GGG Company purchased a tract of land for P12,000,000. The entity incurred additional cost of P3,000,000 during the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: Number of Lots Sales price per lot 240,000 160,000 100,000 Lot Class A 100 100 200

GGG Company purchased a tract of land for P12,000,000. The entity incurred additional cost of P3,000,000 during the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: Number of Lots Sales price per lot 240,000 160,000 100,000 Lot Class A 100 100 200

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 42P

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