Calculate the applicable percentage tax.
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George is a shareholder of GJ Corporation, a listed entity. During 2021, he sold his 5,000 shareholdings for P120,000, which he purchased for P20 per share. Calculate the applicable percentage tax.

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- Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different business ventures, it is not currently involved in real estate either as an investor or as a developer. On January 1, year 1, Farell has a $101,000 tax basis in his LLC interest that includes his $88,000 share of Sierra Vista's general liabilities. By the end of the year, Farell's share of Sierra Vista's general liabilities have increased to $101,000. Because of the time he spends in other endeavors, Farell does not materially participate in Sierra Vista. His share of the Sierra Vista losses for year 1 is $131,000. As a partner in the Riverwoods Partnership, he also has year 1, Schedule K-1 passive income of $9,000. Farell is single and has no other sources of business income or loss. Note: Leave no answer blank. Enter zero if applicable. Problem 20-76 Part a (Algo) Required: a-1. Determine how much of the Sierra Vista loss Farell will currently be able to deduct on his tax return for…Vikram BhaiJose, who is in the 35 percent marginal tax bracket with a 15 percent tax rate on dividends, owns 100 percent of the stock of JJ, Incorporated. This year, JJ generates $545,000 taxable income and pays a $108,000 dividend to Jose. Compute his tax on the dividend under each of the following assumptions: Required: a. The federal tax rules currently in effect apply to the dividend payment. b. The federal tax system has been amended to allow shareholders to gross up dividend income by the corporate tax paid with respect to the dividend and credit this tax against their individual tax. Complete this question by entering your answers in the tabs below. Required A Required B Compute his tax on the dividend assuming the federal tax system has been amended to allow shareholders to g dividend income by the corporate tax paid with respect to the dividend and credit this tax against their individua Tax on the dividend
- Frank Pepper, a single taxpayer, has a flow-through of net income from a general partnership of $180,000 for 2022. He also has a flow-through of $12,000 of interest and dividends from an investment partnership. What is the amount of self-employment tax Frank must pay, rounded to the nearest dollar? A) $21,621 B) $21,700 C) $23,049 D) $22,047HansabenMason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $187,500 salary working full time for Angels Corporation. Angels Corporation reported $430,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self- employment tax deduction (if any), Mason's adjusted gross income is $187,500 (all salary from Angels Corporation). Mason claims $65,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. e. Assuming the original facts, what is Mason's additional Medicare tax liability? Answer is complete but not entirely correct. Additional Medicare tax liability $ 1,823 x
- James purchased 100 shares of stock on December 5, 2022 for $10,000 ($100p/s). James then re-purchased 50 shares on February 1, 2023 for $1000 ($20 p/s). What are the tax consequences for 2023 tas filings?Main Content Bob and Joan incorporate their partnership and elect to be taxed as an S Corporation. At the time of incorporation, the partnership owneu contributed securities with a basis of $10,000 and a fair market value of $15,000. Two years later the S Corporation sold the securities for $18,000. Which of the following statements about the tax effects of these facts is false? The total stock basis of the shareholders is increased by $8,000 as a result of the securities sale. The shareholders are taxed on $8,000 of income as a result of the sale The S corporation is subject to an entity level built-in gains tax on $5,000 as a result of this sale none of the aboveNick is the 100% owner of Go Travel, Inc. a calendar year S corporation. Nick has a $500,000 stock basis as of January 1, 2019. During 2019, Go Travel had a taxable income of $100,000. At the end of 2019, Go Travel distributes equipment FMV $400,000, basis $300,000 to Nick. What is the taxable income for Nick for 2019? _________________ What is his stock basis at the end of 2019? __________________ What is his basis in the equipment at the end of 2019? _______________ Which of the following events would not terminate the S election? Nick sells some of his stock to Dome Partnership. Nick sells some of his stock to a non-resident alien. Go Travel, Inc. sells newly authorized preferred shares (i.e., preferred as to dividends) to Brian, a U.S. citizen. Nick consents to have the S election voluntarily revoked. Go Travel, Inc. sells newly authorized Class B non-voting common shares to Larry, a U.S. citizen.
- Jay owns 100% of Kaye Company. In 2020, Kaye Company recognizes a long-term capital gain (LTCG) of $100,000. Kaye Company has no other income or loss. Assume that Jay (an individual) is in the 37% tax bracket and has no recognized capital gains or losses in 2020. How much tax will Kaye Company owe on the $100,000 LTCG if Kaye Company is a sole proprietorship?In 2021, Ruth transfers the following property for an 80% interest in RGB corporation (1,000 shares): Land with a FMV of $100,000 and an adjusted basis of $20,000. The land had a $40,000 mortgage which was assumed by the corporation. What is the basis of Ruth’s stock in RBG Corporation?Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $184,500 salary working full time for Angels Corporation. Angels Corporation reported $418,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $184,500 (all salary from Angels Corporation). Mason claims $59,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question (b), except that Angels Corporation reported $168,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. *16,800 and 84,000 are both incorrect answers! PLEASE DO NOT RESPOND WITH 16,800 OR 84,000. THEY ARE INCORRECT ANSWERS!!!!!











