Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is *
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- Kris, Inc. sold its vacant lot to Moca Corp. for P 10,000,000 which it acquired at a cost of P 5,000,000. The fair market value of the said property per tax declaration is P 12,000,000, while its zonal value is P 15,000,000. How much is the income tax applicable on the transactions? P 1,500,000 P 900,000 P 720,000 P 600,000Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value of P2,800,000, a zonal value of P3,200,000, and an appraisal value of P3,500,000. What is the capital gains tax? P 0 P180,000 P192,000 P210,000Counting Crow’s investment property has a carrying amount of ₱3,600,000 under the fair valuemodel, before adjustment. If the fair value at year-end is ₱3,000,000, how much should be thegain or loss on transfer if Counting Crow would shift to cost model?
- Griffin's goat farm, Inc has sales of $666,000 costs of $328,000, depreciation expenses of $72,000 interest expense $46,000 and a tax rate of 24 percent. what is the taxable income? a. $167,200 b. 220,000 c. 266000 d. 52800 e. 292000In December 20x8, the Ayala Co. purchased land for P300,000. The land was held until December 20x9, when it was sold for P400,000. The historical cost/constant peso statement of profit or loss for the year ended December 31, 20x9, should include how much gain or loss on this sale? *H6. A business sells real property for $950,000, with $600,000 of this amount being allocated to the building and the remaining $350,000 allocated to the land. The building, the only asset in its Class, had a capital cost of $800,000 and a UCC of $650,000. The adjusted cost base of the land was $250,000. What are the tax consequences of this disposition? A capital gain of $50,000 and a terminal loss of $50,000 © A capital gain of $100,000 and a capital loss of $50,000 C A capital gain of $50,000 and a terminal loss of nil © A capital gain of $100,000 and a terminal loss of $50,000 Please give accurate response Show proper step by step calculation
- CTT Limited has an asset which cost $300 with related accumulated depreciation of $100. The accumulated depreciation for tax purposes is $180 and the company tax rate is 30%. The tax base of this asset is: Question 3Answer a. $120 b. $20 c. $80 d. $220NCF practice a) What is the ncf from the sale of this asset - purchased for $250,000, 7-year property, sold at end of year 6 for $50,000, tax rate = 21%? basis = MACRS depreciation (as decimal) * sale price step 1: sales price - basis = gain/loss step 2: gain * loss tax rate = tax step 3: sales price - tax = ncfHow is 165,000 computed for the additional accumulated depreciation? Trade in Allowance ₱400,000 Less: Book value Cost ₱1,300,000 Less: Accumulated Depreciation (₱660,000 + ₱165,000) 825,000 475,000 Loss on Trade In - October 1, 2021 -₱75,000
- A corporation sold a parcel of land used in its operation abroad. The selling price is P3,000,000. The property was acquired five years ago at P1,500,000. What is the amount of final income tax on the above transactions? Select the correct response: 180,000 90,000 3,000,000 ZeroSan Jose Realty Corporation acquired a tract of land on January 1, 2020 for P20 million. Transaction costs paid San Jose relating to its acquisition amounted to P800.000 The tract of land was subdivided into 400 residential lots having an area of 200 square meters each, after making provision for public and common roads, incurring additional cost of P6,200,000. At December 31, 2021, the market value per lot was P250,000.Land was for R1 000 000. The land is currently measured under the revaluation model and the revalued carrying amount is R1 200 000. Parliament has signed the land expropriation without compensation agreement and as a result, the value of land all across the country has declined. The fair value less cost to sell is R800 000 and the value in use is R900 000. Assume a tax rate of 28%.Required: Prepare the journal entries relating to the impairment loss