PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: P/L Ratio M. Tan Jr. E. Esparaguera Capital Balances P350,000 P400,000 3/5 2/15 Mr. Wilfredo Carreon was admitted in the partnership by buying % of the interest of Esparaguera for P300,000. Required: Prepare a journal entry to record the admission of Mr. Carreon in the partnership.

PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: P/L Ratio M. Tan Jr. E. Esparaguera Capital Balances P350,000 P400,000 3/5 2/15 Mr. Wilfredo Carreon was admitted in the partnership by buying % of the interest of Esparaguera for P300,000. Required: Prepare a journal entry to record the admission of Mr. Carreon in the partnership.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 24P

See similar textbooks

Similar questions

X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? a. 210,000 b. 410,000 c. 310,000 d. None of the above e. 220,000
An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300
! Required information [The following information applies to the questions displayed below.] Charles has AGI of $46,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) a. Suppose that Charles holds the land for appreciation. $1,370 1,760 795 Deductible taxes from AGI 714 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) 360 224
Solve it
xyz has the following information for 2020: *
Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2021, for $550,000. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ 1,500 X and Kate can deduct $ 7,500 X of the property taxes. Feedback b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased V by the $ 1,500 X she paid that is apportioned to Sally. Feedback c. What effect does the apportionment have on Sally's amount realized from the sale?
Explanation
Question: Sam wants to purchase land owned by Kiara for use in his trade or business. Kiara's basis in the land is $350,000, and Sam has offered to pay $980,000 if she will sell within the next ten days. Kiara is interested in selling but wants to avoid gain recognition on the sale. Is there any way that Kiara could sell to Sam and still avoid gain recognition? Give Short Explanation of Capital Gains and 1031 exchange.
Answer with explanation. 1. On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P500,000 to his illegitimate child on account of marriage on January 1, 2022. return was filed and tax paid on July 5, 2022. (Assume a 10% legal interest rate for loans). The donor's tax due, including increments, as of July 5, 2022 is: a. P15,000 b. P15,750 c. P19,500 d. P23,250
Income Taxation
1. Joe owns a farm with a basis of $250,000 and a fair market value of $550,000. Willy owns an apartment building with a fair market value of $100,000 and a basis of $300,000. They exchange properties. In addition, Willy gives Joe $450,000 in cash. a. What are Joe's and Willy's realized gain and losses on the transaction? b. What amounts of gain or loss do they recognize on the transaction? c. What is the basis of the property received by Joe? Willy?
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition