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Question: A VAT subject real estate dealer sold a residential lot on January 15, 2014.

The following
information was made available on the terms of the sale:
Gross selling price
3,000,000
Initial payments on January 15, 2014 750,000
Balance to be paid in equal installment, 2,250,000
installments starting 2/15/2014
The zonal value of the residual lot was P3,500,000. How much was the output tax on January 15, 2014
using 12% VAT rate?
420,000
360,000
105,000
None of the choices

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