15. On December 15, 2023, Mr. Carino sold a 500 square meter residential condominium The unit was acquired in 2002 for sale, the fair market value of the property as shown in the real property declaration is P2,500,000 and the assessed value amounted to P450,000. The zonal value is P7,000 per square meter. The capital gains tax on the sale is- A. 150,000 B. 120,000 C. 180,000 D. 210,000 16. Using the same preceding data, the capital gains tax payable assuming Mr. Carino will utilize only P1,500,000 of the proceeds in acquiring a new residence is? A. 90,000 B. 105,000 C. 210,000 ta

15. On December 15, 2023, Mr. Carino sold a 500 square meter residential condominium The unit was acquired in 2002 for sale, the fair market value of the property as shown in the real property declaration is P2,500,000 and the assessed value amounted to P450,000. The zonal value is P7,000 per square meter. The capital gains tax on the sale is- A. 150,000 B. 120,000 C. 180,000 D. 210,000 16. Using the same preceding data, the capital gains tax payable assuming Mr. Carino will utilize only P1,500,000 of the proceeds in acquiring a new residence is? A. 90,000 B. 105,000 C. 210,000 ta

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Trey, Inc. reports a taxable loss of 5210.000 for 2022. Its taxable income for the last two years was as föllows: 2020 2021 $60,000 80,000 Trey expects tavable income in future years and has a tax rate of 30% for all periods affected. The amount that Trey, Inc. reports as a net loss for Inardal reporting purposes in 2022 is: Seet one 74 ST00000 loss 0 S108000 loss OL 147000 loss 04 ST0000 loss O210000 loss
M103.
What is the correct response A thru D
16. Erwin Company, a calendar year taxpayer, made only two purchases of depreciable personalty this year. The first purchase was five-year recovery property costing $312,800, and the second purchase was seven-year recovery property costing $574,000. Compute Erwin's first-year MACRS depreciation with respect to the personalty assuming that a. The first purchase occurred on February 2, and the second purchase occurred on June 18. b. The first purchase occurred on February 2, and the second purchase occurred on October 13.
(Tax liability) Damen sold his office loft that he used in his trade or business for 180,000. He had purchased the loft in 1997 for 100,000. Total depreciation taken for the loft equals 25,000. His ordinary income is taxed at the 35% bracket. This transaction will increase his tax liability by Question 26 options: 25250 34250 36750 None of the above
Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. The Sangguniang Panlungsod fixed the assessment levels based on the maximum allowable rates provided in RA 7160. The assessment level of his building would be? a. ₱6,000,000.00 b. ₱5,000,000.00 c. ₱7,500,000.00 d. ₱4,000,000.00 e. ₱3,500,000.00 Using the information above, assume that the Sangguniang Panlungsod levy the maximum rate based on RA 7160, the real property tax would be? a. ₱80,000.00 b. ₱70,000.00 c. ₱120,000.00 d. ₱100,000.00 e. ₱150,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Mr. Maginoo would be: a. City-₱70,000.00; Barangay where the property is located-₱15,000.00; and To be equally distributed to all component Barangays-₱15,000.00 b. City-₱105,000.00; Barangay where the property is located-₱22,500.00; and To be equally distributed to all component Barangays-₱22,500.00 c. City-₱49,000.00; Barangay where the property…
X, bought a land in 2012 worth 1M (for used in business). In 2018, the land appreciated in value and increased BY 4M. Later, X sold the land in 2018 at its fair value. What is the taxable gain?
2022 tax rules