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How much is the ordinary deduction

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Reference no: EM133513485

PROBLEM 1:

A corporation sold a residential lot on July of 2022. The following are the terms of the sale:

Gross selling price (excluding VAT): 4,050,000

Downpayment: 10%

Balance:

40 % is payable in 36 equal monthly installments, starting July of 2022

50 % upon turnover

Zonal Value of residential lot: 2,950,000

1. What will be the basis of VAT?

2. How much is the downpayment (inclusive of VAT)?

3. What is amount to be paid (including VAT) before turnover?

4. How much will be the monthly amortization (including VAT) be?

5. What is the initial payment (including VAT)?

PROBLEM 2:

A is a Filipino and unmarried. He has the following properties and deductions:

Real and Personal Properties: 20,000,000

Family home: 9,000,000

Other deductions: 2,000,000

Answer the following:

1. How much is his gross estate?

2. How much is the ordinary deduction?

3. Special deductions is how much?

4. How much is the total deductions?

5. How much is net taxable estate?

6. How much will be the estate tax due?

Reference no: EM133513485

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