How much is the output tax on May 2, 2017 and 2018 respectively?
Q: Lucy buys a $4,000 piano (transaction 4). The purchase is funded by a $1,200 bank loan (transaction…
A: Hey, since there are multiple subpart questions posted, we will answer the first three questions. If…
Q: (a) On June 1, 2021, Helen Martin purchases lakefront property from her neighbor, Josh Hutcherson,…
A: Present value (PV) is a financial concept used to determine the current worth of a future sum of…
Q: Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to…
A: Introduction: Business Gifts deduction: Deduction for gifts is allowed only for business purpose.…
Q: Tyrone and Akira incurred and paid the following amounts of interest during 2014: Home acquisition…
A: Given, Home acquisition debt interest = $15,000 Credit card interest = $5,000 Home equity loan…
Q: Jose acquired a loan in the amount of 2 million pesos from Pedro. According to their agreement, Jose…
A: Loan is referred as the lending of the funds through one or more individuals, entities, or the…
Q: On October 12, 2021, Max purchased one Bitcoin for $57,322. On December 19, 2021, he sold the…
A: When Max files his 2021 return, the sale of the Bitcoin on December 19, 2021 should be reported as a…
Q: Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community…
A: Income tax is the normal tax which is paid on your taxable income. Examples of amounts an…
Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House…
A: Estate tax:Estate tax is the tax that is levied on the property or asset of dead person that is…
Q: Liam Hernandez paid 112,000 for a single family home on July 1, 2021 and immediately placed it in…
A: Depreciation refers to the reduction in the value of an asset due to tear, obsolescence, market…
Q: Tom purchased a condo in Mississippi for rental property at a cost of $106,600. Using the class…
A: Most U.S. residential rental property is depreciated @ 3.636% each year. Period is 27.5 years Data…
Q: Joe buys a piece of land on January 3rd of the current year. He pays $10,000 in cash. 1) Suppose…
A: Capital Gain: It is the increase in value of capital Asset when an asset is sold and capital gain…
Q: Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community…
A: Income Tax: -Income Tax is a tax on income levied on the previous year's total taxable income of a…
Q: The county taxes for 2022 are due on November 1 and have not been paid. The total county tax amount…
A: A home purchase involves acquiring a property by a buyer from a seller. Key financial aspects…
Q: Michael transfers $20,000 cash and land to XYZ, Inc. in exchange for all of its stock. The land has…
A: Mortgage- Mortgages are a sort of loan that can be used to buy or keep up a house, land, or another…
Q: Required: Compute the minimum rental income for Emma in 2020. Show your work!
A: Rental income refers to the income that is earned by renting a flat, room, house, and building and…
Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…
A: As per the Honor code of Bartleby we are bound to give the answer of first three sub part only,…
Q: On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ…
A: It is the increase or decrease in the value of an asset at a given date or time in comparison to its…
Q: Jose owned Pedro the sum of P 5,000 due on Dec. 31, 1975 and P 6,000 due on Dec. 31, 1998. However…
A: Let the annual rate of interest = r Let 1975 be the focal year. First sum owed (F1) = P 5000 in 1975…
Q: ter Henri stopped making his mortgage payments, the lender foreclosed on his home and issued a Form…
A: When any borrower is unable to pay the debt on payment than lender will take possession of the…
Q: Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following…
A: GIVEN Refeel sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the…
Q: In 2022, Wilbur had the following transactions: Alimony paid (settled in 2017) Commissions earned as…
A: In the American tax system, the adjusted gross income (AGI) is a crucial indicator. It represents a…
Q: gostino purchased five crypto coins for $1,300 in October of 2021. He sold two of the coins for $650…
A: The net gain on the sale of assets is the difference between the selling price and the cost basis…
Q: Juanita paid $50,000 of interest on a mortgage on her home (loan of $1,000,000 at 5% interest rate…
A: The home mortgage interest deduction enables the homeowners to write off mortgage interest on up to…
Q: Margaret Lindley paid $15,050 of interest on her $300,500 acquisition debt for her home (fair market…
A: Deductible interest refers to the amount that is charged on the borrowing taken by the borrower…
Q: Al purchased a car from Honest Bob’s Cars for $700. Al paid $200 in cash and signed an installment…
A: Net sale value is the value which is the value of the asset after the discounts and allowances has…
Q: 1. In August of 2017, Bill bought a Chevrolet Tahoe (heavy SUV) for $72,400 to be used 80 percent in…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Mac sold a tract of land with a carrying amount of P3,000,000 to Poon July 1, 2018. 1,200,000 was…
A: Non Current Assets :— It is the asset that held for more than one year. It is hold for long term. It…
Q: Jali purchased land as an investment paying $18,000 cash and signing a mortgage for $7,000. Two…
A: Answer:- Part A : (i)Cost of land : $25,000 (ii) Amount paid/payable for acquisition : Cash +…
Q: $5,250 of interest on a $105,000 home nterest on a mortgage on his vacation h Healy's AGI is…
A: Home mortgage interest is other than home equity loan in which interest paid is deductible.
