a Determine the property tax payable for Mr Choi for the years of assessment 2019/20 and 2020/21. Ignore provisional property tax and any tax or rates waiver or reduction in your calculations. b Briefly explain the deductibility of bad debt for Mr Choi for the purpose of property tax computation. Mr Choi would like to re-let the property. Suggest a way in which Mr Choi could reduce the amount of property tax payable by changing certain term(s) of the lease. d What would your answer to part (a) be if the tenant had stopped paying any rent from 1 December 2019 onwards instead of 1 March 2020?
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- Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?Kofi is a wealthy man based in Accra. In November 2021 Kofi bought a brand-new Toyota Prado from Mr. 419 and made the full payment towards the purchase. After paying for the car Kofi who had decided to travel to the United Kingdom (UK) for one week pleaded with Mr. 419 to keep the car in his (Mr. 419) garage for the period of his absence from Ghana. Immediately Kofi traveled out of Ghana, Mr. 419 sold the car to Madam Y, who did not know that Kofi had already bought the car. Kofi returned to Ghana after a week away in the UK and went to Mr. 419’s garage for his car only to realize that Mr. 419 had sold the car to Madam Y. Kofi is livid about the situation and has sworn to recover the car from Madam Y, after which he will mercilessly deal with Mr. 419. Advise Kofi as to legal rights, if any to recover the car from Madam Y, as well as his cause of action against Mr. 419 if any. Your solution should follow the IRAC Principle is an acronym which depicts, “I” Identification of area of…Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?
- Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at a consideration of P1 Million. In 2021, the land , which remained undeveloped and idle, had a fair market value of P20Million. Mr. Ayala, another Filipino citizen, is very much interested in the property and he offered to buy the same for P20 Million. The Assessor of Makati City re-assessed in 2021 the property at P10 Million. Should Mr. Espiritu agree to sell the land to Mr. Ayala in 2022 for P20 Million, subject to the condition as stated in the Deed of Sale that the buyer shall assume the capital gains tax thereon, how much is the income tax due on the transaction?Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2022, and will be out of the country for four years. She sells her personal residence on September 30, 2022, for $247,500 (her adjusted basis is $220,000). Upon her return to the United States in 2026, she purchases a new residence in Los Angeles for $236,000, where she will continue working for the same firm. Required: a. What are Aisha's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is Aisha's basis in the new residence? a a b Basis of new residence AmountAisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2022, and will be out of the country for four years. She sells her personal residence on September 30, 2022, for $247,500 (her adjusted basis is $220,000). Upon her return to the United States in 2026, she purchases a new residence in Los Angeles for $236,000, where she will continue working for the same firm. Required: a. What are Aisha's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is Aisha's basis in the new residence? a. a b. Basis of new residence Amount C C
- Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donationKelvin is a Malaysian who had acquired condominium for RM550,000 on 14th January 2010 and incurred RM10,000 for stamp duty. Upon acquisition, he spent 38,000 on renovating the house. On 10th January 2015, he decides to make the condominium as a Valentine gift to his wife, Flora. The market value of the condominium at that time was RM670,000. The property ownership was the transferred to her name on 14th February 2015 without written agreement. In May 2015, Flora incurred a renovation of RM20,000 to derive a monthly rental income of RM2,000. In June 2018, Flora agreed with an offer from the tenant to acquire the condominium. The tenant paid her a deposit of RM8,000 and proceeded to make an application for a bank loan. However, the tenant’s loan application was rejected and as per the verbal agreement, Flora forfeited the deposit. On 14th December 2018, Flora disposed the condominium for RM850,000. Required: a. Advise the real property gains tax implication to both parties, if…Kelvin is a Malaysian who had acquired condominium for RM550,000 on 14th January 2010 and incurred RM10,000 for stamp duty. Upon acquisition, he spent 38,000 on renovating the house. On 10th January 2015, he decides to make the condominium as a Valentine gift to his wife, Flora. The market value of the condominium at that time was RM670,000. The property ownership was the transferred to her name on 14th February 2015 without written agreement. In May 2015, Flora incurred a renovation of RM20,000 to derive a monthly rental income of RM2,000. In June 2018, Flora agreed with an offer from the tenant to acquire the condominium. The tenant paid her a deposit of RM8,000 and proceeded to make an application for a bank loan. However, the tenant’s loan application was rejected and as per the verbal agreement, Flora forfeited the deposit. On 14th December 2018, Flora disposed the condominium for RM850,000. Required: Advise the real property gains tax implication to both parties, if…
- Kelvin is a Malaysian who had acquired condominium for RM550,000 on 14th January 2010 and incurred RM10,000 for stamp duty. Upon acquisition, he spent 38,000 on renovating the house. On 10th January 2015, he decides to make the condominium as a Valentine gift to his wife, Flora. The market value of the condominium at that time was RM670,000. The property ownership was the transferred to her name on 14th February 2015 without written agreement. In May 2015, Flora incurred a renovation of RM20,000 to derive a monthly rental income of RM2,000. In June 2018, Flora agreed with an offer from the tenant to acquire the condominium. The tenant paid her a deposit of RM8,000 and proceeded to make an application for a bank loan. However, the tenant’s loan application was rejected and as per the verbal agreement, Flora forfeited the deposit. On 14th December 2018, Flora disposed the condominium for RM850,000. Required: Advise the real property gains tax implication to both parties, if any, of the…During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the University of California, an American university in pursuit of a degree. While in the U.S., she worked part-time at the school cafateria and earned $3,500. During her summer vacation, Ms. kelley returned home, where she worked for a company incorporated in her country and earned the equivalent of $4,500 (US dollars). How much of her income earned will be INCLUDED in U.S. gross income? $8,000 $4,500 $3,500 $0 re1.John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000. In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000. Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000. Ignoring any capital losses (of which Mary has none), what is the amount of any net capital gain made by Mary on the sale of her inherited house? $5,000 $15,000 $30,000 $165,000 $230,000 2. An infant beneficiary receives a distribution of income from a deceased estate, a testamentary trust and a family trust. Which of the following is correct: The distribution from the deceased estate will be taxed the most The distribution from the testamentary trust will be taxed the most The distribution from the family trust…