Lecture 2 - Income Taxation (Individual)

October 3, 2017 | Author: Lovenia Magpatoc | Category: Capital Gains Tax, Tax Deduction, Lease, Gross Income, Income Tax
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I. Pro-Forma Computation 1. For INDIVIDUALS whose gross income solely includes compensation, allowances and other remunerations arising from the employer-employee relationship, passive income and capital gains not subjected to final tax and CGT: Compensation income Add: Passive Income, not subjected to FT Capital Gains, not subjected to CGT Gross Income Less: Deductions for: PHHI Personal Exemptions Taxable Income

xx xx xx xx (xx) (xx) xx

2. For INDIVIDUALS with business or professional income: Gross receipts/sales Less: Cost of service/sales Gross income from business or profession Less: Deductions for: Itemized Deductions or OSD NCLCO, if there is any NOLCO, if there is any Net income from business or profession Less: Deductions for: PHHI Personal Exemptions Taxable Income

xx (xx) xx (xx) (xx) (xx) xx (xx) (xx) xx

3. For INDIVIDUALS whose income includes both compensation, business income and passive incomes and capital gains not subjected to final tax and CGT: Gross receipts/sales Less: Cost of service/sales Gross income from business or profession Add: Passive Income, not subjected to FT Capital Gains, not subjected to CGT Total Gross Income before compensation income Less: Deductions for: Itemized Deductions or OSD NCLCO, if there is any NOLCO, if there is any Net Income from Business or Profession Add: Compensation Income Total Income Less: Deductions for: PHHI Personal Exemptions Taxable Income

xx (xx) xx xx xx xx (xx) (xx) (xx) xx xx xx (xx) (xx) xx

II. Classes of Individual Taxpayer and Their Situs 1. Resident Citizen (RC) – taxable globally (within and outside) 2. Non-resident Citizen (NRC) – taxable for incomes derived within the Philippines only a. Who establishes to the satisfaction of the CIR the fact of their physical presence abroad with a definite intention to reside therein; b. Who leaves the Philippines during the taxable year to reside abroad, either as an immigrant or for employment on a permanent basis; c. Who stays outside the Philippines for more than 183 days d. A citizen who has been previously considered as non-resident citizen and who arrives in the Philippines shall likewise be treated as a nonresident citizen for the taxable year in which he arrives in the Philippines with respect to his income derived from sources abroad until the date of his arrival in the Philippines. e. Overseas Contract Workers (OCWs). They are Filipino citizens employed in foreign countries who are physically present in a foreign country as a consequence of their employment thereat. To be considered as an OCW or OFW, he or she must be duly registered as such with the Philippine Overseas Employment Administration (POEA) with a valid Overseas Employment Certificate (OEC).

Lecture 2: INCOME TAXATION – INDIVIDUAL 3. Resident Alien (RA) – taxable for incomes derived within the Philippines only a. We generally consider as residents those whose length of assignments are indefinite or exceeding two (2) years (BIR Rulings Nos. 051-81 and 052-81). 4. Non-resident Alien Engaged in Trade or Business (NRAETB) – taxable for incomes derived within the Philippines only. a. The term trade or business shall not include performance of services by the taxpayer as an employee. b. A nonresident alien individual who shall come in the Philippines and stay herein for an aggregate period of more than 180 days during any calendar year shall be deemed as doing business in the Philippines 5. Non-resident Alien Not Engaged in Trade or Business (NRANETB) – taxable for incomes derived within the Philippines only 6. Special Taxpayer – Taxed at their gross income at 15% when: a. Any Filipino or Foreign individual employed, either holding a managerial or supervisory position, or a rank-and-file, in any of the following: i. Offshore Banking Units (OBUs) ii. Regional Area Headquarter or Regional Operating Headquarter of a multinational company iii. Petroleum contractor or subcontractor b. A special taxpayer, generally, shall be taxed at 15% of his total GROSS COMPENSATION INCOME. Thus, he cannot claim personal exemptions. However: i. If a special taxpayer is a Filipino, he may opt to be taxed at 15% final tax or using the tabular tax if his gross compensation income is at least P 975,000. ii. Aliens are only taxed at 15%. iii. All other income shall be taxed according to pertinent provisions of NIRC. III. Components of Gross Income 1. Compensation Income All remunerations paid to the employee arising from an employer-employee relationship which include, but not limited to: a. Salaries and wages b. Bonuses and allowances c. Holiday pay, Overtime pay, Night shift differential, and Hazard Pay received by persons other than an MWE. d. De minimis and other fringe benefits not subjected to fringe benefit tax (given to rank-and-file), subject to P82,000 limit e. Separation Pay, Retirement pay, and similar remunerations which do not meet the requirements. f. De Minimis and other Fringe Benefits (See discussions on Fringe Benefits) g. Fees, honoraria, emoluments, commissions, etc. Remember: Every income is generally taxable, unless, specifically exempted by the law and the requirements to be exempted are met. Situs of Compensation Income: place where the services are rendered regardless of the residence of payor (Sec. 155, RR 02-40) 2. Business and/or Professional Income a. Arise from selling goods or services. b. Whether individual or corporate taxpayer, may include: - Sale of goods and properties (real or personal) - Sale of services (professional services, lease of properties, etc.) Note: Withholding taxes from professional incomes and other sale of services which are subject to CWT must be correctly withheld. 3. Passive Income General Rule: Passive income earned within the Philippines are taxable unless specifically exempted by law. Exception: If the passive income is not subjected to final tax, such is added to the gross income subject to normal tax.

