Baron pays $4,000 in legal fees. Under what conditions can Baron deduct the legal fees?
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- Suzy sells an office building and the associated land on May 10, 2022. Under the terms of the sales contract, Suzy is to receive $450,000 in cash. The purchaser is to assume Suzy's mortgage of $175,000 on the property. To assist the purchaser, Suzy agrees to pay $12,000 of the purchaser's closing costs and the broker's commission on the sale is $37,500. What is the amount realized by Suzy from this sale? O $625,000 O $400,500 O $450,000 O $575,500Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties?Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Peyton is to receive $2,679,000 in cash. The purchaser is to assume Peyton's mortgage of $1,607,400 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $32,148 in points charged by the lender. The broker's commission on the sale is $107,160. What is Peyton's amount realized? The amount realized by Peyton is $_________
- Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?Norris has a deductible of $1,000. He damages his car in a accident and it will cost $3,300 to repair. How much does Norris have to pay? How much does this insurance pay?Sergio operates a sole proprietorship. He has a home office that functions as his principal place of business. He uses the home office regularly and exclusively for his business. The home office is 150 sq. ft. Which of the following are accurate? Select all that apply. a. Sergio can deduct $750/year under the safe harbor method b. Sergio can deduct a portion of his utility bills if he uses the actual cost method c. Sergio can depreciate a portion of his home if he uses the actual cost method d. As of 2018, Sergio is no longer entitled to a home office deduction because of recent changes to the tax laws e. If Sergio uses the safe harbor method, he can deduct a portion of his mortgage payments each year
- Dakota owes Christopher PHP80,000 which is due on April 20. On the other hand, Christopher owes Dakota the following debts: PHP30,000 due on April 02; PHP10,000 due on April 09; PHP20,000 due on April 15; and PHP5,000 due on April 21. If on April 14, Christopher assigned his credit right to Tammy with notice to Dakota but Dakota did not give his consent to the assignment, how much may Tammy collect from Dakota on April 20? A. PHP20,000 B. PHP15,000 C. PHP40,000 D. Nothing, because Dakota did not give his consent to the assignment. why is the answer C?Marcus issues a negotiable promissory note payable to the order of Parish for the amount of $3,000. Parish raises the amount to $13,000 and negotiates it to Hilda for $12,000. a. If Hilda is a holder in due course, how much can she recover from Marcus? How much from Parish? If Marcus’s negligence substantially contributed to the making of the alteration, how much can Hilda recover from Marcus and Parish, respectively? b. If Hilda is not a holder in due course, how much can she recover from Marcus? How much from Parish? If Marcus’s negligence substantially contributed to the making of the alteration, how much can Hilda recover from Marcus and Parish, respectively?M issues a negotiable promissory note payable to the order of P for P10,000 in exchange for his legal services worth P9,000. Later, P endorses the instrument to A for P10,000. Based solely on these facts, how much should M pay A?
- Imani, an accrual basis taxpayer, sold goods in December 2023 for $20,000. The customer was unable to pay cash. So the customer gave Imani a note for $ 20,000 that was payable in April 2024. The note bore interest at the Federal rate. The fair market value of the note at the end of 2023 was $18,000. Imani collected $20, 500 from the customer in April 2024, $20,000 principal plus $500 interest. Under the accrual method, Imani must recognize gross income of: a. $ 20, 500 in 2024. b. $20, 500 in 2023. c. $18,000 in 2023 and $2,500 in 2024. d. $20,000 in 2023 and $500 in 2024.Determine whether the taxpayer in each of the following situations is in constructive receipt of income. If not, explain when the income will be constructively received. Regan is an employee of BIF Manufacturing, earning $3,000 per month. She purchases merchandise from BIF costing $2,000 in January of the current year. To pay for the merchandise, BIF agrees to deduct $75 per month from her pay, reducing it to $2,925 per month before other withholdings. Answer: see the attached file. My question: I don't understand why $75 is the constructive receipt of income. Regan is not receiving anything and it is not available to him. Also, why would Regan include $3,000 include in gross income? isn't it 3000-75?Dominic owns a property in Sai Kung which was let under the following terms: I. Term: 1 January 2020 to 31 December 2020. II. Rental deposit: $16,000. III. Monthly rent: $8,000. IV. Rates: $1,000 per quarter payable by the tenant. V. Management fee: $800 per month payable by the tenant. The tenant paid rent on schedule only up to June 2020, but he continued to live in the property until December 2020. Dominic repossessed the property and applied the rental deposit against the outstanding rent. The property was let again in February 2021 at a monthly rent of $3,000. What is the net assessable value of the property for the year of assessment 2020/21?