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- 4. A taxpayer did not file his income tax return for taxable year 2019 on time. On March 12, 2022, he was notified by the BIR of his failure to file the return. The taxpayer filed the return and paid the tax on April 15, 2022. Assuming that the basic tax is PHP 120,000, the total amount payable is a. PHP 210,000 b. PHP 208,800 c. PHP 156,000 d. PHP 180,000A executed in favor of B a promissory note amounting to Php 100.0000.00, payable after two years, secured note for certain building valued at P120,000.00. One year after execution of the note, the mortgaged building was totallydestroyed by a fire of accidental origin. Can B demand fromthe payment of the value of the note immediately afterburning without waiting for the expiration of the term? Reasons.A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.
- 6. A taxpayer sells a vacation home in 2019 for $150,000 that has an adjusted basis $115,000. The purchaser pays cash of $30,000, assumes the existing mortgage of $110,000, and signs an installment note for the remaining $10,000 plus interest. What is the amount of the total contract price? 6. O a. $30,000 o b. $40,000 Oc. $115,000 o d. $150,000Suppose that in the past year your only deductible expenses were $2000 in mortgage interest and $5000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Choose the correct answer below. O A. $6100, because that is the sum of the deductible expenses O B. $6100, because that is the standard deduction OC. $7000, because that is the sum of the deductible expenses O D. $13,100, because that is the sum of the deductible expenses and the standard deduction O E. S7000, because that is the product of the deductible expenses O F. $13,100, because that is the product of the deductible expenses and the standard deductionHow much tax depreciation expense would you claim in year 3 on a laptop computer used in a business if you paid $3,000 for it and did not claim bonus depreciation or IRC Section 179? Assume that the MACRS half-year convention applies. Also assume you sold the laptop computer during year 3.
- Which of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college39-Salman sold the antique table which had cost £3,500 in January 2013 and sold for £5,500 in December 2019. Which one of the following is net chargeable gains or losses for the tax year 2019/20, as per UK tax laws? O a. £2,000 O b. £6,000 O C. £0 O d. £5,500Accounting Problem 9. A taxpayer deducted P500 interest expense in 2017 but failed to pay the same due to financial difficulty. The lender condoned the interest in 2021. Data are as follows: 2017 2018 2019 2020 2021 Income before interest P100 (P130) P80 (P160) P300 (Interest Expense)/ Condonation of interest (500) 500 Q1. What is the taxable income in 2021? Q2. What is last year to apply P160 NOLCO incurred in 2020?
- Mf6. 1. Debtor purchased a home in 2007 for $100,000. Acme Savings and Loan obtained a first mortgage in the property in exchange for an $80,000 loan. In 2010 Debtor's former business partner Smith obtained a judgment lien against Debtor for $40,000. In 2013 Debtor made home improvement by a $10,000 loan from First Financial in exchange for a second mortgage. Upon default, foreclosure proceedings forced a sale of Debtor's home in December 2022. At the time debtor owed Acme $70,000, Smith $30,000 and First Financial $8,000. The house was sold for $90,000. Selling expenses were $5,000. a. How much would each creditor receive from the proceeds of the sale? b. How much is the deficiency?Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying merchandise worth $12,000. The insurance company has declared that it will only pay out the first $3,000 of the claim under the provisions of the contract. There haven't been any entries made yet to document this.Exercise 13-39 (Algorithmic) (LO. 7) On February 24, 2020, Allison's building, with an adjusted basis of $3,763,700 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $4,892,810 for the loss. Allison invests $4,403,529 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election? b. Assuming that the replacement property qualifies as similar or related in service or use, what are Allison's realized gain, recognized gain, and basis in the replacement building? Allison's realized gain is $ and recognized gain is $ . Her basis in the new building is $