How much is the output tax on May 2, 2017 and 2018 respectively?
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John is a real estate dealer. He sold a piece of land in installments. Data on the property and on the date of sale are as follows:
Selling Price,
VAT not included P 4,000,000
Zonal Value 2,000,000
Fair Market Value 5,000,000
Installment Selling Price 4,000,000
Terms of Payment
May 2, 2017 (date of sale) 1,000,000
May 2, 2018 3,000,000
He had expenses of operations paid to VAT taxpayers, value-added tax not included as follows:
May 9, 2017 20,000
May 18, 2018 60,000
How much is the output tax on May 2, 2017 and 2018 respectively?
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- Job purchased land as an investment on January 12, 2018, for $80,000. On January 31, 2021, Job sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $62,000 on the land. What is the amount realized (not gain realized) on the sale of the land? a.$10,000 b.$23,000 c.$95,000 d.$103,000 e.None of these choices are correct.Mike leased his land to Leomar for 2 years beginning July 1, 2018. Leomar would pay monthly rental of P100,000. He paid rent up to October 2018 and then defaulted for the rest of the year. 1.Under the cash method, how much was the deductible expense of Leomar in 2018? *2.Using the same data in the preceding number, how much was the income of Mike in 2018 using cash method? *3.Under the accrual method, how much was the income of Mike for 2018? *4.Under the accrual method, how much was the deductible expense of Leomar in 2018? *Stephen purchased a rental property on 03 August 2020 and has rented the property from this date.He incurred the following expenses when purchasing the property –> $6,320 Lender’s Mortgage Insurance> $15,987 Stamp duty on transfer of the property> $1,500 Mortgage broker’s fee> $750 Conveyancing fees> $600 Bank loan establishment fee> $700 Stamp duty on the mortgageCalculate how much Stephen can claim in borrowing costs for the 2021 year and select the correct answer below. $1,766 $1,658 $1,311 $1,442 $1,879
- Lyka provided the following data on sale of his personal property sold in 2018 held by him for 15 months: Jerry, married, with 2 minor choldren, had the following data: 2019 2020 Business income P 410.800 P 306,700 Cost P 225,000 Interest on time deposit 3,000 2,000 Mortgage assumed by the buyer with BPI 270,000 Short-term capital gain 290.500 10,000 Long-term capital gain 20.600 290,000 80,200 Installment Collection Schedule: Short-term capital loss 20,900 Long-term capital loss 80,400 2018 67,500 2019 67,500 How much is the taxable income of Jerry for 2020 45,000 year 2019? How much is the taxable income of Jerry for the year 2020? How much is the selling price? A resident corporation has the following data on income and expenses In 2020: Gross sales P 1,025.O00 Sales returns and allowances 10,000 Sales discounts 3,500 Interest incone on t ade notes receivable 15,000 Capital gain on asset helld for 2 years 50.000 Cost of sales 415.670 Operating expenses with vouchers and receipts…Jessie purchased land as an investment on January 12, 2016 for $80,000. On January 31, 2021, Jessie sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $70,000 on the land. What is the amount of the realized gain or loss on the sale? a.$10,000 loss b.$15,000 gain c.$23,000 gain d.$47,000 loss e.None of these choices are correct.Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $26,000 Selling price 93,600 Selling expenses 1,250 Down payment 10,500 Four installment payments 15,600 Mortgage assumed by the buyer 20,700 Required: Each installment payment is due on September 1 of 2020, 2021, 2022, and 2023 (ignore interest). Determine the tax consequences in 2019, 2020, 2021, 2022, and 2023. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.)
- 1 John and Mary had the following transactions for 2020. Calulate net capital gain/loss, how much to deduct in 2020 and any carryford to 2021 Short Term capital loss (8,000) Long term capital gain 24,000 Long term capital loss (30,000) 2 John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000. John's remaining mortgage on the building was $150,000. The buyer paid $650,000 and assumed the remainig debt on the building. John had taken $100,000 depreciation on the building. Calculate a -Adjusted basis in the building b- Any realized gain or loss on the buildingRaghu purchased a house in 2021 to use as a rental. What is his basis in the property if his expenses were as follows: $250,000 purchase price ($30,000 of which was attributed to the land value). $2,500 points paid on the mortgage. $250 legal fees. $175 title insurance. . . . . . . . $1,200 homeowner's insurance. $1,500 previously due real estate tax. $2,500 commissions. $222,925 $224,425 $228,125 $258,125! Required Information [The following information applies to the questions displayed below.] Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with a 6 percent loan secured by the home. The Sanchezes made interest-only payments on the loan in years 1 and 2. (Leave no answer blank. Enter zero if applicable.) a. Assuming year 1 is 2017, how much interest would the Sanchezes deduct in year 2? Maximum deductible interest expense 賽賽 事
- Juanita paid $50,000 of interest on a mortgage on her home (loan of $1,000,000 at 5% interest rate to buy the residence in 2018; $1,200,000 original purchase price and value at purchase) and $6,500 of interest on a $100,000 home-equity loan on her home (loan proceeds were used to buy furniture). Juanita's AGI is $600,000. How much interest expense can Juanita deduct as an itemized deduction?Jessica purchased a home on January 1, 2018 for $510,000 by making a down payment of $200,00 and financing the remaining $310,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $18,600 (each year). On July 1, 2018, when her home was worth $510,000 Jessica borrowed an additional $127,500 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments on the second loan in the amount of $5,100. During 2019, she made interest only on the second loan in the amount of $10,200. What is the maximum amount of the $28,800 interest expense Jessica paid during 2019 may she deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.) Multiple Choice ___ $0. ___ $10,200. ___ $27,106. ___ $6,600.Judy owns land with an adjusted basis of $610,000 subject to a mortgage of $350,000. On March 15, Judy sells her land subject to the mortgage for $650,000 in cash, a note for $600,000, and property with a fair market value of $120,000. What is the amount realized? a.) $1,370,000 b.) $1,720,000 c.) $1,820,000 d.) $1,250,000
