Rental House: Purchase price $79,000, ( Remaining Loan Balance: $66,102) Depreciation Costs $20,000 Sale Price $137,500 I can purchase another rental property for $318,000. What is my tax implication in a Like-Kind Exchange?
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Rental House: Purchase price $79,000, ( Remaining Loan Balance: $66,102)
Sale Price $137,500
I can purchase another rental property for $318,000.
What is my tax implication in a Like-Kind Exchange?
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- If Hulk has taxable income = $94,000, how much will it pay in taxes? Select one: a. $16,750 b. $13,500 c. $20,210 d. $11,750 e. $10,050 ???Homework i Firm E must choose between two alternative transactions. Transaction 1 requires a $13,250 cash outlay that would be nondeductible in the computation of taxable income. Transaction 2 requires a $18,700 cash outlay that would be a deductible expense. Required: a. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. b. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 45 percent. Complete this question by entering your answers in the tabs below. Required A Required B After-tax cost Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. Note: Negative amounts should be indicated by a minus sign. @ Transaction 1 20 #C Transaction 2 % Saved & 7 2 * O HWhich of the following are subjected to Value Added Tax (VAT)? A Sale by a real estate dealer of residential lot with a selling price or P800,000. B Sale by a real estate dealer of residential lot with a selling price of P3,500,000. C Sale by a real estate dealer of commercial lot with a selling price of P2,800,000. D Sale of residential lot classified as capital asset. E Sale by a real estate dealer of residential house and lot with a selling price of P3,000,000 F Sale by a real estate dealer of condominium unit with a selling price of P3,250,000 G Sale by a real estate dealer of parking lot in a condominium unit with a selling price of P850,000. H Sale of residential house and lot classified as capital asset with a selling price of P8,000,000.
- Calculate the tax rate if the tax amount is $ 64.50 on a purchase of $780?Based on the following data, would you recommend buying or renting? Buying Costs Annual mortgage payments Rental Costs Annual rent Insurance Security deposit $7,430 150 675 Rental cost Buying cost $ $ Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. Buying $9,900 (9,600 is interest) Property taxes $1,800 Down payment/closing costs Growth in equity $4,600 $ 300 Insurance/maintenance. $1,100 Estimated annual appreciation $1,750 a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) b. Would you recommend buying or renting?Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.
- 1 Suppose the taxpayer received S35,000 in cash, a ring worth $3,000 and the buyer assumed the seller's note. a. What is the amount realized? b. What is the adjusted basis of the property? c. What is the gain on the sale of the property?How to Compute for the fringe benefits tax due in the scenarios. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000, while the zonal value is P6,500,000. How much is the fringe benefits tax? Assuming that the ownership over the property will be transferred to the executive, how much is the fringe benefits tax?What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the assessed value? Property tax = $(Round to the nearest cent.)
- What are the journal entries you would make if you sell 1 bitcoin for $36000? Bitcoin is an intangible asset so how would you account for this as journal entries? Could you please explain clearly. What would be the tax implication entries if the tax rate is 30%?You own an a townhome with an assessed value of $184,100. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) (a) What is the amount of property tax (in $)? %24 (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? %24 (c) If the state charges a mandatory 3% penalty for late payments, how much (in $) would the tax bill amount to if you paid late? %24Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