Q: Amanda purchased a home for $860,000 in 2016. She paid $172,000 cash and borrowed the remaining…
A: Home mortgage refers to the amount raised to purchase a loan against some specified rate of interest…
Q: Required information [The following information applies to the questions displayed below.] On…
A: Answer:- The amount of money spent by a business for borrowed cash is known as an interest…
Q: purchase the home in 2010; home purchased for $400,000). Major Healy's AGI is $220,000. How much…
A: Taxable income is the dimension of income which is used to calculate the quantum of duty that…
Q: All 3 loans were taken out in 2019. How much interest may Ally claim as an itemized deduction in…
A: Itemized deductions:Itemized deduction are those eligible expenses that are deducted from the…
Q: Jose owned Pedro the sum of P 5,000 due on Dec. 31, 1975 and P 6,000 due on Dec. 31, 1998. However…
A: It is given that :old installments :sum due on 31 dec 1975 P1– P 5000 Sum due on 31 dec 1998 P2–…
Q: Required information [The following information applies to the questions displayed below.] Alexa…
A: In this question we need to compute total amount of from AGI deductions relating to the condo that…
Q: Barney is self-employed and drove his vehicle 15,000 miles in 2019. 10,000 miles were for business.…
A: We have the following information: Total Distance: 15,000 miles Distance for Business: 10,000 miles…
Q: Dorothie paid the following amounts during the current year: Interest on her home mortgage…
A: As specified in the question only Ans of part (c) is solved below. The interest deductions for part…
Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000…
A: Interest expense: It is the amount that is charged on loans and debt taken by individuals or the…
Q: 5. Yoda purchased a parcel of land three years ago for $35,000. In the current year, Count Dooku…
A: The answer is option (A.) [i.e, $45,000] Refer step 2 for explanation
Q: Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina…
A: STAMP DUTY LAND TAX (non-residential )Freehold and Leasehold Premiums0 - £150,0000%£150,001 -…
John is a real estate dealer. He sold a piece of land in installments. Data on the property and on the date of sale are as follows:
Selling Price,
VAT not included P 4,000,000
Zonal Value 2,000,000
Fair Market Value 5,000,000
Installment Selling Price 4,000,000
Terms of Payment
May 2, 2017 (date of sale) 1,000,000
May 2, 2018 3,000,000
He had expenses of operations paid to VAT taxpayers, value-added tax not included as follows:
May 9, 2017 20,000
May 18, 2018 60,000
How much is the output tax on May 2, 2017 and 2018 respectively?
