Capital contribution: Naidoo R200 000Pillay R300 000The remaining profit of R700 000 will be shared according to their capital contributions. Profit will be shared as follows:O A. Naidoo R50 000 Pillay R150 000.B. Naidoo R280 000 Pillay R420 000.O C. Naidoo R755 000 Pillay R125 000.O D. Naidoo R45 000 Pillay R155 000.

Partnership is one form of business organisation under which two or more than two persons join their…

Answered: Capital contribution: Naidoo R200 000…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 3BCRQ

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Capital contributions: Naidoo R200 000 Pillay R300 000 The remaining profit of R700 000 will be shared according to their capital contributions . Profit will be shared as follows :
Mr. and Mrs. Grant recognized the following capital gains and losses this year: Short-term capital gain $12,000 Short-term capital loss $(6,000) Long-term capital gain $35,000 Long-term capital loss $(50,000) Their AGI before considering these capital gains and losses was $150,000. Compute their AGI. a. $150,000 b. $147,000 c. $145,000 d. $141,000
Bernstein invests office equipment with a fair market value of $62,000, delivery equipment with a fair market value of $75,000, and cash of $30,000. He owes $27,000, represented by a note on the delivery equipment. The amount of Bernsteins' capital would be a.$140,000. b.$30,000. c.$167,000. d.$137,000.
Carding received the following during the year: 200,000 car as donation; 50,000 income of donated property before donation; 30,000 income from donated property after donation; 100,000 inherited properties. How much is excluded from gross income? P380,000 P350,000 P50,000 P30,000
An individual has an RSP that they are drawing money out of during 2020. TheRRSP has earned dividends of $10,000. The individual withdraws $32,000 from theRRSP. To obtain that much cash, the RSP sells investments worth $32,000 thathave a cost basis of $20,000. What is the individual's 2020 taxable income as aresult of the RRSP? A) 42000 B) 16000 C)19800 D)32000
Juan and Pedro have the following transactions during the year:Juan:Beginning capital – 01/01/2022 – 1,000,000Debit - - 08/01/2022 – 300,000Debit - - 09/01/2022 – 800,000Credit - - 10/30/2022 – 900,000Credit - - 04/01/2022 – 70,000Pedro:Beginning capital – 01/01/2022 – 700,000Debit - - 09/01/2022 – 100,000Debit - - 05/30/2022 – 90,000Credit - - 11/30/2022 – 500,000Credit - - 06/30/2022 – 100,000What is the ratio of Juan’s share in income if the partnership calls for profit sharing equivalent to the average capital ratio?
Both the managing director and regional manager of Trail Ltd have the benefit of the useof company cars which may also be used for private purposes. The total benefit for theuse of the cars are estimated at R350 000 per year, of which 35% is for private use and65% for business purposes. The total amount that should be disclosed in remunerationas other benefits should be:1. R122 5002. R227 5003. R245 0004. R455 000
Saladin lists the ff possible items of gross income: Compensation Income – 200K Winnings from gambling – 100K Increase in value of investments – 50K Appreciation in the value of the land owned – 300K Debt of Saladin cancelled by creditors in consideration for services he rendered to them – 150K Debt of Saladin cancelled by his creditor out of affection – 250K Loan received from a bank – 400K How much is the total gross income of Saladin?
Griffin's goat farm, Inc has sales of $666,000 costs of $328,000, depreciation expenses of $72,000 interest expense $46,000 and a tax rate of 24 percent. what is the taxable income? a. $167,200 b. 220,000 c. 266000 d. 52800 e. 292000
X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to final tax?
Monroe Corporation has the following income and expenses for 2019: Operating income 52,000 Operating expenses (20,000) Dividends received (<20% ownership) 30,000 Dividend received deduction (15,000) Charitable contribution (10,000) (a) How much of the charitable contribution can Monroe take this year? (b) How much, if any, must be carried over to the following year? (c) How much of a charitable contribution deduction can Monroe take if the $10,000 is a carryover from a 2014 gift?
12. Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar equip used and its operations. The following is true: FMV of equip given up by Sand Corp is $13,500 (for Dake its $15,500) Cost of equip given up for Sand corp and Dake is $28,000; Accumulated Depr for Sand Corp is $19,000 (for Dake is $10,000) How many dollars is the basis of the new asset received by Sand if the exchange is thought to have No commercial substance? Thank you Brenda

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