a. Subject to Final Withholding Tax INDIVIDUALS

Lecture 2: INCOME TAXATION – INDIVIDUAL i. ii. iii.

Interest on currency bank deposits, yield and other monetary benefit from deposit substitute, trust and similar arrangement within the Philippines; Royalty from patents and franchises, prizes exceeding P10,000 and winnings regardless of the amount: 20% final tax Royalty from books, literary works and musical compositions, and cash and property dividend from domestic corporation: 10% final tax Interest on FCD under the expanded FCDS: 7.5%, except non-residents (NRC and NRAs)

CORPORATION i. ii. iii.

Interest on FCD under the expanded FCDS: 7.5%, except non-resident foreign corporation Interest on currency bank deposits, yield and other monetary benefit from deposit substitute, trust and similar arrangement; Royalty from patents and franchises, prizes exceeding P10,000 and winnings regardless of the amount: 20% final tax. Dividend from domestic corporation: exempt, intercorporate principle

b. Not Subject to Final Withholding Tax – those which are not subjected to final tax like those which are earned abroad, prizes not exceeding P10,000, and interest from loans, trade and accounts receivables and those which are earned outside the Philippines shall be included in the computation of gross income. 4. Capital Gains Capital gains arising from the sale of capital assets (real or personal assets) are taxable as follows: a. If REAL property not used in business, subject to capital gains tax of 6% of the selling price, or FMV, or Zonal Value, whichever is the highest. b. If shares of stocks not traded in the local stock exchange, subject to 5-10% capital gains tax. c. All other capital gains, which are not subject to CGT, are subject to normal tax (5-32%), subject to the pertinent rules in property. (See discussions on Dealings in Property.) IV. Exclusions from Gross Income 1. Holiday pay, Overtime pay, Night shift differential, and Hazard pay (HONsHa) earned by MWE (non-taxable). 2. 13th Month Pay, productivity incentives, Christmas bonus and other bonuses and benefits (de minimis) not exceeding PhP 82,000. 3. Gifts, bequests and devises (subject to transfer taxes) are not subject to income tax, but income derived from the use of such gifts, bequests and devises are subject to income tax. 4. Income derived by foreign government 5. Income derived by the Philippine government or its political subdivisions. 6. De Minimis not exceeding their statutory limits. 7. Proceeds of life insurance paid to the heirs upon death of the insured or whoever the beneficiary is (also not subject to estate tax if the beneficiary is the third person irrevocably designated as heir; subject to estate tax if the beneficiary is the estate, administrator or executor or if the designation to third persons is revocable). 8. Retirement benefits under RA 7641 (private benefit plan), provided: a. The employee is at least 50 years old at the time of retirement; b. The employee has rendered 10 years in the same company; c. The employee availed it for the first time d. Such private benefit plan is approved by the BIR. 6. Separation pay paid to the employee for causes beyond the control of said employee (involuntary). If the cause of separation is voluntary, such payment shall be taxable. 7. Mandated contributions such as SSS, GSIS, PHIC and HDMF contributions and union dues. 8. Amounts received as a return of premiums paid. 9. Prizes and awards in recognition of religious, charitable, scientific, educational, artistic, literary or civic achievement as well as awards in authorized sports competitions. 10. Gains from sale of bonds, debentures or other certificates of indebtedness with a maturity of longer than five years. V. Deductions from Gross Income (See discussions on Deductions.) Note: Only those self-employed taxpayers or those having business may claim the following: 1. Optional Standard Deduction 2. Itemized Deductions VI. Exemptions and Other Deductions 1. Personal Exemptions a. Personal exemptions are only given to individuals whether RC, NRC, RA and NRAETB (subject to reciprocity rule). b. RC, NRC and RA may claim a basic personal exemption of PhP 50,000 regardless of the status. c. NRAETB can only claim basic personal exemption if there is a reciprocity between Philippine laws and the laws of his country where he resides. However, the BPE cannot exceed Php 50,000, but may be lower instead.

