How much is the tax of Mr. RACH for the said transactions? 15,000 22,500 7,500 exempt
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- For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized for tax purposes?). Note: Leave no answers blank. Enter zero if applicable. Required: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in value by $15,250. Ben sold stock for $10,500 and paid a sales commission of $210. Ben purchased the stock several years ago for $4,200. Bessie is a partner in SULU Enterprises LLC. This year SULU reported that Bessie's share of rental income was $2,850 and her share of municipal interest was $800.Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) Business Expenses Royalty from books Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 How much is the total income tax expense of Ana? 159,500 207,500 116,500 156,000 P700,000 300,000 40,000 70,000 500,00067. On November 1 of this year, Jaxon borrowed $50,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $4,500 re- lating to the 12-month period from November of this year through October of next year. a) How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes? b) How much interest, if any, can Jaxon deduct this year if his business uses the accrual method of accounting for tax purposes? LO 1-4
- For the year 2021, Enzo is a single taxpayer with the following gains and losses: • $8,900 short-term capital loss• A long-term capital gain of $97,900 on the selling of shares.• $53,400 1231 gain (1250 gain) that is completely unrecaptured What is Enzo's gain or loss, and what is its nature? Enzo's net long-term capital gain is $fill in the blank 2, and his prospective unrecaptured 1250 gain is $fill in the blank 3, both of which are subject to the 25% tax rate...You bought 1,000 shares of Tund Corp. stock for $90.03 per share and sold it for $60.59 per share within the same year. How will your gain or loss be treated when you file your taxes? O As a capital loss deducted from current taxable income O As a capital gain taxed at the current ordinary-income tax rate OAs a capital loss taxed at the long-term tax rate O As a capital loss deducted from taxable income in the year that the loss is realizedKesha, a sole proprietor, is engaged in a cash basis service business. In the current year, she incorporates the business to form Kiwi Corporation. She transfers assets with a basis of $500,000 (fair market value of $1,200,000), a bank loan of $450,000 (which Kiwi assumes), and $80,000 in trade payables in return for all of Kiwi’s stock. What are the tax consequences of the incorporation of the business?
- In the current year K gifted shares of a public corporation to his spouse. The shares, that originally cost $15,000, had a value of $20,000 at the time of the gift. During the year, K's spouse received an eligible dividend of $600 from the public corporation. What amount, if any, is included in K's net income for tax purposes in the current year?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 aboveJack, an individual calendar-year taxpayer engaged in the following transactions: Purchased 100 shares of Core Co. common stock for $15,000 on December 15, Year 1 Purchased an additional 100 shares of Core Co. common stock for $13,000 on December 30, Year 1 On January 3, Year 2, sold for $10,000 the 100 shares purchased on December 15th Based on these transactions, what amount of loss from the sale of Core's stock is deductible on Jack's Year 1 and Year 2 income tax returns? Year 1 $0; Year 2 $3,000 Year 1 $0; Year 2 $5,000 Year 1 $0; Year 2 $2,000 Year 1 $0; Year 2 $0
- 1Lawyer is in the highest federal tax bracket in the current year. What is Lawyer’s net capital gain and how is it taxed if Lawyer has a $5,000 gain from a collectible, a $5,000 unrecaptured IRC Sec 1250 gain, a $5,000 gain from stock, and a $10,000 loss from stock, all held long term.Philippine Estate tax (Currency in Peso) Leno (married) had the following at the time of his death: Calculate the: a. Net taxable estate; b. Estate tax; c. Net distributable estate
