Reference no: EM132814724

Problem 1: Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation held as investment that he acquired for a purchase price of P250,000, excluding acquisition expenses of P7,500. The shares were not listed and traded in the local stock exchange. He sold the shares directly to the buyer for a selling price of P500,000 when the FMV was P450,000. He incurred selling expenses of P13,500. How much is the capital gains tax?

Problem 2: Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book value of P1,000,000. He sold half to Mr. Hapona, a direct buyer, for P1,000,000. The other half through the Philippine Stock Exchange for P950,000, inclusive of the broker's fee of P50,000. How much is the final income tax?