Peejay sold the following shares of stock during the year Listed and traded Not

Peejay sold the following shares of stock during the

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29.Peejay sold the following shares of stock during the year:Listed and tradedNot listed and tradedListed and tradedSelling priceP1,500,000P630,000P210,000Cost 1,230,000570,000170,000Date sold01/20/0503/16/0511/14/05The capital gains tax payable is:a. P3,000b. P32,000c. P11,550d. P3,150Items 30 through 33 are based on the following information:Ambi, a resident citizen, has the following transactions of not listed and traded shares of stocks of a domestic corporation:Date of SaleDate of AcquisitionCostSelling PriceFebruary 13, 2005January 18, 2003P 80,000P135,000April 5, 2005November 30, 2004256,000360,000July 20, 2005September 3, 2003175,000115,000October 13, 2005August 7, 2005144,500150,00030.The capital gains tax on the February 13, 2005 sale is: 31.The capital gains tax on the April 5, 2005 sale is: 32.The capital gains tax/(refund) on the July 20, 2005 sale is: 33.The final capital gains tax/refund at the end of the year is: a. Tax payable of P1,350b. Tax refund of P1,350c. Tax payable of P2,975d. Tax refund of P2,975Items 34 through 36 are based on the following information:Eljem is not a dealer in securities. In 2005, he had the following transactions of common shares of stock of Pfizer Co., a domestic corporation:Purchase on January 5, 100 sharesP7,000Sale on June 18, of the shares purchased on January 56,000Purchase on June 22, 60 shares6,500Sale on October 5, of the shares purchased on June 228,00034.The loss not recognized on the sale of June 18:35.The basis of the shares purchased on June 22, 2005 is:36.The gain on the sale of October 5, 2005 is:
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TAXATION Page 7 of 837.The following data were provided by a resident citizen taxpayer for the current year:Royalties on books, PhilippinesP 100,000Prize10,000Gain, sale of residential house, Philippines (selling price is P5,000,000)2,000,000Gain, sale of shares of stock not listed and traded in the Local Stock Exchange (selling price P300,000)100,000How much is the total final taxes?a. P325,000b. P317,000c. P315,000d. P145,000Items 38 through 43 are based on the following information:Mr. Jom Mina, a citizen and resident of the Philippines, married to Mrs. Ara Mina, with the mother of Ara living with the spouses, had the following data for 2005:Mr.Mrs.Mr. & Mrs.Gross income from businessP220,000Gross income from profession, net of a 10% withholding taxP180,000Rent income from land and buildingP48,000Dividend from domestic corporation10,000Interest on notes receivable2,0001,000Interest on Philippine currency bank deposit3,0002,0008,000Capital gain on sale directly to buyer at P280,000 of sharesof domestic corporation80,000Capital gain on sale directly to buyer at P2,000,000 of landin the Philippines300,000Interest on government bonds5,000Capital loss on sale thru the Philippine Stock Exchange at P60,000 of shares of domestic corporation5,000Income tax withheld on rent at 5%2,400Income tax withheld on professional fees at 10%20,000Expenses, business/profession/rental150,000120,00010,000
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  • Spring '13
  • OslerAquino
  • Cost Accounting, Taxation in the United States

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