INSTITUTE OF ACCOUNTS BUSINESS AND FINANCE

1st Sem
Department of Accountancy 2020
INCOME TAXATION

QUIZ 5 – CAPITAL GAINS TAX

PART 1. SHARES OF STOCKS:

1. Nicanor, a stock broker/security dealer, sold San Miguel Corporation stocks for Php 1,200,000.
The stocks were purchased at par value Php 800,000.00. Capital gains tax is: ___________

2. Nicanor bought shares of stocks of a Domestic Corporation amounting to Php 1,000,000.00. He

sold the same for Php 100,000. Capital gains tax is: ___________

3. Nicanor inherited shares of stocks from a Domestic Corporation valued at the time of inheritance
Php 1 Million. Currently, the market value is appraised at Php 3 Million. He sold the shares of
stocks for Php 5 Million. Capital gains tax is: ___________

4. Nicanor received shares of stocks from a Domestic Corporation valued at Php 100,000.00 by way
of donation from Zac Angelo. Zac Angelo purchased the shares of stocks at Php 120,000.00.
Nicanor sold the shares of stocks at Php 150,000.00. Capital gains tax is: ___________

5. Nicanor purchased shares of stocks of a Domestic Corporation for only Php 100,000.00 where
the fair market value of which is Php 500,000.00. He sold the same for Php 1,100,000.00 Capital
gains tax is: ___________

PART 2. REAL PROPERTY

6. Nicanor, a resident citizen, sold his parking lot to ABC Corp. for Php 2M. The lot has a zonal value
of Php2.5M while the appraisal value is Php5M. The capital gains tax on the sale of lot is
_______________

7. Nicanor, a non-resident citizen, sold his condominium for Php 3M. The lot has assessed value at
Php 5M. The zonal value is not available. The capital gains tax is ______________

8. Nicanor sold his principal residence for Php 2M and immediately acquired a new one for Php
1,800,000. The cost of the old residence is 1M and have a fair market value of Php2.5M at the
date of sale. The capital gains tax to be deposited in escrow is __________________

9. Nicanor, a resident citizen, sold his house and lot for Php 10 Million. The lot has a zonal value of
Php 5M while the appraisal value is Php10M. The assessed value of the lot is Php 3 Million while
the house is Php 6 Million The capital gains tax on the sale of lot is _______________

10. Nicanor, a resident citizen, sold his house and lot for Php 5 Million. The lot has a zonal value of
Php 5M while the appraisal value is Php10M. The assessed value of the lot is Php 5 Million while
the house is Php 5 Million. The capital gains tax on the sale of lot is _______________

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INSTITUTE OF ACCOUNTS BUSINESS AND FINANCE
1st Sem
Department of Accountancy 2020
INCOME TAXATION

Name: ___________________________ Student No.:______________

QUIZ 5 – CAPITAL GAINS TAX

ANSWER SHEET

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