Delta Corporation bought a condominium unit for P6,000,0000.

Q: What amount of gain or loss does Hermione realize on the formation of the corporation? What amount,…

A:

Q: 7. A resic

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

Q: Discussion Details Review the scenario below and answer the following questions: Western Bank &…

A: The answer are as follows.

Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…

A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…

Q: The following independent cases involve the value of a closely held business in the decedent's gross…

A: If the company, the company does not register the estate according to the corrected value. IRS laws…

Q: 2. Oak Company has $475,000 in taxable income before deducting any allowable compensation or other…

A: Given: Taxable income = $475,000 Marginal tax budget = 32% C corporation pays himself = $200,000

Q: Mr. Kato, who has a 35 percent marginal tax rate, must decide between two investment opportunities,…

A: The NPV is used to measure a project’s profitability. It uses the concept of TVM to discount future…

Q: Given the following tax structure: Salary $ 21,500 $ 43,000 $ 21,500 Taxpayer Mae Pedro Venita Total…

A: Horizontal Equitable :— Horizontal Equitable States that If there is a Same Level of Income of Two…

Q: Joaquin purchased a $235,000 crane for a construction business. The crane was sold for $175,000…

A: Capital gain or loss refers to the difference between the sale price of a capital asset and its…

Q: Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000 Exempted sales are P…

A: ANSWER:- VAT payable = P101,818.19.   Explanation:- Value Added Tax (VAT) is a tax imposed on the…

Q: A U.S. tax-exempt entity investor held a real estate asset (a parcel of land) that that was…

A: Tax refers to the financial charge which is compulsory and it is imposed by the government or…

Q: Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving…

A: It is a tax imposed on the transfer of the estate of a deceased person. It is a tax on the total…

Q: ential house and lot located in Manila on January 5, 2018 for 8,000,000. The property was purchased…

A: Capital Gain - A capital gain is a rise in the value of a capital asset that is realized upon the…

Q: Tinsel is considering making a $7,000 investment in a venture that its promoter promises will…

A: Answer:-  Tax liability meaning:- The amount that a person, company or other entity owes to a…

Q: Joaquin purchased a $235,000 crane for a construction business. The crane was sold for $175,000…

A: Book value or carrying value of crane = Cost - accumulated depreciation Gain or loss on sale of…

Q: racket. If the investment is of a type that produces a tax credit of 40% of the amount of the…

A: John is considering making a $7,000 investment in a venture that its promoter promises will generate…

Q: (a) What are the tax consequences to Adams and Newco? Assume Adams had paid only $30,000 of the…

A: Introduction: Mortgage: Mortgage is defined as debt security in which the loan is backed by an asset…

Q: A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation…

A: State level deductions are different from deduction for federal return, like standard deductions,…

Q: Mr. Jerico, a nonresident Filipino actor, shot his movie under Star Cinema, Inc. (domestic…

A: The taxability of an income is based on the residential status of the individual. The ordinary…

Q: It is worth noting that the lottery winnings of $5,000 are not considered taxable income in…

A: Taxable income refers to the income which is taxable in the hands of the taxpayer and the tax is…

Q: Your uncle is ready to retire and head for the hills, so he says to you: “Look, I own 500 shares of…

A: QSBS or Qualified small business stock refers to shares of qualified small businesses whose gross…

Q: Scott and Bonnue, married taxpayers, earn $258,000 in taxable income and $7,700 in interest from an…

A: The marginal tax rate that would apply to a taxpayer's final (or subsequent) dollar of income. In…

Q: 48. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in…

A: Capital Gain Taxes Capital gain taxes which are applicable for Philippines for sale and exchange of…

Q: Firm E must choose between two alternative transactions. Transaction 1 requires a $13,650 cash…

A: As per tax rules, certain expenses incurred are deductible from total income for the purpose of…

Q: Sherborne sold his rental house in California, for a sales price of $750,000. He recognized a…

A: Capital Gains When the asset is sold and the realizable value is more than the capital asset’s value…

Q: Company N will receive $55,000 of taxable revenue from a client. Use Appendix A and Appendix B.…

A: Net Present Value (NPV) is a capital budgeting technique that uses a discount rate to bring all the…

Q: During the year, JK Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000,…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive.…

A: Concept of Fringe Benefit Tax

Q: LaMarcus Photography, a sole proprietorship owes $190,874 in taxes on a taxable income of $608,606.…

A: The rate at which the last dollar income is taxed is called marginal rate. It can also be defined as…

Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…

A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…

Q: On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto,…

A: Capital gain tax is calculated on principal residence @ 6% of the highest value of the propety .  It…

Q: Assuming Mr. X opted to be taxed at 8% tax under the train law. The income tax due is?

A: TRAIN law stands for Tax Reform for Acceleration And Inclusion Law of Phillipines taxation which was…

Q: Jack paid costs to Emory University related to his MBA program. He had unreimbursed education…

A: As Given , Jack paid expenses associated to his MBA course at Emory University. In 2021, he had…

Q: It is not often that SARS offers tax relief but when it is presented as an option it should be used…

A: Income Tax- The federal, state and local governments levy taxes on the gross income of individuals…

Q: A new home was sold for $400,000 in Hillsborough County. The buyer took out a mortgage for $300,000…

A: The state transfer tax is charged by the local government or state government while transferring the…

Q: Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees.…

A: Fringe Benefit Taxes To Calculate the Fringe benefit taxes in Philippines it depends upon the nature…

Q: Ms. Dika Kayaten has a 2 hectare agricultural land located in a province with a fair market value of…

A: We know that Ad valorem tax is also known as Property tax. In philippines if there is a unutilised…

Q: Mary spent $21,500 for an executive development course at the Harvard Business School (including…

A: As an employee, you can claim your work-related training as a miscellaneous, itemized deduction,…

Q: This term refers to an asset sold for more than its original value.      Using taxable income, it is…

A: An asset sold for more than its original value is commonly referred to as a "Capital Gain." Capital…

Q: Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation…

A: Income tax liability is the amount of tax payable to the government. It is collected to finances the…