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WorksheetsCGT - TAX
Total questions: 10
Worksheet time: 6mins
WHAT IS CAPITAL GAINS TAX (CGT) ?
a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Indonesia, including pacto de retro sales and other forms of conditional sale.
a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, excluding pacto de retro sales and other forms of conditional sale.
a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
a tax imposed by the natunal government presumed to have been perform from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
What is the CGT rate on capital gains tax on sale, barter, exchange and other disposition of domestic shares of stock directly to buyer?
15%
10%
6%
20%
Classification of taxpayer's assets (properties) are:
Ordinary Revenue & Capital Revenue
Ordinary Liabilities & Capital Liabilities
Ordinary Assets & Capital Revenue
Ordinary Assets & Capital Assets
One of the following is classified as an ordinary asset.
residential house
household furniture
office equipment
car for personal use
In terms of CGT, rates & taxes is ...
A direct tax
Part of the base cost of the asset
Excluded from the calculation of the capital gain
An indirect tax
Ordinary asset gains or losses are subject to?
Regular Income Tax
CGT & Regular Income Tax
Capital Gains Tax
In sale, exchange or other disposition of real property in the Philippines classified as capital asset having a 6% CGT rate. What will be the value used?
Gross Selling Price or Fair Market Value, whichever is lower
Gross Selling Price or Fair Market Value, whichever is higher
Net Selling Price or Fair Market Value, whichever is lower
Net Selling Price or Fair Market Value, whichever is higher
Statement 1:The sale of real property which is a capital asset shall be filed and paid within thirty days following each sale or disposition of the property
Statement 2:In an exchange of property, the fair market value of the property received in exchange shall be considered as the consideration
Both statements are true
Both statements are false
Only statement 1 is true
Only statement 2 is true
The sale of shares of stock of a domestic corporation held as a capital assets if not listed and traded through stock exchange shall be:
subject to capital gain tax of 6% and 15% of the gross capital gain
subject to capital gain tax of 15% of the net capital gain
subject to capital gain tax of 5% and 10% of the net capital gain
the tax may be paid in installment if the initial payments do not exceed 25% of the contract price
According to BIR, what are the "BIR FORM USED" in CGT ?
BIR FORMS 1706, 1707, 1708
BIR FORMS 1706, 1707, 1707-A
BIR FORMS 1706, 1707
BIR FORMS 1706, 1707-A, 1708
