Belicek made a number of disposals during the tax year 2016/17. Which one of the following disposals would be a chargeable disposal for capital gains tax purposes? A. Sale of a racehorse. The market value of the racehorse was 25,000 pounds, but Belicek agreed to a selling price of 24,000 pounds. The racehorse was acquired by Belicek at a cost of 11,000 pounds. B. Gift to a friend of an antique vase worth 1,000,000 pounds. The vase was acquired by Belicek at a cost of 700,000 pounds. C. Gift to a charity of 32,000 pounds in National Savings Certificates. D. Sale of Belicek's principal private residence.

6. During the current year, Mary Moor disposes of several items. The proceeds of disposition and the adjusted cost base for the various items are as follows: Adjusted Cost Base Proceeds of Disposition Car 25,000 10,000 Rare Book 300 4,000 Boat 20,000 35,000 Earrings 3,000 900 What is the net tax consequences of these dispositions?

Haresh

Joaquin purchased a $235,000 crane for a construction business. The crane was sold for $175,000 after taking $115,000 of depreciation. Assume Joaquin is in the 35% tax rate bracket. Required: a. On what form would the gain or loss originally be reported? b. What is the amount of gain or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates? Complete this question by entering your answers in the tabs below. Required a Required b Required c PS What is the amount of gain or loss on the sale?

Megha Nhon Corp., a vat registered taxpayer made the following acquisition of equipment from vat registered suppliers (net of vat) during 2021 and 2022: Date Purchase price Useful life (yrs) Oct. 1, 2021 2,000,000 6 Apr. 1, 2022 2,500,000 2   The equipment acquired on Oct. 2021 was sold on Apr. 2022. How much is the creditable input vat on Apr. 2022? P216,000                                                                 P324,000 P516,000                                                                 P300,000

solution needed

Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car wasmortgaged was in turn mortgaged to the latter. The amount of the mortgage is P600,000. In addition, Bendonated a parcel of land to the government for exclusively public use. Market value per tax declaration is P1Mwhile the zonal value is P800,000. Requirement: 1. Total documentary stamp tax due

Craig and Karen Conder purchased a new home on May 1 of year 1 for $200,000. At the time of the purchase, it was estimated that the real property tax rate for the year would be 1 percent of the property's value. How much in property taxes on the new home are the Conders allowed to deduct under each of the following circumstances? Assume the Conders' itemized deductions exceed the standard deduction before considering property taxes and the property tax is the only deductible tax they pay during the year. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Required: The property tax estimate proves to be accurate. The seller and the Conders paid their share of the tax. The full property tax bill is paid to the taxing jurisdiction by the end of the year. The actual property tax bill was 1.05 percent of the property's value. The Conders paid their share of the estimated tax bill and the entire difference between the 1 percent estimate…

Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $238,600 Goodwill 47,720 Covenant not to compete 59,650 Total $345,970 a. How much of the $345,970 purchase price is for Section 197 intangible assets? $4 b. What amount can Derek deduct on his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations. $

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