solution needed Belicek made a number of disposals during the tax year2016/17. Which one of the following disposals would bea chargeable disposal for capital gains tax purposes?A. Sale of a racehorse. The market value of theracehorse was 25,000 pounds, but Belicek agreed to aselling price of 24,000 pounds. The racehorse wasacquired by Belicek at a cost of 11,000 pounds.B. Gift to a friend of an antique vase worth 1,000,000pounds. The vase was acquired by Belicek at a cost of700,000 pounds.C. Gift to a charity of 32,000 pounds in National SavingsCertificates.D. Sale of Belicek's principal private residence.

For capital gains tax (CGT) purposes in the UK, a chargeable disposal is any disposal of an asset…

Answered: Belicek made a number of disposals…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 25P

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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? a.P150,000 b.P240,000 c.P180,000 d.P120,000
During the current year, Hom donates a sculpture that cost $1,000 to a museum for exhibition. The sculpture's fair market value was $1,700 on the date of the donation, and Hom's adjusted gross income is $40,000. Assume Hom held the sculpture for 4 months and the $700 ($1,700 − $1,000) of appreciation is a short-term capital gain. Calculate the amount of his itemized deduction for the contribution. Assume Hom held the sculpture for 2 years and the $700 appreciation is a long-term capital gain. Calculate the amount of his itemized deduction for the contribution.
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
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.$0 b.$80,000 c.$5,333 d.$5,750 e.$2,667
1. George, a cash basis taxpayer, sells equipment for $200,000. The equipment originally cost $70,000 and George deducted $10,000 of tax depreciation as of the date of sale (assume no other depreciation is allowed or allowable). The equipment is subject to a $50,000 loan which the purchaser assumes. George incurred $13,000 of selling expenses related to the sale. The purchaser pays $10,000 at the time of sale and agrees to pay $20,000 per year for the next 7 years. Assume the note provides for adequate stated interest. A. Gross profit on the sale is . B. The contract price is _. C. The gross profit percentage is _. D. Income and the character of such to be reported in the year of sale is_…
Mr. A sold his family home for P5,000,000. He bought the land for P1,000,000 and introduced improvements therein for a total cost of P2,000,000. What is the amount of capital gains tax due from the sale of the property?
During 2023, Khan purchases the following capital assets for use in his catering business: Line Item Description Amount New passenger automobile (September 30) $66,000 Baking equipment (June 30) 10,000 Assume that Khan decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Khan's maximum depreciation deduction for 2023, assuming he uses the automobile 100 percent in his business.
In 2021, LM distributes an office building to Laura. At the time of this distribution, the office building had a FMV of $500,000 and an adjusted basis of $100,000. At the time of the distribution, the Laura's outside basis was $400,000. How much (if any) gain or loss must Laura recognize from this distribution?
Henry and Jane, MFJ taxpayers, have a taxable income of $305,000 before considering any of the items below. They sold the following assets during the year: Asset Sale Price Tax Basis Purchased Sold ABC Stock $ 51,000 $ 25,500 1/2/22 8/1/24 XYZ Stock $ 13,000 $ 9,750 2/1/24 9/2/24 Stamp Collection $ 11,000 $ 5,500 2/7/21 7/5/24 RST Stock $ 14,000 $ 20,000 6/4/24 10/2/24 Rental Home $ 101,000 $ 50,500* 5/5/19 7/8/24 *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also applies a $2,000 long-term loss carryover from 2023. $5,000 of dividends which are not included in the $305,000. What is Henry’s total 2024 tax liability?
Benny sells an apartment building. His adjusted basis for regular income tax purposes is $459,000, and it is $486,250 for AMT purposes. He receives $722,500 from the sale. Required: a. Calculate Benny's gain for regular income tax purposes. b. Calculate Benny's gain for AMT purposes. c. Calculate any applicable AMT adjustment. a. Gain from sale of building for regular income tax purposes b. Gain from sale of building for AMT purposes c. AMT adjustment Amount
Har

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