Tacloban Company incurred the following costs at the beginning of the current year: cost of land, P1,000,000; cost of building, P4,000,000; remodeling and repairs prior to occupancy, P500,000; escrow fee, P100,000; clearing, leveling and landfill, P250,000; property tax for period prior to acquisition, P150,000; real estate commission P300,000. What is the cost of the building?

Tacloban Company incurred the following costs at the beginning of the current year: cost of land, P1,000,000; cost of building, P4,000,000; remodeling and repairs prior to occupancy, P500,000; escrow fee, P100,000; clearing, leveling and landfill, P250,000; property tax for period prior to acquisition, P150,000; real estate commission P300,000. What is the cost of the building?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 42P

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