1. The following are transaction of Mr.

Yu pertaining to the sale of real properties for year 2016:

- Sale of vacant lot used as a warehouse for his business, P1, 000,000. This was acquired 5 years
ago for P 600,000.
- Sale of her residential house and lot for P5,000,000, the zonal value at the date of sale is
P4,800,000 and assessed value of P5,100,000.This was purchased 5 years ago for P3,000,000

What would be the final tax for these real property transactions? ___0______

2. Mr. Ang, a resident citizen, has a transaction for year 2016:

Selling price of the land held as capital asset P4,000,000
FMV of the land at the time of sale 4,200,000
Cost of land
1,600,000
Payment on the selling price:
Assumption by the buyer of mortgage on the
Property 1,700,000
Cash received in 2016 500,000
Cash received in 2017 700,000

a. The total capital gains tax paid in 2016: 63,000

b. The total capital gains tax paid in 2017: 73,500

3. Mr. Paul sold his shares of stock which are held as capital assets directly to Mr. Ong for P 200,000
and at that time, the FMV of the share was P 190,000. Mr. Paul bought the shares of stock at P
150,000 with a commission of P 5,000 paid to the broker who negotiated the transaction. How much
is the capital gains tax? 12,000

4. Coca Cola Corp. was merged into San Miguel Corporation. Mr. Villaflores, a stockholder of Coca Cola
Corp.
surrendered his share with an amount of P 400,000 for shares solely for shares of San Miguel Corp.
with an amount of P 300,000. Mr. Villaflores also received cash P 150,000 aside from the shares of
stocks.
1. How much should Mr. Villaflores recognized as gain from the merger? 312,000
2. What is the adjusted cost basis of M. Villaflores shares? 1,600,000

5. Mr. Sy who is not a dealer in securities has the following selected transactions
Feb 5 Purchased 200 shares of A Corp. P400,000
Dec. 20 Purchased additional 50 shares A Corp. P150,000
Jan. 10 Sold 200 shares purchased on Feb. 5 300,000
Feb. 1 Purchased 100 shares of A Corp. 250,000
May 1 Sold 50 shares purchased on Dec. 20 190,000

a. How much is the non-deductible loss?

b. How much is the deductible loss?
c. How much is the cost of the shares purchased on Dec. 20? 150,000
d. How much is the cost of the shares purchased on Feb.1? 250,000
e. How much was the capital gain on the sale on May 1? 40,000

6. In 2016, Mr. Tan, a citizen of the Philippines sold his principal residential house and lot at a selling
price of P5,000,000 and a fair market value of P5,200,000. The basis of the cost of the property is
P4,000,000. Mr. Tan notified the BIR regarding the sale within 30 days.

Case# 1
a. If the entire proceeds of the sale was used to reacquire the new principal residence,the capital gains
tax is ___0___
b. How much is the basis of the new principal residence. ___5,200,000___

Case# 2
c. If only P4,000,000 of the cash proceeds of the sale was utilized in acquiring the new principal
residence, The capital gains tax is __74,880____
d. How much is the basis of the new principal residence __4,160,000__

Case # 3
e. What is the cost basis of the new principal residence, assuming P5,500,000 were used to acquire the
new principal residence? _4,300,000___
f. How much is the capital gains tax? __0____