What is the taxable gain?
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X, bought a land in 2012 worth 1M (for used in business). In 2018, the land appreciated in value and increased BY 4M. Later, X sold the land in 2018 at its fair value. What is the taxable gain?
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- A taxpayer purchased land in 2010 for $92,000 and sold it in 2022 for $84,000 cash. The buyer also assumed the mortgage of $4,000. What is the amount of gain/loss on the sale of the land?13. B purchased two parcels of land in 2016 for $50,000 each. Parcel 1 was purchased to hold until its value increased and then offered for sale. Parcel 2 was purchased to build a rental property and collect rents over time. In 2022 parcel 1 was sold for $40,000 and parcel 2 was sold for $100,000 as part of the rental property sale. Determine the amount that B’s net income for tax purposes will increase in 2022.1 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?A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on January 14, 1980 at a cost of P60,000. The terms of payment are as follows: Down payment, February 14, 2018 P25,000 Installment payment, February 14, 25,000 2019 Installment payment February 14, 50,000 2019 Mortgage assumed by the buyer 20,000 Total P120,000 The taxable gain to be reported by A in 2018 isMr. A sold his family home for P5,000,000. He bought the land for P1,000,000 and introduced improvements therein for a total cost of P2,000,000. What is the amount of capital gains tax due from the sale of the property?
- Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of passive income which is subject to final tax? A. P690,000 B. P540,000 C. P530,000 D. P500,000Jessie purchased land as an investment on January 12, 2016 for $80,000. On January 31, 2021, Jessie sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale? a.$10,000 loss b.$15,000 gain c.$23,000 gain d.$47,000 loss e.None of these choices are correct.Carlos bought a building for $110,000 in 2017. He added an addition to the building for $26,000 in 2018. In 2021, he sold it for $209,000. What was his long-term capital gain (ignore depreciation)? a.$76,000 b.$73,000 c.$26,000 d.$0 e.$102,000
- Anderson 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 P210,000During 2021, Van Industries exchanges land with Frat Corporation. Van’s adjusted basis in land is $740,000 and the land Frat provides has a fair market value of $700,000 and an adjusted basis of $660,000. a. What are the realized and recognized gains to Van? b. If Frat also pays $80,000 cash to Van, what are the realized and recognized gains to Vans? What is Van’s basis in the acquired land? Will you please show the work I am lost on this one. Thanks! c. If Form it instead assumes a $100,000 recourse loan on Vee’s land, what are the realized and recognized gains to Vee? What is Vee’s basis in the acquired land?Which 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.