Marlo, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax? * P180,000 P198,000 P318,000 P320,250

Marlo, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax? * P180,000 P198,000 P318,000 P320,250

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

All of the stock of KB Corporation is owned by B, an individual. During the current year KB corporation distributed land to B. The land was worth $100,000 and the corporation's basis in the land was $20,000. The corporation had $200,000 in Earnings and Profits. What impact would the distribution have on B? What impact would the distribution have on the corporation?
8. A, an individual, owns all 100 shares of X Co. A's basis in these shares is $1 per share ($100 total). 8a) A transfers 10 shares to X in exchange for cash of 10. How will this transaction be treated for tax purposes?
A shareholder contributes land and a building with fair market values of $ 308 and $837 respectively in return for common stock and $ 11 in cash. How much boot, if any, is allocated to the land?
Antoine transfers property with a tax basis of $524 and a fair market value of $647 to a corporation in exchange for stock with a fair market value of $569 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $78 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice O $647 O $524 $569 O$446.
Anji, a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000; Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000; How much is the total capital gains tax?
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Gross income P400,000 Deductions P300,000 200,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Government-owned and Controlled Corporation. Total 150,000 P700,000
Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted tax bases: Adjusted Tax FMV Basis $ 21,500 54,750 139,000 $ 9,200 47,000 Inventory Building Land 69,000 $ 215,250 $ 125,200 Total The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation? Gain or loss realized
Ef 65.
X owned a land worth 100M and with cost of 80M. X transferred the land to XYZ Corp in exchange for stocks with total par value of 90M. As a result, X became a major stockholder of the corporation., What is the taxable gain?
Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book value of P1,000,000. He sold half to Mr. Hapona, a direct buyer, for P1,000,000. The other half through the Philippine Stock Exchange for P950,000, inclusive of the broker’s fee of P50,000. How much is the final income tax?
A, an individual (“A”) and X Corporation (“X”) each transferred property with a fair market value (“FMV”) of $100,000 and an adjusted basis of $20,000 to newly formed C Corporation (“C”) in exchange for 10 shares of C Corporation stock. These are the only shares of C outstanding. Assuming the transfers are related: a. What income, gain or loss, if any does A recognize in this transaction? b. If C’s current E&P during the year were $30,000, and C distributed $40,000 cash to each of X, and A, during the year, what is X’ taxable income (assuming the distribution from C is X’ only transaction during the year)?
Rotate Company adopted the following share-based compensation plans for its senior executives. Each senior executive has a unique plan basing on his/her functions in the company. The par value of Rotate’s ordinary share is P20. The following share-based grants were declared by the entity. On January 1, 2021, it granted 1,000 share options each to 200 of its employees. The exercise price of the option is P25. The vesting of said shares is conditional upon the employees staying for three years, after which they have two years to exercise such before the options expire. During 2021, 5 employees resigned and an additional 15 employees are expected to leave on the next two years. During 2022, actual resignations totalled 8 and another 10 is expected to resign next year. No employees left during 2023. Sixty percent of the share options were exercised at yearend 2024 and the balance at yearend 2025. How much is the ending balance of the Share Options Outstanding that will show in the 2021…