Reference no: EM132949921
Question -
Q1) Leo is a resident citizen. He owns a condominium unit in Mexico where he used to stay when he visits Mexico. He purchased the unit for P8,000,000 in July 2019.
In early 2020, he sold the unit for P10,000,000, which he utilized in full to purchase a house and lot in Greenhills, San Juan. He, then, used it as his principal place of residence. How much is the income tax due arising from this sale?
Q2) Ellie, a resident citizen, in merchandising business, in a year, had:
Gross sales, P12,000,000
Costs and expenses, P4,000,000
Interest on bank deposit, P200,000
Dividend from a domestic corporation, P30,000
How much is the total income tax expense for the year?
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