solved: 1.) Gary sold his principal residence in Shaw Boulevard. The fair…


1.) Gary sold his principal residence in Shaw Boulevard. The fair…1.) Gary sold his principal residence in Shaw Boulevard. The fair market was P24 million. He bought his old residence for P8 million. Gary paid capital gains tax (CGT) of P288,000 to the BIR as he was able to claim partial CGT exemption when he acquired a new principal residence within 18 calendar months for P16 million. How much is the selling price of the old principal residence? Group of answer choicesP16,000,000P8,000,000P24,000,000P20,000,000 2.) Image transcription textThe taxpayer had the following data for taxable years 2021 and 2022 2021 Gross income from P10,000,000operations Operating expenses 7,000,000 Net capital loss (6,000,000) 2022 Gross income from 15,000,000operations Operating expenses 8,000,000 Actual capital gain on sale of personal car 10,000,000… Show more… Show moreHow much is the taxable income for the year 2022?Group of answer choices P8,000,000P9,000,000P7,000,000P10,000,000  LawSocial ScienceTax law LAW 124

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