Lecture 2: INCOME TAXATION – INDIVIDUAL d. For incomes of the estates, the estate may claim only to the extent of P 20,000. 2. Additional Personal Exemptions a. RC, NRC and RA may claim an additional personal exemption of Php 25,000 for every qualified dependent CHILD, but not exceeding four children, PROVIDED that the child is: i. Not more than 21 years old ii. Living with the taxpayer iii. Depending upon the taxpayer at least ½ plus 1 for his living. iv. Legitimate, illegitimate or legally adopted v. Unmarried and not gainfully employed b. Provided that, the taxpayer may also claim an additional exemption even if the child reaches above 21 years old when such child is incapable of self-support because of mental defect. c.

Rules on determining the status of the taxpayer who claim personal exemptions: 1. Whether single, married, head of the family or legally separated, the taxpayer can claim only to the maximum amount of P 50,000 basic personal exemption. 2. If the taxpayer should marry or should have additional dependents during the taxable year, he may claim the corresponding exemption in full for such year. 3. If the taxpayer should die during the taxable year, his estate may claim his corresponding exemptions (both personal and additional) as if he died at the end of such year. 4. If the spouse or any of the qualified dependent should marry or become twenty-one years old during the year, or should become gainfully employed, the taxpayer may still claim the exemption as if the spouse or dependent died or as if such dependent married, became twenty-one years old or became gainfully employed at the close of such taxable year.

3. Premiums on Health and/or Hospitalization Insurance Aside from the allowable deductions and personal exemptions, an individual taxpayer may also deduct from his gross income SSS, Philhealth, Pag-IBIG and PHHI contributions. Provided, that in the case of PHHI, the total family income shall not exceed PhP 250,000 per year and the total claimable amount shall not exceed PhP 2,400 per year. VII.

Computation of Income Tax Due 1. Resident Filipinos (RC) who are taxable globally may claim tax credit for taxes paid in foreign countries, however, the amount to be credited shall be subject to limitations. The claim must be made in the year the tax is paid.


Income Tax Return Filing and Payment of Income Tax General Rule: All taxpayers must file an income tax return. Exceptions: 1. Married Individuals (Sec. 51(D),Tax Code) a. May compute for their taxes separately, but shall file a single return for a taxable year; b. If impracticable to file a single return, separate returns may be filed. The BIR will consolidate the filed returns for purposes of verification for the taxable year. 2. Those who qualified under the substituted filing method (for purely compensation income earners). a. It is when the employer’s annual return (BIR Form 1604 CF – Annual Information Return of Income Taxes Withheld on Compensation) may be considered as the substitute income tax return of employee in as much as the information provided in his income tax return (BIR Form 1700) would exactly the same information contained in the employer’s annual return. [RMC No. 1-03]. b. BIR Form 2316 is a statement signed by both teh employee and the employer and serves as the same purpose as if the BIR Form 1700 had been filed. This, however, is not submitted or filed with the BIR if the employee is qualified for substituted filing. c. Requirements: i. The employee is a purely compensation income earner; ii. The empolyee receives income only from one employer in the Philippines during the calendar year; iii. The amount of tax due from the employee at the end of year equals the amount tax withheld by the employer; iv. In case of married individuals, the employee’s spouse also complies with all the three stated conditions above; v. The employer files the annual information return (BIR Form 1604 CF); and vi. The employer issues BIR Form 2316 (Oct 2002 ENCS) version to each employee. d. NRAETB are expressly prohibited from using the substituted filing method [RMC No. 01-03]. e. Individuals deriving income from two or more employees, concurrently or successively at any time during the year are also disqualified from substituted filing method [RMC No. 01-03]. f. Individuals under the split-pay scheme (portion of the salary is paid outside the Philippines) is also not allowed to substituted filing method.

Lecture 2: INCOME TAXATION – INDIVIDUAL 3. Those whose sole income has been subjected to final withholding tax.

 The due date for filing the return (with no extension allowed) a. On or before the 15th day of April each year covering income for the preceding taxable year (Sec. 51 (CX1), Tax Code) b. Extensions are not allowed, except in meritorious cases, as determined by the Commissioner of the Bureau of Internal Revenue (Sec. 53, Tax Code)  The modes of settling income tax liability may be: a. Cash payment if the amount does not exceed P 10,000; b. Bank Debit System c. Cashier’s or manager’s check  Penalties for failure to file the return, and/or pay the tax on time: i. Civil Liabilities a. Surcharge, amounting to 25% of the tax due; 50% in case of willful neglect to file a return, or in case of filing a false or fraudulent return; b. Interest at 20% per annum; c. Compromise penalties for failure to file the return, and/or failure to pay the tax, at an amount not exceeding P 50,000 [Sec. 255, Tax Code; RMO 19-2007] ii. Criminal Liability a. Violations of tax laws are generally punishable by a fine and/or imprisonment, which depends on the act committed or omitted Example: The attempt to evade or defeat tax is punished, upon conviction, by a fine of not less than P 30,000 but not exceeding P 100,000, and imprisonment of not less two (2) years, but not more than four (4) years. Conviction or acquittal does not bar the filing of civil suit for collection of taxes. [Sec. 254, Tax Code]

 Tax Returns forms 1. BIR Form 1700, for purely compensation income earners 2. BIR Form 1701, for business or mixed earners  The fact than an individual’s name is signed to a filed return is a prima facie evidence for all purposes that the return was actually signed by him.  Attachments: 1. BIR Form 2316 – Certificate of Compensation Payment/ Tax Withheld for Compensation Payment with or without Tax Withheld 2. BIR Form 2306 – Certificate of Final Income Tax Withheld 3. BIR Form 2307 – Certificate of Creditable Tax Withheld at Source  Disclosure of Supplemental Income 1. Revenue Memorandum Circular (RMC) 9-2014 futher amends the forms under RMC 40-2011 and making the disclosure of supplemental income OPTIONAL on the part of the taxpayer for the calendar year 2013 tax filing. However, for the income tax filing covering and starting with calendar year 2014, the disclosures required under the Supplemental Information portion of the said forms will be MANDATORY. Thus, the taxpayers are advised to demand from their payors and properly document their BIR Form No. 2307 and other pieces of evidence for final taxes withheld as well as information on the other tax exempt income. 2. In any returns filed with the BIR, individual taxpayers are given the option to use either: a. Their Community Tax Certificates (CTC) b. Passport c. Driver’s License  Where to FILE? 1. The return shall be filed with: a. An authorized agent bank (AAB); b. Revenue District Officer; c. Collection Agent; or d. Duly authorized Treasurer of the City or municipality 2. Filing with the incorrect RDO renders the taxpayer liable for a penalty 3. RR 5-2015 dated March 17, 2015, amending RR 6-2014 a. Mandatory for taxpayers enumerated under RR 6-2014 to use eBIR forms and must be filed online through the eBIR Forms System b. Penalty of P1,000 will be imposed for each return not filed electronically c. Liable for surcharge amounting to 25% of the tax due to be paid.

Lecture 2: INCOME TAXATION – INDIVIDUAL STRAIGHT PROBLEMS 1. A, resident citizen, single had the following during the year: Gross compensation income P 480,000 Deductions from compensation income: SSS contributions 3,600 Pag-IBIG contributions 1,200 Philhealth contributions 1,800 Union Dues 2,400 Premium Payments on Health insurance (P250/month) 3,000 Other Income: Prizes and awards received as best athlete in the Palarong Pambansa 10,000 Prizes and awards received for the silver medal in the SEA games 25,000 Prize won in a Supermarket raffle 10,000 Prize won as Lucky Home Viewer of Eat Bulaga 20,000 13th Month Pay 40,000 Christmas Cash Gift 10,000 Midyear Bonus 40,000 Interest on bank deposit (net of WT) 16,000 Interest on foreign currency deposit (net of WT) 10,000 Gains (Loss) from sale of Properties: Loss from agricultural land sold on October 21, 2015, the land was inherited from his mother on September 25, 2005, the FMV at that time was P 2.5M 475,000 Gain from the sale of car bought on August 1, 2013 150,000 Loss from the sale of household effects acquired last May 23, 2015 57,000 Shares of stocks: 1,000 shares sold directly to buyer sold at P25/share with a cost of P17/share 5,00 shares sold in the local stock exchange at P10/share with a cost of P3/share a. b. c. d.

Compute the taxable income. Compute the income tax due for the taxable year: Compute the final taxes (excluding CGT). Compute the capital gain taxes.

____________________________ ____________________________ ____________________________ ____________________________

2. B had 1000 common shares of XYZ, a domestic corporation, acquireed at P150 per share. On January 6, 2009, B received a 50% stock dividend in preferred shares. The FMV of the shares at that time of dividend were P 160 per common share and P80 per preferred share. The common and preferred shares were later sold at P 150 and P 72 per share, respectively. Assuming the shares are ordinary assets, determine the gain or loss of B on the sale of (a) Common Shares and (b) Preferred Shares. ___________________________

3. A leased her lot as follows: Lessee X Agreed annual rental P 300,000 Start of lease January 1, 2014 Rentals received by the lessor on the inception of the lease (3 years rent) P 900,000 Security Deposit P 250,000 Improvements introduced by the lessee, which shall bellong to the lessor upon Expiration of the lease contract or termination P 10,000,000 Estimated useful life of the improvements 25 years Date of Completion of Improvements July 1, 2014 Term of lease 20 years From the above given information, answer the following: a. The income to be reported by the lessor in 2014 and 2015, assuming he will spread his income on the improvement over the term of the lease. ___________________ b. The income to be reported by the lessor in 2014 and 2015, assuming he will use the outright method reporting of the income on the improvement. ___________________ c. Who shall bear the depreciation of:  The leased property? ___________________  The leasehold improvement? ___________________

Lecture 2: INCOME TAXATION – INDIVIDUAL d. The deductible expense of the lessee X in  2014 ___________________  2015 ___________________ e. Suppose the lease was terminated thru the fault of the lessee at the start of the 19th year, determine the:  Income to be reported by the lessor on the improvement _____________________  Deductible expense of the lessee X _____________________ f. Suppose the improvements were destroyed by fire on January 1 of the 15th year of the lease, determine the deductible loss of the lessor on the improvements, if the salvage value is P 50,000. ___________________ 4. Juan, a resident citizen had the following data for the years 2011 to 2014. 2011 2012 2013 Ordinary Taxable Income P 200,000 P 250,000 P 300,000 Gain from Sale of Capital Assets: a. Held for 12 months 20,000 2,000 100,000 b. Held for 13 months 8,000 10,000 20,000 Loss from Sale of Capital Assets: a. Held for 19 months 22,000 20,000 60,000 b. Held for 7 months 3,000 30,000 50,000 Status of the taxpayer Single Married Married w/ 1 QDC Compute the net taxable income of the taxpayer for the year: a. 2011 _______________________ b. 2012 _______________________ c. 2013 _______________________ d. 2014 _______________________

2014 P 350,000 57,000 28,000 10,000 5,000 Married w/ 2 QDC

5. Mr. Masaya,married, supporting his minor son has the following data for the year 2012: Gross professional income, net of 10% w/tax P 630,000 Broker’s Commission, net of 5% w/tax 95,000 Other Income, net of 10% withholding tax 90,000 Deductions claimed: Salaries of staff, net P5, 000 w/tax 250,000 Advertising expenses 3,000 Bad debt (P2, 500 actually written off) 4,000 Cost of office equipment purchased on April 1, 2012 (useful life, 5years) 120,000 Fire insurance premium on office equipment for One year paid on August 1, 201 1,500 Rent of office space for 2 yrs. at P10,000 per month Paid on February 1, 2012 240,000 Traveling expense (business trip 50% only) 100,000 Charitable contribution to religious corp 100,000 a. Using itemized deduction, the taxable income is: b. Using optional standard deduction, the taxable income is:

________________________ ________________________

6. During the year, Micah was promoted as the new Marketing Manager of Port-to-Port Shipping Company. As promotional incentives, the employer gave the following to Micah: Check deposited on Micah’s account Acct. No. 89-000-4561 P 150, 000 House costing P500, 000 with a current FMV of P 1, 000, 000 FMV of land where the house given is situated, only the usufruct of which is furnished P 1, 500, 000 List Price of Car subject to 5% discount, half of the price was paid by Micah P 1, 350, 000 a. If Micah is a resident citizen, how much is the total gross monetary value of the fringe benefits given to her? ______________________ b. Assuming the same figure above, how much FBT would be withheld by the employer? ______________________ c. If Micah is an employee with the same position above working in a Regional Operating Headquarter of a foreign corporation, how much would be the fringe benefit tax? ______________________ d. How much would be the deductible expense of the employer if Micah is a non-resident alien not engaged in trade or business? ________________________ TRUE OR FALSE:

Lecture 2: INCOME TAXATION – INDIVIDUAL 1. An alien individual whether resident or not of the Philippines is taxable only on income from within. 2. A foreign corporation with a branch office in the Philippines employed Mr. X, a British as its executive to supervise the company’s operation. He stayed in the Philippines for 4 months in the year 2008. Then left abroad. His salary in the Philippines from the said corporation will be taxed at 25%. If a Filipino occupies the said position, he will be taxed based on the 5-32%, schedular tax rates. 3. Overtime and holiday pay are included in computing the minimum wage. 4. The cost of educational assistance extended by an employer to the dependents of an employee shall be treated as taxable fringe benefits if the assistance was provided through a competitive scheme under the scholarship program of the company. 5. An exemption provided by law to take care of personal, living and family expenses of individual income taxpayers and the amount of which is determined irregardless of their status is called personal exemption. 6. An exemption allowed to an individual income taxpayer who has qualified legitimate, and/or recognized illegitimate or legally adopted children is called additional exemption. 7. Mr. X sold his 5 - door apartment for P10,000,000. The monthly rental per unit is P20,000. This sale is subject to capital gains tax. 8. Mr. Nadal bought a lot for P2,000,000 which he intended to be used as family home. After 5 years, he abandoned his plan and sold it for P3,000,000. This sale is subject to capital gains tax. 9. Rice subsidy of one thousand five hundred pesos or one sack of 50 kg. rice per month amounting to not more than one thousand five hundred pesos is an exempt de minimis benefit. 10. Employee achievement awards such as for length of service, or safety achievement, which must be in the form of a tangible property other than cash or gift certificate, with an annual monetary value not exceeding ten thousand under an established written plan which does not discriminate in favor of highly paid employees is an exempt de minimis. 11. If the property was acquired by gift, the basis is the value as it would be in the hands of donor or the last preceding owner by whom it was not acquired by gift, except that if such basis is greater than the fair market value of the property at the time gift, the basis shall be such fair market value, for purposes of determining the loss. 12. If the property is included in the taxpayer’s inventory, basis is the latest inventory value. 13. Ordinary gain is the gain derived from the sale or exchange of ordinary assets. 14. Capital gain is the gain derived from the sale or exchange of capital assets which includes all real properties held by the taxpayer, whether or not connected with his trade or business, and which are not included among the real properties considered as ordinary assets. 15. Ordinary Assets include stocks in trade of the taxpayer, or other property of a kind which would properly be included in the inventory of the taxpayer such as land held for sale by a real estate developer. 16. Real and personal properties held by the taxpayer other than for business or trade purposes, and those properties other than those enumerated by the Tax Code are considered capital assets. 17. Gains and losses derived from sale or exchange of capital assets are subject to capital gains tax of 6% based on selling price or fair market value, whichever is higher. 18. Gains and losses derived from sale or exchange of ordinary assets are included in the computation of taxable income, subject to holding period in case of individuals. 19. When deferred payment sale is of a capital asset which is not subjected to capital gains tax, the gain or loss from such sale may be reported on instalment method. 20. Initial payments, which is the sum of down payment, total collections received in the year of sale plus excess of mortgage assumed by the buyer over the cost of property sold, is divided by selling price to determine whether the gain is not exceeding 25% limit for instalment reporting purposes.

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