Jose Mari owns 20% of the capital and profits of a general professionalpartnership. The partnership reported P500,000 profits in 2021. Howmuch final tax will be withheld from Jose Mari"P100,000P50,000P10,000PO

Final taxes are taxes prescribed on certain income. Given information, Jose Mari owns 20% of the…

Answered: Jose Mari owns 20% of the capital and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What are the tax consequences to Paul?
18. Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 in return for 50 percent of the corporation’s stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation’s stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) FMV Adjusted Tax Basis Building $ 75,000 $ 20,000 Land 175,000 80,000 Total $ 250,000 $ 100,000 To equalize the exchange, Wizard Corporation paid Hermione $50,000 in addition to her stock. What is Hermione’s tax basis in the stock she receives in return for her contribution of property to the corporation?
15. Kuya Kim Atienza, a partner in the KAPA partnership, has a 30% participation in the partnership profits and losses. Kim Atienza’s capital account has a net decrease of P45,000 during the calendar year 2020. During 2020, Kim Atienza withdraws P100,000 (charged against his capital account) and contributed property valued at P25,000 to the partnership. What was the net profit of the KAPA partnership for the year 2020? 16. On March 1. 2021, Rafael M. Lopez formed a partnership with Conrado T. Valix and made the contributions:Cash …………………………………P 350,000Equipment…………………………. 100,000At the end of the year, Lopez received a share of P54,000 on the P120,000 profits. What should be the share of Valix on the partnership profits? Kindly show your solution on each problem. Thank you.
Q10. Please answer the question correctly with solution ASAP. Thank you.
H1.
19. Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 in return for 50 percent of the corporation’s stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation’s stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) FMV Adjusted Tax Basis Building $ 75,000 $ 20,000 Land 175,000 80,000 Total $ 250,000 $ 100,000 To equalize the exchange, Wizard Corporation paid Hermione $50,000 in addition to her stock. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Adjusted tax basis land and building?
5. Annie and Alice invested $50,000 and $25,000 respec- tively in a business enterprise. During the first year of operation, the business had taxable income of $12,000. a. If the business is organized as a partnership, with profits and losses shared based on the proportion of each part- ner's original investment, how much of the income will each claim on her personal tax return? b. After the initial year of success, a weakened economy caused the business to falter. Following four successive years of losses, the assets of the business were $30,000 and the debts were $50,000. The two owners decided to liquidate the business. What are the financial conse- quences of the dissolution of the business to each owner?
JKL LLC is owned by Jason, Kathy, and Louis. The percentage they own is in the following: Jason 55% Kathy 25% Louis 20% If Jason sells his 55% on June 30, will the partnership terminate? What K-1 will Jason get if the JKL earned $200,000 for the year?
86
ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogress=false U William, a CPA, owns a 75% interest in Burglar Concrete Company (BCC). BCC is organized as a partnership. During the current year, William prepares BCC's tax return and receives his normal $300 fee for the preparation of the return. I. BCC cannot deduct the $300 fee because of the related party rules. I. William must recognize the $300 fee as income. Oa. Only statement I is correct. Ob. Only statement II is correct. Oc. Both statements are correct. Od. None of these statements are correct.
I need some help with D, E please
Bebe owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. How much final tax will be withheld from Bebe if the law office distributed 50% of its 2021 net income? *

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Jose Mari owns 20% of the capital and profits of a general professional partnership. The partnership reported P500,000 profits in 2021. How much final tax will be withheld from Jose Mari" P100,000 P50,000 P10,000 PO