Compute the documentary stamp tax due

Assignment Help Accounting Basics
Reference no: EM133094949

Questions -

Q1. Mr. Cruz sold his lot which is considered as a capital asset for P700,000. The lot was previously acquired for P300,000. At the time of sale, the zonal value as appearing in the BIR's list of values is P600,000 and the assessed value as appearing in the records of the City Assessor's Office is P350,000. An independent appraisal of the lot concluded an appraised value of P800,000. Compute the documentary stamp tax due.

a. P4,500

b. P9,000

c. P10,500

d. P12,000

Q2. Mr. De Vega decided to sell his 5,000 shares of stocks of ZYZ Corporation (Domestic Corporation) directly to his friend, Mr. Velasco. The par value of each share is P10.00. Compute the documentary stamp tax to be paid by the seller on the transaction.

a. P250

b. P375

c. P500

d. P750

Reference no: EM133094949

Questions Cloud

What is the value of the firm : The company is projected to generate FCFF to the firm of $21 million at the end of year 1, What is the value of the firm
What is the portfolio expected return : Apple has an expected return of 17.83%. The correlation between the stock returns is .33. What is the portfolio expected return
Distinction between perfect and imperfect legal rights : What is the distinction between perfect and imperfect legal rights? What sort of laws are related to imperfect legal rights? Give one example and explain how
Good choice for some businesses : Explain why this method could be a good choice for some businesses or may not be ideal for others.
Compute the documentary stamp tax due : An independent appraisal of the lot concluded an appraised value of P800,000. Compute the documentary stamp tax due
Determine the Liability on SAR at the end of year two : The market value of the stock is P55 on 12/31/Y1, P53 on 12/31/Y2, and P61 on 12/31/Y3. Determine the Liability on SAR at the end of year 2
How much of the increase in cash during fiscal-year 2020 : How much of the increase in cash during fiscal-year 2020 is the result of financing activities and How much of the increase in cash during fiscal-year 2020
What would be the balance of equipment : Beta has equipment with a BV of $100,000 and a FV of $120,000. What would be the balance of equipment on the consolidated balance sheet on December 31, X4
What would be the net impact of these two transactions : In X1, Plus Company purchases 75% of the outstanding shares of Minus Company. What would be the net impact of these two transactions

Reviews

Write a Review

Accounting Basics Questions & Answers

  What specific client-related matters prompted goldstein

What specific client-related matters prompted Goldstein and Morris's decision to conceal certain information from the PCAOB. What sanctions were imposed on the firm, the managing partner, and the two other partners involved in the investigation? We..

  Explain some examples of input validation

Explain some examples of input validation checks that you have noticed when filling out forms on websites you have visited.

  Is the intern correct

Is the intern correct? Assume you have been working for a small accounting firm, and you have been tasked with training a new intern.

  What are the journal entries at October

What are the journal entries at October 31, and the net adjustment to Leopard's inventory as determined by Physical count on October 31

  Mca computing least squares regression estimates

Draw a scatter diagram of the airport costs. Compute the least spuares regression estimates of the variable and fixed cost components in the airport cost behavior pattern.

  Discuss the amount of each payment if the interest rate

Determine the amount of each payment if the interest rate, determine the answers to each of the following independent situations

  What is the various types of business-type funds used

What is the various types of business-type funds used in governmental units? Provide an example of when each is appropriate.

  What is the basis of the shares sold

One year later, he stock dividend. On December 16, 2014, he sold 85 shares at $20 a share. What is the basis of the shares sold

  Wesley who is single listed his personal residence with a

wesley who is single listed his personal residence with a real estate agent on march 3 2013 at a price of 390000. he

  What is the income tax expense on the consolidated income

What is the income tax expense on the consolidated income statement for Year 5? On January 1, Year 1, Present Inc. purchased 80 percent

  Determine the apportionment factors for A and B

Determine the apportionment factors for A and B assuming that A uses a three-factor apportionment formula under which sales, property (net depreciated basis)

  Expected return with a standard deviation

Security A has an expected return of 12.4% with a standard deviation of 15%, and a correlation with the market of 0.85. Security B has an expected return of 0.73% with a standard deviation of 20%, and a correlation with the market of 0.67. The sta..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd