On September 10,2022

Q: After 25 years of service, Mr. Aman retired on 1st May 2021. He received a gratuity of Rs 20,00,000.…

A: Lets understand the basics. Gratuity is payable to employee for rendering particular time period…

Q: Trevor reported a $63,000 coronavirus-related distribution on his 2020 Form 8915-E and spread the…

A: Trevor reported $63,000 coronavirus related distribution on his 2020 Form 8915-E and spread the…

Q: Augustino augustino purchased 5 crypto coins for $1300 in October of 2020 one, he sold 2 of the…

A: In this case the orginal price you paid for acquiring the crypto coins or any investment is the cost…

Q: Determine her total cost recovery deduction.

A: $100000/$276,000 = 36.23%. Therefore, Audra must use the mid-quarter convention. As acquisitions…

Q: Wilson purchased a large piece of land on the edge of St Albert in 1989 for $150,000. He sold it on…

A: The capital gain reserve is only available for the upcoming 5 years. In other words, whether full…

Q: timed task, need help thanks

A: The correct option is :- The estate of X cannot claim a vanishing deduction on the land.

Q: Mr. Amit owns a flat. On 5-4-2020, he decides and starts a business of dealing in sale and purchse…

A: As per section 45 (2) of the income tax act 1961 when the Capital Asset is converted into Stock the…

Q: Tom sold a capital property on December 31, 2021 for $300,000. $280,000 is payable on December 31,…

A: A capital gain seems to be an increase within the worth of a capital asset that is realized whenever…

Q: Steve Drake sells a rental house on January 1, 2020, and receives $90,000 cash and a note for…

A: An asset is subject to taxation when it is sold for a higher price than where it was purchased. For…

Q: Salim died and left residential property worth £900,000 and his wife's unused NRB is £0 as She used…

A: Inheritance is the property which is transferred from ancestors. Like in the question Salim died and…

Q: Assuming the incomes were eamed during the effectivity of the CREATE law, how much is the correct…

A: CREATE Law:  The Corporate Recovery and Tax Incentives for Enterprises Law is an act established by…

Q: Juan, a resident citizen, sold the following capital assets in 2020: a. House and lot in Nasugbu,…

A: Tax is a charge which is levied on the taxable income and the profits which are earned through the…

Q: 47-Abdullah owned 50 hectares of the land which originally £100,000 in April 2016. He sold 10…

A: Capital gains tax (CGT) is charged on gains arising on chargeable persons making chargeable…

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: John purchases a new car in 2021 for a price fo $37.000.  If he claims 100-percent bonus…

A: The bonus depreciation is an tax insentive that allows a business to claim large amount of…

Q: will 47,720 nant not to compete 59,650 $345,970 v much of the $345,970 purchase price is for Section…

A: Answer: a.  As per Sec 197, Amortizing Intangible Assets, Intangiible assets include Goodwiill and…

Q: Max purchases a new auto in 2022 at a cost of $56,000. He uses the car 80 percent for business.…

A: Depreciation is the process through which the expense of utilizing a tangible item is linked to the…

Q: Steve Drake sells a rental house on January 1, 2020, and receives $90,000 cash and a note for…

A: The taxable gain on sale is calculated as excess of amount realized on adjusted basis. The amount…

Q: What are all the entries relating to the equipment in the general journals of Peter’s financial…

A: Assets are depreciated every year due to their wear and tear during the year. Depreciation represent…

Q: Rich Uncle died on May 15, 2020, leaving you his mansion. Here are some additional facts:   It was…

A: Capital Gain - It is the amount increases in a asset's value considered to be realized when assets…

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: On January 1, 2022, Anna sold a plot of land with a basis of $25,000 to Meredith for $40,000,…

A: Taxable Income: The income on which the tax liability of a person is calculated using different tax…

Q: Devon purchased a small business from Art on August 30, 2023, and paid the following amounts for the…

A: To determine the amount Devon can deduct on his 2023 tax return as Section 197 intangible…

Q: a) $500,000 b) $1,160,000 c) $1,428,000 d) $2,285,600

A: Depreciation of 5-year tangible personal property involves allocating the cost of such assets over…

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: Sara Nade had 2021 capital asset transactions as noted below. Determine the amount of her gain or…

A: Capital Gain / Losses Calculate the Capital Gain / Loss of the transaction which incurred whether…

Q: Calculate his taxable income and tax liability.

A: Note: Expenses for a family trip is not allowed.

Q: Hans invests 1,000 on January 01 2021 in Fund A that credits interest at an effective annual rate of…

A: Amount Invested is 1,000 Time period is 12 years Fund-A Interest rate for first 7 years us 8%…

Q: A6) Finance Nuno purchased five crypto coins for $1000 in October 2020. He sold two of the coins for…

A: Solution:- If the total sale proceeds are higher than the cost, it means that the investor has…

Q: In 2019, Mr. Jupiter, a nonresident citizen and with one dependent child, had a net capital loss of…

A: The question is based on the concept of charging capital gain in the country of Philippines.

Q: In 2020/21 Clive had taxable income (after deducting the personal allowance) of £33,000 and he made…

A: In 2020-21, Clive had taxable income after deducting personal allowances = E33000 Following…

Q: Ibrahim purchased a house in 2019 and rented it out the entire time he owned it. His adjusted basis…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The Residence Nil Rate Band (RNRB) Sanya died on 26 May 2020 leaving an estate valued at £810,000.…

A: Inheritance Tax: It is the tax  payable  by a person , who inherits money or property of a person…

Q: On 1 August 2023, Alex bought an apartment in Johannesburg for R1 200 000. He decided to sell a 40%…

A: Reference:Calculate your transfer duty. (2019, February 19). Private Property.…

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: Question 21. During 2023, Henry sold a piece of land held for investment to an unrelated 3rd party.…

A: Henry will recognize gain under the installment method as he receives payments from the buyer. The…

Q: Brian acquired a rental house in 2003 for a cost of $80,000. Straight-line depreciation on the…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Jessie purchased land as an investment on January 12, 2016 for $80,000. On January 31, 2021, Jessie…

A: Amount of the realized gain or loss on the sale = selling price + Mortgage value -purchase price

Q: he Taxpayer spent the

A: refers to a classification the IRS uses that focuses on the taxpayer's level of participation in…

Q: In 2019, Cheongsan sold a piece of land which had a cost of P1M for a selling price of P4M. The sale…

A: An installment sale is one of several possible approaches to revenue recognition under the rules of…

Q: n 2020, Skylar sold an apartment building for $20,000 cash and a $300,000 note due in two years.…

A: Instalment sales method is used to recognize revenue when income and expenses are not acknowledged…

Q: In 2020, Louise purchased 1000 units of Dogecoin, a cryptocurrency, for $5,000.  On June 9, 2022,…

A: The objective of the question is to calculate the gain that Louise must report in 2022 from the…

Q: urchased two parcels of land in 2016 for $50,000 each. Parcel 1 was purchased to hold until its…

A: When buy assets and later on sell the assets than there is going to be capital loss or capital gains…

Q: A7

A: Step 1: Computation of buyers paid amount Buyers Paid = Installment + Downpayment…

Q: Liza acquires and places in service a $1,000 3-year class asset on January 7, 2022. Liza also…

A: Depreciation is a accounting method which is used to allocate the cost of tangible or a physical…

Q: 9 In 2020-21, Ahmed has capital gains of £130,000 and allowable losses of £24,000. 1 also has…

A: Introduction Capital gains tax is a tax levied on earnings made from the sale of assets or capital…