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 Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 58P

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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
6. During the current year, Mary Moor disposes of several items. The proceeds of disposition and the adjusted cost base for the various items are as follows: Adjusted Cost Base Proceeds of Disposition Car 25,000 10,000 Rare Book 300 4,000 Boat 20,000 35,000 Earrings 3,000 900 What is the net tax consequences of these dispositions?
Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For taxation purposes, how much shall be subject to transfer tax (in this case, donor's tax)? P40,000 P100,000 P400,000 P460,000
Haresh
Joaquin purchased a $235,000 crane for a construction business. The crane was sold for $175,000 after taking $115,000 of depreciation. Assume Joaquin is in the 35% tax rate bracket. Required: a. On what form would the gain or loss originally be reported? b. What is the amount of gain or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates? Complete this question by entering your answers in the tabs below. Required a Required b Required c PS What is the amount of gain or loss on the sale?
Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car wasmortgaged was in turn mortgaged to the latter. The amount of the mortgage is P600,000. In addition, Bendonated a parcel of land to the government for exclusively public use. Market value per tax declaration is P1Mwhile the zonal value is P800,000. Requirement: 1. Total documentary stamp tax due
In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000. The investor agreed to the following payment schedule: $35,000 in 2021, $25,000 in 2022 and $20,000 in 2023. The investor elects to use the deferred proceeds method to report taxable income from this sale. How much would be the taxable capital gain reported by the investor in 2021? A. $20,000 B. $14,063 C. $10,938 D. $10,000 E. None of the above
For items 3-4. Mang Kiko transferred a property with a fair value of P1,000,000. Title to the property was stipulated to be transferred immediately. Subsequently, Mang Kiko died. The property was worth P800,000 at the date of his death. 3. Which of the following is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000. 4. Assuming instead that legal title to the property was reserved by Mang Kiko until death, which is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000.
Craig and Karen Conder purchased a new home on May 1 of year 1 for $200,000. At the time of the purchase, it was estimated that the real property tax rate for the year would be 1 percent of the property's value. How much in property taxes on the new home are the Conders allowed to deduct under each of the following circumstances? Assume the Conders' itemized deductions exceed the standard deduction before considering property taxes and the property tax is the only deductible tax they pay during the year. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Required: The property tax estimate proves to be accurate. The seller and the Conders paid their share of the tax. The full property tax bill is paid to the taxing jurisdiction by the end of the year. The actual property tax bill was 1.05 percent of the property's value. The Conders paid their share of the estimated tax bill and the entire difference between the 1 percent estimate…
Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $238,600 Goodwill 47,720 Covenant not to compete 59,650 Total $345,970 a. How much of the $345,970 purchase price is for Section 197 intangible assets? $4 b. What amount can Derek deduct on his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations. $

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