a piece of machinery cost $500.tax depreciation to date has amounted to $200 and depreciation charged in the financial statements to date is $100 the rate of tax is 30% ? what is the deferred tax liability in relation to this asset?
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- At 30 June 20X3, the carrying amount of an asset is $100 000 and its tax base is $80 000. The tax rate is 30 per cent. At 30 June 20X3, in relation to this asset, which one of the following items would be recognised? a. deferred tax liability of $6000 b. deferred tax asset of $6000 c. deferred tax asset of $24 000 d. deferred tax liability of $24 000If EBITDA is 60000 OMR, depreciation is 2000 OMR, amortization is 1000 OMR, interest is 1500 OMR, tax is 1500 OMR, the net income after tax is Answer:The company has a list of equipment they sold during the tax year. Please review the list and answer the questions below:Equipment - MACRS Year - Property Cost - Accumulated Depreciation - Sales PriceLuxury Car 5 Year Property $45,000 $20,000 $15,000Computer 5 Year Property $3,500 $1,200 $100Furniture 7 Year Property $92,000 $48,000 $40,0006. What will be the tax treatment as follows for the sale of the Luxury Cara. Calculate the Realized Gain or Lossb. What will be the character and amount of the Recognized gain?
- what is the annual real estate tax on a property that is valued at $135,000 and assessed for tax purposes at $47,250 with an equalization factor of 125%, when the tax rate is $2.50 per $100? a. $1,417.50 b. $1,476.56 c. $4,050 d. None of the above the answer is B but can you show the stepsA distribution center purchased an equipment for $100,000 and has depreciated the equipment using the MACRS depreciation schedule as a 7-year property. The operating income in year 2 was $200,000 and the expenses were $87,000. If the company is in the 40% income tax bracket. i) What is the depreciation in year 2? $ ii) What is the taxable income in year 2? $ iii) What is the tax in year 2? $ iv) What is the book value of the equipment after year 2? $Asset impairment charge is non-cash charge that is deductible for taxes. It is considered one-time in nature. · Income tax rate 25% (this is the same rate for income from all locations in this analysis). Create Income statement to determine if worthy of a purchase?
- A corporation sold a piece of equipment during the current tax year for $78,600. The accounting records show that its cost basis, B, is $190,000 and the accumulated depreciation is $139,200. Assume that the effective income tax rate as a decimal is 0.40 (40%). Based on this information, Solve, what is (a) the gain (loss) on disposal, (b) the tax liability (or credit) resulting from this sale, (c) the tax liability (or credit) if the accumulated depreciation was $92,400 instead of $139,200 ?ABC Limited has an asset with a carrying value of $50 000. The tax base of this asset is $40 000. The tax rate is 30%. As a result, which of the following deferred tax items does ABC Limited have? a. A deferred tax asset of $3000 b. A deferred tax liability of $3000 c. A deferred tax asset of $10 000 d. A deferred tax liability of $10 000The depreciated value of the washing machine can be modeled by the equation V= _______ + __________t. $ 1045 Washing machine is depreciated for tax purposes $ 95 per year. V = depricated value and t number of years since purchse date
- Trade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.9. The federal government allows an income tax deduction for the decrease in value of certain capital assets such as automobiles, equipment and buildings. There are usually two different ways to calculate the depreciation: Fixed Amount Depreciation, where you deduct a fixed amount for the expected life of an asset, and Fixed Percentage Depreciation, where you deduct a fixed percentage for the expected life of an asset. Your company just bought a truck for $54,250. Assume it would last 10 years. (a) Draw one graph showing the truck value with the two methods of depreciation: the fixed amount depreciation with $5000 per year and the fixed percentage de- preciation with 15% per year. What do you discover from the graph? (b) At approximately what time would the truck has the same residual value. (c) At what percentage of depreciation the truck would have the same residual value at the end of 10th year. (d) If you own this company and you predict the company's income would increase…The tax on a property with an assessed value of $70,000 is $1,100. What is the assessed value of a property if the tax is $1,400? (Remember to round to the nearest cent)
