Inherent power of the sovereign state to raise money or revenue necessary
to finance the functions and operations of the government.
2 points
Asset not part of inventories for sale or used in trade such as the residential
lot.
2 points
Ordinary Asset
Capital Asset
Personal asset
Clear selection
Real property used in trade or business is classified as.
2 points
Business asset
Capital asset
Ordinary asset
Clear selection
The highest price in terms of money which a property can command if exposed for
sale in the open market.
2 points
Fair Market Value
Market Value
Best Value
Clear selection
Months required to build new house to avail exemption from capital gain
tax
2 points
18 months
24 months
36 months
Clear selection
Dwelling place where a family resides is classified as.
2 points
Special Asset
Ordinary Asset
Capital Asset
Clear selection
T OR F
Statement 1: Government entities engaged in commercial or economic activity are
generally exempt from value-added tax
2 points
The law that establishes the rules for property taxation in the Philippines?
2 points
National Internal Revenue Code
Real estate service act
Local government code
None of the above
Clear selection
TRUE OR FALSE
Statement 1: Nonstock and nonprofit private organizations which sell exclusively to
their members in the regular conduct or pursuit of commercial or economic activity
are exempt from value-added tax.
2 points
A taxpayer sold the following during the 2022 with their respective selling price:
House & Lot : 10,000,000.00
Agriculture Land : 500, 000.00
Toyota Fortuner: 1,000,000.00
Macbook Pro : 40, 000.00
How much will be subject to CGT on the assets sold by taxpayer?
4 points
A taxpayer sold his house and lot for php 4, 500, 000.00 in 2022. The latest tax
declaration showed that the house and lot had a total market value of php 4, 800,
000.00. The house and lot have a total historical cost of 4, 000, 000.00 How much
would be the capital gain tax?
288,000.00
4 points
A taxpayer is planning to sell his residential lot. For purposes of capital gain tax the
following were gathered:
Proposed SP : 7, 000, 000.00
Market Value based on the latest tax declaration from the municipal assessor's office
: 6, 500, 000.00
Zonal Value publish in BIR's Website : 6, 300, 000.00
Which amount shall be used as the basis for computing the tax?
7,000,000.00