Step by step
Solved in 2 steps
- Mr. Zheng purchased a residential flat in Hong Kong with a mortgage loan obtained from a local bank. The property was let to TJ Ltd. under the following terms: (1) Period of lease: (2) Rent free period: (3) Monthly rent: (4) Premium: (5) Rates & government rent: 1 April 2020 to 31 March 2022 (24 months) 1 April 2020 to 30 April 2020 (1 month) $22,000 $100,000 payable on 1 April 2020 Payable by the landlord Despite taking legal actions against a former tenant, the former tenant did not settle the outstanding rent of $75,000, being rent owed for the period from 1 November 2019 to 31 January 2020. The tenant was declared bankrupt on 30 April 2020. The assessor accepted that the outstanding tax was irrecoverable when the tenant declared bankrupt. On 1 June 2020, Mr. Zheng received outstanding rent of $30,000 from another former tenant. The total amount owed by this tenant was $60,000 and this amount was allowed as irrecoverable rent in the year of assessment 2015/16. During the year ended…This year, Major Healy paid $35,750 of interest on a mortgage on his home (he borrowed $715,000 to buy the residence in 2015; $815,000 original purchase price and value at purchase), $5,500 of interest on a $110,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $8,250 of interest on a mortgage on his vacation home (borrowed $165,000 to purchase the home in 2010; home purchased for $412,500). Major Healy's AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction? Interest DeductibleRequired information [The following information applies to the questions displayed below] Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance $ 1,060 Advertising expense Mortgage interest Property taxes 640 4,500 1,290 1,200 5) Repairs & maintenance Utilities Depreciation 12,300 During the year, Natalie rented out the condo for 89 days, receiving $14,000 of gross income. She personally used the condo for 38 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) a. What is the total amount of itemized deductions Natalie may deduct in the current year…
- Q1: Hansen bought his primary residence on 1/1/2010 for $400,000. He put $50,000 of his own money as the down payment, and borrowed $350,000 from a bank for the remainder of the purchase price. On 1/1/2021, he was laid off from his job, and he could not make his mortgage payments. On 3/30/2021, the bank foreclosed on the house, and took the house back from Hansen. On 3/30/2021, the house was worth $150,000, and he owed $300,000 to the bank. The bank sold the house for $150,000 which the bank used to pay off half of the $300,000 that Hansen owed. The bank forgave the remaining $150,000 that Hansen owed the bank, pursuant to the foreclosure. In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to Hansen? a. $0 b.$150,000 c. $300,000 d. $400,000 Q2. Diamelle purchased a life insurance policy on her life, and named Eric, her husband, as the beneficiary. Diamelle paid $50,000 for the life insurance policy. Upon Diamelle’s death, the life insurance…Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,000 6,500 2,000 1,400 2,500 14,500 During the year, Alexa rented out the condo for 100 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following…Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employer’s adjusted basis for the lot is $45,000, and its normal selling price is $90,000. What is Nat’s recognized gain and his basis for the lot? Recognized Gain Basis $0 $ 75,000 $0 $ 90,000 $15,000 $ 75,000 $15,000 $ 90,000
- Victoria has the following property income in 2022/23. i) She let a house to tenants throughout the year at a monthly rate of £800. She incurred the following expenditure during the year Insurance Cleaning Boiler service Replacement of windows with improved widows Letting agent fees 600 200 350 5,250 900 ii) She let out another house for part of the year. It was first let to tenants from 1 June 2022 at a monthly rent of £950. She paid £250 to advertise the property before it was let. During the year she paid £400 insurance in respect of the property. iii) On 6 April 2022 she let out a leasehold office building. The tenant paid £12,000 for the grant of a 12-year lease, in addition to annual rental of £18,000. During the year Victoria paid £900 insurance in respect of the building. iv) Throughout the year she let out a room in the house she lives in for £9.600 per annum. The expenses relating to the room in the year were £1,200. Required: a) Calculate Victoria's property business profits…Blaire purchased a new car .He got an invioce for $ 4050 dated march 27 with terms 3/10 ,2/20 , n/60.He paid $1200 on april 1 and $480 on april 11 .what balance was still owned after april 11 ?Subject - account Please help me. Thankyou.
- 28. John Jay paid interest expense of $12,000 on his personal residence original first mortgage this year and $5,000 on a $100,000 home equity credit line also secured by a mortgage on his home Half of the home equity credit line loan proceeds were used to put a new roof on the home and the other half was used to purchase a new car. Assuming the acquisition and home equity limits are not exceeded, how much of the total interest expense is deductible on John's Schedule A as qualified home mortgage interest? O$17,000 O$14,500. O$12,000 29 The Browns borrowed $30,000, secured by their home, to pay their son's college tuition. At the time of the loan, the fair market value of their home was $400,000, and it was unencumbered by other debt. The interest on the loan is treated for itemized deductions as ODeductible points. ONon-deductible home equity (mortgage) interest. ODeductible home equity (mortgage) interest.Emil purchased an apartment building in 2016 for $200, 000 and made improvements over time in the amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable depreciation, totaling $54, 000. He sold the entire property in 2022 for $350, 000, with no sale expenses. What are his total gains on the building and improvements only, reported in Part III of Form 4797?