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Question XII
XII. On September 17, 2015, Data Realty, Inc., a real-estate corporation duly organized and existing under Philippine law, sold to Jenny Vera a condominium unit at Freedom Residences in Malabon City with an area of 32.31 square meters for a contract price of ₱4,213,000.00. The condominium unit had a zonal value amounting to ₱2,877,000.00 and fair market value amounting to ₱550,000.00.
(a)(a) Is the transaction subject to value-added tax and documentary stamp tax? Explain your answer. (3%)
(b)(b) Would your answer be the same if the property was sold by a bank in a foreclosure sale? Explain your answer. (3%)
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