Agpaoa, Joseph Andrews P.

BSA 2-B

Seatwork – Capital Gains Tax

Problem 1

Manny, a resident citizen, disposed the following shares of stock of a domestic corporation
whose shares are not listed and traded in the local stock exchange:

Date of sale Cost Selling price

Jan 15, 2020 80,000 135,000
Feb 14, 2020 175,000 150,000
Mar 30, 2020 256,000 360,000

Required:
1. CGT on Jan 15 sale and due date of the tax
2. CGT on the 2nd sale and due date
3. CGT on the 3rd sale and due date
4. CGT payable (refundable) when the consolidated return is filed and when is the due date
of the filing of the consolidated return

1.CGT on Jan 15 sale and due date of the tax

CGT – selling price-cost
CGT – (135,000-80,000)
CGT- 55,000 X O.15
CGT- 8250
DUE DATE OF TAX: February 14, 2020

2. CGT on the 2nd sale and due date

CGT – selling price-cost
CGT – (150,000-175,000)
CGT- -25,000
CGT- 0, since there is a loss
DUE DATE OF TAX: February March 15, 2020

3. CGT on the 3nd sale and due date

CGT – selling price-cost
CGT – (360,000-256,000)
CGT- 104,000
CGT- 104,000x0.15
CGT- 15,600
DUE DATE OF TAX: April 14,2020
4.CGT payable (refundable) when the consolidated return is filed and when is the due date of the
filing of the consolidated return
a.)When the consolidated returns is filed
payment for January 8,250
payment for February 0
payment for March 15,600
total payment 23,850
due date: April 15, 2021

Problem 2

Andy sold his house and lot with fair value of P3,500,000 for P3,000,000 on July 1, 2019. The
house and lot, which was subject to a mortgage was acquired for P1,500,00 in 2017. The buyer
assumed the mortgage on the property and signed a note payable for the balance payable in 5
semi-annual installments starting December 31, 2019.
Required: Compute the following under the following mortgage assumptions:

Mortgage is P1,000,000 Mortgage is P2,000,000

a. Initial payment 300,000 800,000
b. Contract price 2,000,000 1,500,000
c. Capital gains tax due 27,000 48,000
in 2019
d. Documentary stamp 52,000 52,000
tax

Problem 3

After long years of ownership, Ms. Anna sold her residential lot to a government-owned and
controlled corporation at 20% discount of its fair value under the following terms:
Cash received, Jan 10, 2019 200,000
Amount received, July 1, 2019 200,000
Installment due, July 1, 2020 1,200,000
Additional information:
Cost of the land 300,000
Mortgaged assumed by the buyer 400,000
Mortgage on the land executed by the buyer in
Favor of the seller to guarantee payment 1,200,000

Requirements
1. Selling price
2. Contract price
3. Initial payment
Down payment 200,000
 Collection 200,000
E(M-C) 100,000
TOTAL INITIAL payment 500,000

4. Capital gains tax in 2019

500,000X 0.06
30,000
5. Documentary stamps tax