When doing a 1031 exchange, how long do you have to purchase the second property after the sale of the first property? A 90 days. BO 180 days. CO 60 days. 45 days.
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- A transfers land to Newco in exchange for 100% of Newco's stock. The land has a basis of $50, FMV of $100 and is subject to a mortgage of S40. A) What are the consequences to each of the parties?Carmela Homes Inc., is a real estate dealer. Details of its sales during the year showed the following: Date of sale.. Consideration in the deed of sale... Fair market value in the assessment rolls. Zonal value... August 2, 2021 P 6,000,000 5,760,000 6,240,000 Schedule of payments: August 2, 2021... 1,200,000 2,400,000 2,400,000 (a) How much is the output tax to be recognized for August 2, 2021 payment? (b) How much is the output tax to be recognized for August 2, 2022 payment? August 2, 2023..On 01.10.20X1, TK transfers the annual rent of EUR 7,000 for the business and office space for one year in advance. Which of the following statements regarding business transactions in 20X1 is/are correct? O The annual rent reduces the profit in 20X1 by EUR 7,000. O Another liability must be recognized. O The payout is EUR 7,000 and the expense is EUR 1,750. O An anticipatory deferred item must be formed.
- Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis $19,000, FMV $46,000) held for investment for other real estate to be held for investment. The real estate acquired in the exchange has a suggested FMV of $70,200. Required: a. What are Viktor's realized and recognized gain or loss? b. What is the basis of the acquired real estate? a a b. Realized gain No gain or loss Realized gain Realized loss Recognized gain AmountAn investor purchased a 162-dey, $10,000 00 T-bil on ts ise date for S0021.43. Ater holding it for 100 days she sold the T kor a yeld of 150% a) What wiss the original yieid of the T-b? (b) For what price was the T-bil sold? (e) What rate of roturn (per anun) did te invoslor realize while holding this T-b? (a) The original yeld of the T-bil wnso 70% (Round the final anser to Nwo decimal places an needed Round all intermediate values to six decimal places a nooded) (b) The Tbil sold forS (Round the fnal ans to he nearst cent as needed. Round all intermediate values to six deomal places as needed) (e) The vestor realed a rale ol cetun of (Round the lin areer to two decimal places as needed Round all intermediate values to six decimal places as nended)Question 1 For a multifamily acquisition, the seller credit for property tax is $54,356.20. The property tax bill for 2023 is $124,000. What date is the closing set for in 2023? O 6/8/2023 O 6/7/2023 O 6/10/2023 O 6/9/2023 O6/11/2023
- ABC obtains life insurance from Entity BB (an insurance company). Entity A cedes 35% of the insurance risk in the insurance contract with ABC to Entity DD, another insurance company. The 35% insurance risk transferred to Entity DD is called theA. net retention.B. cession.C. retention limit.D. session road.Which of the following is a requirment regarding replacement property for a deferred like kind exchange A Replacement proepty must be identified within 3 years before the transfer of the TP propery. B. The tax return for the year of the trnsfer mqy no be filed before the replacemnt property is acquired C the value of identified replacemnt properties may not exceed 500% the aggreJennica Company purchased a life insurance policy on its president, of which the entity is the beneficiary. The entity provided the following information for 2022: Cash surrender value - January 1 90,000 Cash surrender value – December 31 110,000 80,000 Annual premium paid on January 1 During 2022, dividend of P5,000 was applied to increase the cash surrender value of the policy. What amount should be reported as life insurance expense for 2022? A. 80,000 В. 60,000 C. 55,000 D. 65,000
- Mr. X obtains life insurance from Entity A (an insurance company). Entity A cedes 40% of the insurance risk in the insurance contract with Mr. X to Entity B, another insurance company. 1. The contract between Entity A and Entity B is a: a.direct insurance contract. b.indirect insurance contract. c.reinsurance contract. d.retrocession. 2. The 40% insurance risk transferred to Entity B is called the a.cession. b.retention limit. c.net retention. d.session road.ADMISSION - PURCHASE OF INTEREST PROBLEM D Aika and Nicole's capital is P600,000 and P480,000. Profit and share ratio is 7:3. Princess directly purchased a 1/3 interest by paying Aika P195,000 and Nicole P225,000. Their Land Account is increased by P180,000 before Princess is accepted. 10. What is the capital of Aika after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 11. What is the capital of Nicole after admitting Princess? a. 300,000 b. 356,000 c. 420,000 d. 484,000 12. What is the capital of Princess after admission? PROBLEM E a. 300,000 b. 356,000 c. 420,000 d. 484,000 Mark, Dave and Jim are partners with capital balances of P448,000, P1,560,000, and P680,000, sharing profits and losses of 6:4:2. Jamie is admitted as a new partner bringing with him expertise and is to invest cash for 25% interest in the partnership, which includes a credit of P420,000 bonus upon his admission. 13. How much cash should Jamie contribute? a. 336,000 b. 420,000 c. 756,000 d.…Accounting Partners x, y, z capital balances: 150000, 250000, and 450000, respectively. p/l based on capital. y became a pwd and thus incapable of performing his duties, so he withdrew, april 25. as at april 25: income summary 78700 (debit balance). partners agreed to a +reval (land) of 90000, and to give y a 10% interest from withdrawal date up to payment date, and a bonus of 20000. as of april 25, partner drawings were 3k, 10k, and 1k, respectively. Required: matrix for capital update for y and new p/l ratio for the remaining partners. cash distribution to y, july 25.