Select all of the applicable taxes for the transaction. (you may answer more than 1 choice) A VAT-registered real-estate developer has several lands in the llocosregion. Initially, they intended it to be a new location for their newbranch office, but due to a recent disaster, they decided to donate itto the families affected in order for them to build a new life in aflood-safe area.Select all of the applicable taxes for the transaction. (you may answermore than 1 choice)Donor's TaxPercentage TaxO VATExcise TaxEstate Tax

Donor’s tax is imposed upon any individual, regular or juridical, occupant or non-inhabitant, who…

Answered: Select all of the applicable taxes for…

Select all of the applicable taxes for the transaction. (you may answer more than 1 choice) O Donor's Tax O Percentage Tax O VAT O Excise Tax O Estate Tax

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 38P

See similar textbooks

Related questions

Q: food cost

A: Sunshine communiy's data given for June and July. From the data, food Cost for june and july and Lab...

Q: AS I required that an entity prepare its financial statements (except cash flows statement) using th...

A: Solution Concept IAS 1 is the standard related to presentation of the financial statements It basica...

Q: Lompany purchased equipment in 2018 for $122,000 and estimated an S12,000 salvage value at the end o...

A: Given info Cost of equipment $122,000 Salvage value $12000 Accumulated depreciation as at 31, Decem...

Q: 2015 2016 0.8 times 0.3 times 33.6 times 10.9 days 6.7 times 54.5 days 13.0 times 28.1 days 3.0% Rel...

Q: Mark Limited was incorporated on1 January 2019. Authorised share capital was: - 1 000 000 ordinary s...

A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...

Q: If three municipal bonds are purchased at the price of 102, 100 and 99 – these bonds are said to be ...

A: Answer b) at a premium, at par, at a discount

Q: Which county would charge the lower property tax? O County A O County B What is the annual savings? ...

A: Property tax is assessed by multiplying the Fair market value of the property with tax rate and divi...

Q: Secure, Inc. manufactures travel locks. The budgeted selling price is $24 per lock. The variable cos...

A: Operating income shows the amount a company earned as net profit from its operation.

Q: Galle Inc. entered into the following transactions during January.a. January 1: Borrowed $50,000 fro...

A: You enter transaction data in your company's records to create a journal entry.. Your journal entrie...

Q: Required information [The following information applies to the questions displayed below.] Shadee Co...

A: Budgeted Cost- A budgeted cost is a forecasted future expense that the corporation is expected to br...

Q: Q 1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended...

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...

Q: A company produced 500 units of a product and incurred the following costs. Direct materials, P8,000...

A: Solution Formulas used Contribution margin = sales – variable cost Contribution margin rate ...

Q: Riverbend Incorporated received a $200,000 dividend from stock it held in Hobble Corporation. Riverb...

A: DRD is 70% for dividends from less than 20% owned domestic corporation. If a corporation is entitled...

Q: INCOME TAXATION (With Tax Principles & Remedies) Ampongan 24 a. A Nissan car with a market value of ...

A: 20% Final Tax is charged on prizes (except prizes amounting to P10,000 or less which shall be subjec...

Q: Carla incorporated her sole proprietorship by transferring inventory, a building, and land to the co...

A: Non-taxable transaction under Section 351 (i.e., no gain or loss is recognized) only if all the con...

Q: 3. Consider the monetary neutrality. Suppose that the central bank changed the money supply. Accordi...

A: Money Neutrality is an economic theory which states that the change in the supply of money or stock ...

Q: , is engaged in a service business. In the current year, Sean incorporates his business by forming F...

A: The answers have been mentioned below.

Q: A firm has a lower quick (or acid test) ratio than the industry average, which implies Select one: a...

A: The acid-test, also known as the quick ratio, compares a firm's most short-term assets to its most s...

Q: The expected profit from one $1 ticket is $ (b) To the nearest million, how much should the grand pr...

A: Probability: Probability is the likelihood or part of science concerning mathematical depictions of ...

Q: loint costs were allocated using the net realizable value method at the split-off point. The joint c...

A: The question is based on the concept of Cost Accounting.

Q: Required information [The following information applies to the questions displayed below.] Adger Cor...

A: The activity variance is the difference between flexible budget and planning budget of the business....

Q: Black's budgeted cost of Direct Labor for February is

A: Budgeted Cost of Direct Labor = Expected units to produce * Direct labor hour per finished goods uni...

Q: Bartow Photographic Services takes wedding and graduation photographs. At December 31, theend of Bar...

A: Reconciliation journals are entries in the company's general ledger created at the end of an account...

Q: Carla incorporated her sole proprietorship by transferring inventory, a building, and land to the co...

A: A sole proprietorship is an ego business with a sole proprietor who is taxed on earnings on a person...

Q: E16.25 (LO 1, 5) (EPS with Convertible Bonds and Preference Shares) The Ottey Corporation issued 10-...

A: Solution:- Given, The Ottey Corporation issued 10-year, $4,000,000 par, 7% callable convertible subo...

Q: phinx Company projected the following overhead costs and cost drivers: Overhead Item Expected Cost...

A: calculation of overhead cost assign to job 1 are as follows

Q: The net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional da...

A: An increase or decrease in cash from operating activities means the flow of cash into or from the bu...

Q: 18. Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $200,000 in ret...

A: The cost basis is the cost of investment or contribution done by the member or memb...

Q: Company sells a product for $90.00 per unit. Variable costs are $50 per unit, and fixed costs are $1...

A: Contribution margin per unit is the amount of sales after deducting variable cost per unit. It is th...

Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:

A: The income statement represents the net profit or net loss of the company that is calculated by dedu...

Q: Required: a. Assuming that joint product costs are allocated using the physical quantities (units pr...

A: Please see Step 2 for required information.

Q: Interest earned during the month O a. Subtract from the bank side O b. Add to the book side O c. Add...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: A corporation has a dividend yield of 20% and market price per share of $35.00. The cash dividends p...

A: Lets understand the basics. Dividend yield ratio indicates the dividend paid in compare to market pr...

Q: What is the purpose of the statement of cash flows? Why would we want to convert accrual basis net i...

A: Statement of Cash Flow - Statement of cash flow provides actual movement of cash during the financia...

Q: uperior

A: These are the costs which do change along with the level of production during a period. These are d...

Q: MacDowell Company manufactures 100 kg bags of fertilizer that have the following unit standard costs...

A: C. 1. Purchase of material at a higher cost than the budgeted cost. 2. Actual labor cost incurred is...

Q: Consider a one-year discount bond that has a present value of P1,500. If the rate of discount is 4 p...

A: Solution: Present value of bond = P1,500 Discount rate = 4% Period = 1 year

Q: BluStar Company has two service departments, Administration and Accounting, and two operating depart...

A: In firm generally two departments work production department and the service department.there are ce...

Q: Edward Lewis is an accounting major at a midwestern state university located approximately 60 miles ...

A: GIVEN Edward Lewis is an accounting major at a midwestern state university located approximately 6...

Q: Reynolds Computer Service offers data processing services to retail clothing stores. The followingda...

A: Solution Adjusting entries are the entries which are made at the end of the accounting year to alloc...

Q: Which of the following statements is correct? a. Export sale by a VAT registered person is subj...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is...

A: Date Account Titles and Explanation Debit Credit Dec'6 Salaries and Wages Expense $ 800...

Q: Eren Retail Company was recently created with a beginning cash balance of P12,000. The owner expects...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: What is the recovery percentage of the shareholders based on the carrying amount of equity? 000/

A: Gain on Realized Assets 720000 Loss on realization of Assets 1280000 Additional Assets Di...

Q: oasts whole coffee beans and sells them, along with a variety of freshly brewed coffees and other be...

A: A cash flow is defined as the net amount of cash or money being transferred into and out of business...

Q: Shadee Corp. expects to sell 540 sun visors in May and 390 in June. Each visor sells for $22. Shadee...

A: Solution 1: Production Budget - Shadee Corp Particulars May June Expected sales units 540 390...

Q: Mack Company purchased equipment in 2018 for $122,000 and estimated an S12,000 salvage value at the ...

A: Solution: Annual depreciation on equipment = (Cost - Salvage value) / useful life = ($122,000 - $12,...

Q: QUESTION 3 A retailer, Lewis John constructed a new store at cost of RM50 million over 6 months from...

A: Borrowing Cost are the costs that are directly attributable to the acquisition, construction or prod...

Q: Chupapi Inc. has a gross profit ratio of 16.67 % for the year 2020. If Chupapi Inc. has gross profit...

A: Gross profit margin = Gross profit / Net sales where, Gross profit = Net Sales - Cost of goods sold

Q: Vaughn Manufacturing incurs the following costs to produce 10,400 units of a subcomponent: Cost Info...

A: Total cost if purchased from outside supplier = 10400 units × $2.85 = $29, 640

Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Select all of the applicable taxes for the transaction. (you may answer more than 1 choice)

A VAT-registered real-estate developer has several lands in the llocos
region. Initially, they intended it to be a new location for their new
branch office, but due to a recent disaster, they decided to donate it
to the families affected in order for them to build a new life in a
flood-safe area.
Select all of the applicable taxes for the transaction. (you may answer
more than 1 choice)
Donor's Tax
Percentage Tax
O VAT
Excise Tax
Estate Tax

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
1. land he inherited from his deceased aunt and 2. a personal vacation taken last year $1,370 1,760 795 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 ) 714 360 224 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable.. Suppose that Charles holds the land for appreciation. Deductible taxes from AGI
Do you own a home?If yes, how much property tax you pay? From the township, you must have received a letter indicating how much property tax you paid last year and what is the accessed value your property for this year. Does this letter contain fair market value, assessment rate and property tax rate for your property? Comment on why this amount varies from one township to another.
Identify the transfers subject to Federal gift tax. a. Direct payment of medical expenses of $42,000 for a niece who is not a dependent. b. Frank conveys title to his home to himself and his daughter Susan as joint tenants. Under state law, Frank cannot regain title to Susan’s interest without her consent. The value of the home is $475,000. c. Direct payment to a college for nephew’s tuition expenses or $9,500 and $5,500 for room and board.
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,550. Tax Deductions Donations to church and other charities Medical and dental expenses exceeding 7.5 percent of adjusted gross income State income tax X Answer is complete but not entirely correct. of $ Lola Harper should use the itemized deduction 12,550 $6,170 2,640 4,810
Peter and Shaline Johnsen moved into a home in a new subdivision. Theirs was one of the first homes in the subdivision. During the year, they paid $1,500 in real property taxes to the state government, $500 to the developer of the subdivision for an assessment to pay for the sidewalks, and $900 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions and they pay $5,000 of state income taxes for the year and no other deductible taxes? Deductible property taxes amount
Consider the following scenarios: i (Click the icon to view the scenarios.) Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is $ $ C 0 4,000 b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand of the scholarship was designated for room and board and laundry. It was understood that Marty would participate in…