Taxation, 2017 Bar — Question XII

QUESTION

On September 17, 2015, Data Realty, Inc., a real-estate corporation duly organized and existing under Philippine law, sold to Jenny Vera a condominium unit at Freedom Residences in Malabon City with an area of 32.31 square meters for a contract price of P4,213,000.00. The condominium unit had a zonal value amounting to P2,877,000.00 and fair market value amounting to P550,000.00. (a) Is the transaction subject to value-added tax and documentary stamp tax? Explain your answer. (3%) (b) Would your answer be the same if the property was sold by a bank in a foreclosure sale? Explain your answer. (3%)

You can write freely without an account. Sign in to reveal the suggested answer and track your progress.