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How much was the total capital gain tax

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Reference no: EM132818492

The idle real property of the taxpayer who is not engaged in business was sold when its zonal value was P60M. The carrying cost of the property at date of sale was P2M. The term of sales as follows:

  1. Down payment in year of sale P 10M
  2. Mortgage assumed by buyer 4M
  3. balance payable at P 9M per year for 4 years starting year 2 of sale.

Problem 1: How much was the total capital gain tax?

Group of answer choices

Option 1: 3.6M

Option 2: 3.72M

Option 3: 3.6M

Option 4: 3.5M

Reference no: EM132818492

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