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?

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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $ 20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $ 1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)
KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the$85,000 mortgage on the property.Required: What is KNB’s amount realized on the sale?b. Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the realproperty is $40,000 and its marginal tax rate is 35 percent.
A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what deductible value of these expenses on his state return? (Assume that all expenses are valid in the state of California) O 1000 O 2000 3000
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.
An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865
Ginger agreed to pay the full deed transfer tax on the $600,000 sale of her property in Miami-Dade County. Ho much will Ginger owe for the deed transfer tax? $2.500 $3,600 $4.200 $4.000
what is the annual real estate tax on a property that is valued at $135,000 and assessed for tax purposes at $47,250 with an equalization factor of 125%, when the tax rate is $2.50 per $100? a. $1,417.50 b. $1,476.56 c. $4,050 d. None of the above the answer is B but can you show the steps
Ms. Iniwan Sa Ere owns a residential house in a municipality located in Metro Manila. The fair market value of her house is ₱12 million. The Sangguniang Bayan of the Municipality fixed the assessment levels and tax rate based on the maximum allowable rates provided in RA 7160. The real property tax of Ms. Ere would be? a. ₱168,000.00 b. ₱192,000.00 c. ₱120,000.00 d. ₱144,000.00 e. ₱96,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Ms. Ere would be? a. Metropolitan Manila Authority-₱42,000.00; Municipality-₱42,000.00; Barangays-₱36,000.00 b. Metropolitan Manila Authority-₱58,800.00; Municipality-₱58,800.00; Barangays-₱50,400.00 c. Metropolitan Manila Authority-₱50,400.00; Municipality-₱50,400.00; Barangays-₱43,200.00 d. Metropolitan Manila Authority-₱33,600.00; Municipality-₱33,600.00; Barangays-₱28,800.00 e. Metropolitan Manila Authority-₱67,200.00; Municipality-₱67,200.00; Barangays-₱57,600.00
X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? a. 210,000 b. 410,000 c. 310,000 d. None of the above e. 220,000
Last year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain
51.)
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?