C sold capital property in Year 1 for net proceeds of $200,000. The property has an adjusted cost base of $40,000. C received $120,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following two years. What is the minimum taxable capital gain to be reported in Year 2?
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- Would you please explain how to find the minimum taxable capital gain to be reported in Year 2? sold capital property in Year 1 for net proceeds of $500,000. The property has an adjusted cost base of $100,000. C received $200,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following three years. What is the minimum taxable capital gain to be reported in Year 2?D sold capital property in the current year for net proceeds of $800,000. The property has an adjusted cost base of $100,000. B received $50,000 at the time of the sale and a note for the balance to be paid in equal annual instalments over the following eight years. What is the minimum taxable capital gain to be reported in the current year?B sold capital property in the current year for net proceeds of $500,000. The property has an adjusted cost base of $100,000. B received $200,000 at the time of the sale and a note for the balance to be paid in equal annual installments over the following three years. What is the minimum taxable capital gain to be reported in the current year.
- Tom sold a capital property on December 31, 2021 for $300,000. $280,000 is payable on December 31, 2023, and the balance was paid immediately in cash. The adjusted cost base of the property was $170,000 and the selling costs totaled $10,000. Which one of the following amounts represents the minimum taxable capital gain in 2021? $40,000. $70,000. $12,000 $24,000.G transferred property to F, in trust, and under the terms of the transfer, F should accumulate the income for the benefit of B until the latter reaches the age of majority. During 2020, the property earned P1,000,000 and incurred expenses of P350,000. P50,000 of the income was distributed to B. How much is income tax?Shun Li sold a capital property on July 31, 2019 for $400,000. She received $100,000 at the time of sale with the balance of $300,000 payable on July 31, 2021. The adjusted cost base of the property was $160,000. The minimum taxable capital gain that Shun Li can report in the 2019 taxation year is: $30,000. $60,000. $120,000. $180,000.
- In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000. The investor agreed to the following payment schedule: $35,000 in 2021, $25,000 in 2022 and $20,000 in 2023. The investor elects to use the deferred proceeds method to report taxable income from this sale. How much would be the taxable capital gain reported by the investor in 2021? A. $20,000 B. $14,063 C. $10,938 D. $10,000 E. None of the aboveIn year 1, Aldo sold investment land with a $100,000 tax basis for $95,000. Paymentconsisted of $15,000 cash down and the purchaser’s note for $80,000. The note isbeing paid in 10 annual installments of $8,000, beginning in year 2.Required:a. Compute Aldo’s recognized loss in year 1.b. In year 4, Aldo pledged the note received from the purchaser as partial collateralfor a $75,000 bank loan. The unpaid principal at date of pledge was $56,000.Determine the tax consequences of this pledge to AldoA real property was transferred to a revocable trust with Carding as the beneficiary. The property earned a total of 900,000 gross rentals during the taxable period. The expenses attributable to the maintenance of the same property amounted to P200,000. During the period, 250,000 of the total rentals was distributed to the beneficiary. How much is the allowable special deduction for income distribution to the beneficiary? a. Zero b. 200,000 c. 250,000 d. 300,000
- In the current year, Eva has net short-term capital losses of $3,000, a net long-term capital loss of $42,000, and taxable income from wages of $36,000. a. Calculate the amount of Estes' deduction for capital losses for the current year. b. Calculate the amount and nature (short-term or long-term) of his capital loss carryforward. c. For how many years may Eva carry the unused loss forward?Ken derived the following in the year 2021:(i) Rental surplus of $5,000 from Property 1.(ii) Rental deficit of ($6,000) from Property 2.(iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore.(iv) Commission of $10,000 from brokering a property rental arrangement.What is Ken’s taxable income for Year of Assessment 2022? Group of answer choices a) $9,000. b) $10,000. c) $21,000. d) $27,000.In 2021, Zhang recognized a $45,000 gain on the sale of Section 1231 property. Over the previous five-year period, Zhang recognized the following net Section 1231 gains and (losses):2020 ($28,000)2019 $16,0002018 ($30,000)Zhang's 2021 gain is characterized asMultiple ChoiceA.$45,000 capital gainB.$42,000 ordinary gain and $3,000 capital gainC.$28,000 ordinary gain and $17,000 capital gainD.$45,000 ordinary gain