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 a.P0 b.P120,000 c.P150,000 d.P108,000
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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
a.P0 b.P120,000 c.P150,000 d.P108,000
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- Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500O,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is * PO P108,000 P120,000 O P150,000A 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 ZeroCalculating according VAS 8.1 Company A pay VAT by the tax deduction method, on December of year N have the situation of fixed assets as follows: (Unit: 1,000 VND). Given that all payments are made by cash in bank 2. Exchanged an older model machine for a new model. The old model had original cost of 800.000 and 440.000 in accumulated depreciation; its fair value was 400.000 (excluded VAT). Company paid 110.000 to complete the exchange which has commercial substance. The VAT rate for both machines are at 10% 3. Get 1 tangible fixed assets through long-term joint ventures with their cost: 600.000, has accumulated depreciation 200,000 (according to the books of the contribution partner). Venture Board re-evaluated it to 500.000. 4. Purchase a patent for 40.000. The legal and other fees for transfer the patent is 4.000. 5. Purchase a new machine on an installment plan with monthly payment of 23.000 in 36 months. Given that in case of paying in full, the price is 720.000( excluded 5% VAT).…
- 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 lossA company resident in Jamaica purchased the following assets in 2021: Cost $ USD 38,000 50,000 4,000 72,000 Asset Honda Motor car purchased in March 2020 Heavy Equipment Computer (CPU) Factory Buildings (a) What would be the difference in capital allowances for 2022 if this company were resident in Trinidad and Tobago instead of Jamaica for tax purposes.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 P210,000
- 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 600,000Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costsamounted to $1,200; and one-year registration of the truck was $100. What is the total amount of costs thatshould be capitalized?A. $60,600B. $66,100C. $54,000D. $59,400- Entity A acquires equipment on January 1, 20x1. Information on costs is as follows: Purchase price, gross of Php 10,000 trade discount Non-refundable purchase taxes Delivery and handling costs Installation costs 800,000 20,000 40,000 30,000 Present value of decommissioning and restoration Costs 10,000 How much is the initial cost of the equipment? a. 900,000 b. 820,000 c. 870,000 d. 890,000
- 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. 292000An undeveloped land in Cabanatuan City, Nueva Ecija bought by XYZ Developer Corporation for ₱450,000 was held for four years and sold for ₱1,062,500. During this time property tax was paid that was, on the average, 0.4% of the purchase price. Inflation in this time period averaged 7% and the income tax was 15.2% of the long-term capital gain. What rate of return was obtained on the investment? Ferdinand deposits a sum of ₱20,000 at the interest rate of 18% compounded annually for 10 years. Find the maturity value after 10 years. A bank gives a loan to a company to purchase an equipment worth ₱1,000,000 at an interest rate of 18% compounded annually. This amount should be repaid in 15 yearly equal installments. Find the installment amount that the company has to pay to the bank.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