share QuestionEmailCopy link Comments (0)

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