A taxpayer (65 years old)

Q: 7. A resic

A: Capital Gain Tax :-  It is a tax on gain realised on sale of capital…

Q: Problem 4-37 (LO. 2) Drake Appliance Company, an accrual basis taxpayer, sells home appliances and…

A: Gross profit=Sales price-Cost

Q: Required: Calculate the Fringe Benefits Tax that Solarcity Pty Ltd is liable to pay on this loan…

A: Fringe benefit is the benefit which has been given by the employer to the employee which are given…

Q: Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from…

A: Taxes are the amount of dues or liabilities that need to be paid by individual on account of income…

Q: Andrew has ben soll employed as a builder for several years and generated taxable trading profit of…

A: Since tax rates not given,  Taken from official sites,  Since profits are above £9,569,therefore…

Q: The onus is on the tax payer to prove that certain amounts are of a capital nature. If there is a…

A: please like the answer your response matters “Since you have asked multiple questions, we will solve…

Q: Tisha owned house property in the Dhanmondi area, which was let out to a company with a monthly rent…

A: There are various way by which an individual can earn income but as per income tax the incomes…

Q: Sarah Fleming has two Class 1 rental properties that are both subject to a 4% CCA rate. Property 1…

A: The capital cost allowance (CCA) is a Canadian income tax deduction that can be claimed on…

Q: Rental income of R70 000 is received in advance. Calculate the tax base for income received in…

A: Rental payment refers to the periodic amount paid by the tenant to the owner of a property for…

Q: The maximum amount a taxpayer may claim for the lifetime leaming credit is:

A: The answer is: (A) $2,000 per return  The lifetime learning credit is a tax credit that helps…

Q: A loss on the sale of a taxpayer's personal residence is deductible if the taxpayer owned and lived…

A: Concept used : Loss on sale of personal residence is not deductible and loss related with the…

Q: Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows:…

A: Mortgage Loan -A loan secured by real estate is called a mortgage or mortgage loan. In this case,…

Q: Derek purchases a small business from Art on June 30, 2019. he paid the following amounts for…

A: Amortization is like an expense which is charged on non-physical assets or intangible assets over…

Q: Aram sold a capital asset that he owned for more than one year for a $5,000 gain, a capital asset…

A: Profit or gain arising from the sale of assets such as property, gold, jewelry or shares is called a…

Q: he employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000…

A: Tax on accommodations - Accommodations provided by the employer is consider a perquisite in the…

Q: A lessor rents his 3 commercial and 8 residential units for monthly rent of P65,000 and P15,000 per…

A: For Commercial units: ​​​​Gross Receipts for the whole year = 3×P65,000×12 = P2,340,000 Therefore it…

Q: A condominium is taxed based on its $78,792 value. The tax rate is $3.46 for every $100 of value. If…

A: Condominium worth = $78,792 is tax based. The rate of tax for every $100 of value is $3.46. Discount…

Q: Determine the extent to which he can deduct each payment on his Form 1040.

A: Mr. Tolan has made various Payments in the year 2022, To check which are deductible and which are…

Q: will 47,720 nant not to compete 59,650 $345,970 v much of the $345,970 purchase price is for Section…

A: Answer: a.  As per Sec 197, Amortizing Intangible Assets, Intangiible assets include Goodwiill and…

Q: What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is…

A: In the context of the given question, we need to compute the taxable income of a married individual…

Q: Provide answer this question

A: Option a) $90,000: This option is incorrect because it miscalculates the taxable gain. Simonne's…

Q: July 2020, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the…

A: There are taxes on the capital gains that is to be paid but the tax on the capital gains depends on…

Q: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

A: Michelle pays £280 every year for subscriptions to professional bodies. Her employer does not…

Q: Mang Pandoy sold his primary residence (house and lot) for P10M. The cost of the property is P6M.…

A: Tax is a charge which a taxpayer has to pay to the government for having excess income. The excess…

Q: 17. Mr. Panicker is the owner of house property whose municipal valuation is 55,000 (Not covered by…

A: 'House Property' refers to a structure or structures that are related to land. That must be a…

Q: llene rents a property for the entire year. During the year, llene reported a net loss of $10,500…

A: A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce…

Q: Assume the following taxpayer information: The taxpayer is a South African manufacturing company…

A: particulars Amount Amount Sale Proceeds   560000  Lower of cost price or Sale proceeds 230000…

Q: 184 Lola, a calendar year taxpayer subject to a 40% marginal Federal gift tax rate, made a gift of a…

A: Federal Tax- The amount of tax levied by the government on the profits earned by individuals and…

Q: On July 1, Year 1, a nondealer, calendar year taxpayer sells an item of personal property for…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: . Taxpayer incurred the following for the taxable period: |Supplies purchased P80,000 Supplies used…

A: Under Cash basis expenses shall be allowed when actually paid. Amortization and other historical…

Q: Ms. , non-resident alien not engaged in business, sold her residential house for P4,000,000. Its…

A: The tax on the property, which is sold either by the resident or by the non-resident, is the 6% in…

Q: Ahmed uses his own car for business travel. During 2019/20, Ahmed drove £20,000 miles while…

A: You pay your employees Mileage Allowance Payments (MAPs) for driving their own car on company trips.…

Q: Subject: Taxation Theory, Practice and Law Question:  Part-A What is ‘fringe benefit tax’ (FBT)?…

A: Employers must pay a fringe benefits tax on those services provided to their employees' families or…

Q: 5-Asila uses her own car for business travel. During 2019/20, Asila drove 20,000 miles while…

A: Mileage Allowance Payments are what you pay your employee for using their own vehicle for business…

Q: da commercial building and lot for $190,000 0,000 when purchased. You sold the lot and B ACRS…

A: The answer has been mentioned below.

Q: A rental apartment complex (MACRS-GDS 27.5-year property) is placed in service by a calendar-year…

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence,…

Q: Amy purchased a passenger automobile in 2021 for $53.000. She used it 75% for her business and 25%…

A: Depreciation is the process of allocating the cost of a tangible asset over its useful life. It…

Q: A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all…

A: IN ACCORDANCE TO SECTION 8 OF RA 7277 STATES THAT THERE IS A SPECIAL DEDUCTION OFFERED TO TAXPAYERS…

Q: home. During the year, Harvey reported a net loss of $46,500 from the rental. If Harvey is an active…

A: Answer : Active participant : A person is able to make decisions about the rental property known as…

Q: 8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash…

A: A corporation can use accrual accounting, a financial accounting technique, to register sales before…

Q: Arams taxable income before considering

A: Due to $ sign we will assume that the tax jurisdiction will be USA and IRS rules for…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.