Niels died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. In relation to the mortgage, how much may be claimed as a deduction? P700,000 P1,000,000 P1,200,000 P1,500,000

A6) Finance Walton bought one full bitcoin in March 2020. His bases in the coin is $5838. In July 2021, he donated 0.25 of the coin to a qualified charitable organization. The fair market value of a full coin at the time of donation was $33,800. what is his deductible charitable contribution? a: $1,460 b: $5,838 c: $8,450 d: $33,800

In the settlement of the estate of Mr. Emman who died intestate, his wife renounced her inheritance worth P2 million and her share of the conjugal property worth P1 million in favor of her children. How much is subject to estate tax? *       P3 million       P2 million       P1 million       P0

Marvin had the following transactions: Salary   $50,000   Compensation of body injury due to car accident           15200              Bank loan (proceeds used to buy personal auto)   10,000   Alimony payment to ex-wife (divorce settled in 2018)   6,000   Child support payment   12,000   Gift from aunt Gain from sale of city of Bloomington bonds                5,000                                     20,000           Interest from City of Bloomington Bonds                           500         Interest received on the U.S. Government bonds             1,500         Interest received on corporate (GE company) bonds          350         Lottery winnings                                                                    500               Life insurance proceed after her grandmother died     150,000 Calculate Marvin’s AGI:

Mr. A sold his family home for P5,000,000. He bought the land for P1,000,000 and introduced improvements therein for a total cost of P2,000,000. What is the amount of capital gains tax due from the sale of the property?

Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 1. How much is the donor’s tax to be paid on January 31, 2021? 2. How much is the donor’s tax to be paid on March 22, 2021? 3. How much is the donor’s tax to be paid on April 19, 2021?

Nicanor made the following donations to his children in 2021:   To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021   How much is the donor’s tax to be paid on March 22, 2021?

Greg Grotto exchanged an eight-unit apartment building for a four-unit apartment building. His adjusted basis for the eight-unit building was $320,000 and the fair market value was $400,000. The fair market value of the four-unit building he received, which was subject to a $40,000 mortgage, was $440,000 on the date of the transaction. How much gain does Greg need to recognize? a. $120,000 b. $80,000 c. $48,000 d. $40,000 e. $0 Please do not give solution and formulae in image format.. thanku

Lorissa owes Waterbury State Bank $200,000. During the current year, she isunable to make the required payments on the loan and negotiates the followingterms to extinguish the debt. Lorissa transfers to Waterbury ownership ofinvestment property with a value of $90,000 and a basis of $55,000, and commonstock with a value of $50,000 and a basis of $70,000. Lorissa also pays Waterbury$5,000 cash, and Waterbury forgives the remaining amount of debt. Before theagreement, Lorissa's assets are $290,000, and her liabilities are $440,000.Determine how much gross income Lorissa has from the extinguishment of the debt.

Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds                               $1,552000 House                                                                           756,000 Cash                                                                              74,900 Investment land                                                            60,800 Automobiles (three rare vehicles)                                 59,000 Other assets                                                                  108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…