ABC  Limited located in a country which has a capital gains tax, conducted the following transactions: a.     Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2, 800,000 to install solar panels for electricity in the building. The building was sold for $40,000,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,200,000. b.     A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c.      Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for 1 million. d.     Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021. The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 was $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 20   Question 48Answer a. $1,100,000 b. $600,000 c. $2,000,000 d. $1,400,000

Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $240,000 after making the appropriate adjustments. Of this amount, $60,000 was non-business income.The non- business income included the following: $8,000 of dividend income, $15,000 of interest income, $37,000 of royalty income for an intangible used in Maryland. Tennis Pro has the following sales, payroll and property factors: Virginia Maryland Sales 40% 20% Payroll 80% 5% Property 90% 5% Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate tax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)

OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021. The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%.

Munirah Bhd was incorporated in 2015. In order to expand its business operation, Munirah Bhd made the following transactions related to property, plart andequipment in the year 2021: 1. To construct a new factory, Munirah Bhd purchased a piece of land with a building for RM700,000(land RM5 50,000 and buildingRM150,000). Munirah Bhd paid a real estate broker's commission of RM28,000, legal fees for title investigation of the land of RM5,000 and property tax for the land of RMI0,000. Shortly after purchasing the land, Munirah Bhd demolished the old building and incurred a total cost of RM20,000. Munirah Bhd received RM4,800 from the selling of the scrap from the old building An additional cost of RM3,000 was paid to grade the land. After grading the land, Munirah Bhd installed fences around the property at the cost of RM17,000. Then, to construct a new factory, Munirah Bhd paid RMS,200 of the architect's fees, and the payment to the building contractor was RM200,000. The insurance policy…