On March 1, 2021, Jackie Company purchased a parcel of commercial land located in the LGU of Santo Cristo. The deed of absolute sale indicated a sales price at its fair market value of P1,800,000 plus the payment of the delinquent real property taxes for 2020 and 2021. The local government only imposes taxes indicated in the Local Government Code Assuming the LGU of Santo Cristo is instead a city in NCR, how much would the land be recorded on the books of Jackie Company?

On March 1, 2021, Jackie Company purchased a parcel of commercial land located in the LGU of Santo Cristo. The deed of absolute sale indicated a sales price at its fair market value of P1,800,000 plus the payment of the delinquent real property taxes for 2020 and 2021. The local government only imposes taxes indicated in the Local Government Code Assuming the LGU of Santo Cristo is instead a city in NCR, how much would the land be recorded on the books of Jackie Company?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 38P

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