On August 15, 2021, Ms. Mones sold a 500-square meter residential house and lot for P3,000,000. The house was acquired in 2006 at P2,000,000. The Assessor's fair market values of the house and lot, respectively, wer P1,500,000 and P1,000,000. The zonal value of the lot was P5,000 per square meter. What is the capital gains tax?

How much and where on the tax return would Jessica James, a cash-basis farmer, deduct $8,544 mortgage interest expense; 20% allocable to her home and 80% allocable to the farm land?   (a) $1,709 on Schedule A, and $6,835 increases the basis of the farm land. (b) $1,709 on Schedule A, and $6,835 on Schedule F. (c) $6,835 on Schedule A. (d) $6,835 on Schedule F.

On July 11, 2020, Ted purchased a small software company for $200,000. He paid $120,000 for the fixed assets of the company and $80,000 for goodwill. How much amortization may Ted deduct on his 2020 tax return for the purchased goodwill? a. $5,750 b. $2,667 c. $80,000 d. So Xin e. $5,333

Please help with the calculation

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

An individual has an RSP that they are drawing money out of during 2020. TheRRSP has earned dividends of $10,000. The individual withdraws $32,000 from theRRSP. To obtain that much cash, the RSP sells investments worth $32,000 thathave a cost basis of $20,000. What is the individual's 2020 taxable income as aresult of the RRSP? A) 42000 B) 16000 C)19800 D)32000

AreaBurt purchased an apartment building on January 1, 2010, for $345,000. The building has been depreciated over the appropriate recovery period using the straight-line method. On December 31, 2022, the building was sold for $420,000, when the accumulated depreciation was $126,500. On his 2022 tax return, what should Burt report?a. Section 1231 gain of $75,000 and ordinary income of $126,500b. Section 1231 gain of $75,000 and unrecaptured depreciation of $126,500c. Ordinary income of $201,500d. Section 1231 gain of $126,500 and ordinary income of $75,000

Ginger agreed to pay the full deed transfer tax on the $600,000 sale of her property in Miami-Dade County. How much will Ginger owe for the deed transfer tax? $2,500 $3,600 $4,200 $4,000

Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is : What amount of the gain or loss is subject to ordinary tax rates?