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Compute the capital gains tax

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Reference no: EM133149207

Question - A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows:

Gain on sale - P500,000

Zonal value - 2,200,000

Cost - 2,000,000

Expenses on sale - 150,000

Required - Compute the capital gains tax.

Reference no: EM133149207

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