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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- B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000Devi is the chief executive officer of Nishida Limited. Devi owns 20 percent of the common stock of Nishida. During the current year, Devis salary is 60,000 and he receives a 30,000 bonus. Nishida has taxable income of 200,000 and pays 80,000 in cash dividends. How much gross income does Devi have if a. Nishida is a corporation? b. Nishida is an S corporation?Suppose that at the beginning of 2021 Jamaal's basis in his S corporation stock is $1,000 and he has a $10,000 debt basis associated with a $10,000 loan he made to the S corporation. In 2021, Jamaal's share of S corporation income is $4,000, and he received a $7.000 distribution from the S corporation. How much total income does Jamaal report in 2021 from these transactions? Multiple Choice $0 $4,000 $6,000 $7,000 None of the choices are correct.
- Mr. Franklin Sharp owns 750 shares of Guard Inc. The ACB per share is $21.50. On June 15, 2023, he sells all of these shares for $13.75 each. On June 21, 2023, he purchases 400 shares of Guard Inc. at a cost of $12.15 each. He continues to own the shares at the end of the year. What are the income tax consequences of these transactions including the ACB of the shares on hand at December 31, 2023?Ms. Millie, a non-resident alien engaged in trade or business, owns 1,000,000 shares of MWC, Inc. In 2021, MWCI declared P0.30 dividends per share. How much is the final tax on the dividends?Required to answer. Ms. Mariah, a non-resident alien not engaged in trade or business, owns 1,000,000 shares in MWC, Inc. In 2021, MWC declared 20% stock dividends, during which the fair market value of the shares is P1/share. How much is the final tax on the dividends?Required to answer.In 2021, Elko, Inc. has $200,000 in accumulated earnings and profits and $(180,000) in current earning and profits. On December 31, 2021, Elko distributes $ 60,000 to Emma, an individual. Emma has stock basis of $5,000 in her Elko stock and is in the 32% tax bracket. Emma does not have any capital gains or losses from the sale of assets. How much of this distribution to Emma is dividend, return of capital, and/or capital gain?
- Mark purchased 100 shares of PQR Mutual Fund stock on April 13, 2022 for $1,000. He received a capital gain distribution of $100 in 2022, but he did not sell his shares of the mutual fund during the year. The $100 was reported to him on Form 1099-DIV. How is this reported on his tax return?Kim is an employee of Azure Corporation. In the current year, she receives a cash salary of $106,200 and also is given 45 shares of Azure stock for services she renders to the corporation. The shares in Azure Corporation are worth $2,500 each. a. How will the transfer of the 45 shares to Kim be handled for tax purposes? Kim's basis in the stock is $fill in the blank 2 ______? b. What is Azure Corporation's total compensation deduction for Kim's services?$fill in the blank 3 _________?Kenjie owns shares of stocks of Luna Corporation ,a domestic corporation. He decided to sell the share son February 14, 2021. The details are as follows: FMV at sale P10,000,000; Selling Price P7,500,000; and Cost P4,000,000. The donor's tax due on the sale is: a. P150,000 b. P135,000 c. P525,000 d. P60,000
- In 2021, Elko, Inc. has $200,000 in accumulated earnings and profits and $(180,000) in current earning and profits. On December 31, 2021, Elko distributes $ 60,000 to Emma, an individual. Emma has stock basis of $5,000 in her Elko stock and is in the 32% tax bracket. Emma does not have any capital gains or losses from the sale of assets. Determine: How much of this distribution to Emma is dividend, return of capital, and/or capital gain? What is Emma's 2021 tax liability for this distribution? Assume instead that Emma is Emma Corporation (a C corporation). Emma Corporation owns 25% of Elko Corporation. What tax liability will Emma Corporation have on the distribution (assume that Emma Corporation has significant income in addition to this distribution from Elko).Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he sold his holdings for $141418. Assuming the ACB for that purchase was $65189 and Sri's marginal tax rate is 48%, how much tax does Sri owe? Please provide your answer to 2 decimal places (e.g. 1234.56)Karen purchased 100 shares of X-Corporation Stock in 2020. X-Corporation is registered and headquartered in Colorado and is listed on the New York Stock Exchange. In 2021, X-Corporation declares and pays a dividend of $4.00 per share. What are the tax consequences for Karen? Group of answer choices a)Karen has received an eligible dividend that will be taxed at a rate of 15-20%. b)Karen has received an eligible dividend that will be excluded from her gross income. c)Karen has received a non-eligible dividend that will be taxed at the ordinary progressive rates. d) Karen has received a non-eligible dividend that will be excluded from gross income.