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