The gross estate of a decedent included the following: Land & building, Philippines House and lot, UK Personal properties, UK House and lot, Philippines Shares of stocks, UK corp. Shares of stocks, domestic corp. (certificate kept in UK) Shares of stocks, domestic corp. foortificato kont in Philippineal Cost P1,600,000 1,800,000 1,000,000 4,000,000 Fair Value P2,000,000 1,500,000 600,000 3,500,000 200,000 250,000 100,000

Q: Estate Taxation

A: Estate Tax could be a tax on the correct of the individual to transmit his/her estate to his/her…

Q: Maud exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market…

A:

Q: Rental House: Purchase price $79,000, ( Remaining Loan Balance: $66,102) Depreciation Costs…

A: The term like-kind exchange means a tax-deferred transaction that allows for the disposal of an…

Q: Ms. Delta has a P800,000 net taxable income, what is her tax rate? A. 20% of the excess over…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: It is worth noting that the lottery winnings of $5,000 are not considered taxable income in…

A: Taxable income refers to the income which is taxable in the hands of the taxpayer and the tax is…

Q: Provide answer this question

A: Option a) $90,000: This option is incorrect because it miscalculates the taxable gain. Simonne's…

Q: Taxpayer has assets = $10,000 and liabilities = $15,000, determine if taxpayer is insolvent and to…

A: Insolvency represents a situation where assets of the person is not enough to repay its debts or…

Q: 9 Roberta transfers property with a tax basis of $495 and a fair market value of $546 to a…

A: Amount realized: The whole amount obtained from a sale transaction is known as the amount realized.…

Q: During the year ended 30 Jun 2020, Ms Ria,, a resident of Australia, has received rents of $41879…

A: Taxable income is an amount of a person's or entity's total income that is subject to government…

Q: None

A: Step 1: Introduction to the Taxable gainTaxes on the taxable gain on the sale of a personal dwelling…

Q: Camille transfers property with a tax basis of $990 and a fair market value of $1,670 to a…

A: Formula: Amount realized = Fair market value of stock + Cash - Selling expenses. Deduction of…

Q: a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $…

A: Solution:- Given, Sally owns annual property taxes = $9,000 She sells the property to Kate on March…

Q: The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000…

A: According to the principle of reciprocity, only the taxpayer's home state will deduct income taxes…

Q: Father makes a gift to his son of $30,000. Such gift may not be subject to the gift tax True or…

A: From the perspective of taxation, gifts can be categorized as follows:  Any amount of money…

Q: Jack and Jill exchange like-kind real estate assets as listed below:   Jack's old asset: FMV…

A: Given that Jill's old asset: FMV $70,000; and his Basis $55,000 Hence Jill had an deffered gain of…

Q: Blair Warner gave up investment-use land and $32,000 cash for a nonresidential condominium. Both…

A: Introduction:- The following basic information as follows under:- Blair Warner gave up…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.