Compute the Documentary stamp tax
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Compute the Documentary stamp tax.
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- On 1 June 20X0, an entity based in Country A with a functional currency of CUbuys an investment property in Country B with local currency FCU forFCU500,000. The fair value of the investment property is reliably measurable inFCU without undue cost or effort on an ongoing basis. Consequently, inaccordance with Section 16 Investment Property, the entity measures itsinvestment property, after initial recognition, at fair value through profit or loss.The entity has a year-end of 31 December.The spot exchange rates and fair values of the investment property (FVIP) are asfollows: 1 June 20X0: CU1 = FCU1.1 and FVIP = FCU500,000 31 December 20X0: CU1 = FCU1.05 and FVIP = FCU520,000 31 December 20X1: CU1 = FCU1.2 and FVIP = FCU540,000On 1 April 20X2 the investment property is sold for FCU570,000 when theexchange rate is CU1 = FCU1.1. Required:i. Make Journal Entries for each of these transactions recognizing the purchase ofinvestment property. ii. Show a journal entry Derecognizing it after…How much should be recorded as the purchase price of theindividual PPE items: For items 6 to 10, identify the amount to be include as Land 6. Cost of option to the land – P20,000 7. Legal fees and other expenditures for establishing clean title– P100,000 8. Mortgage assumed: Total mortgage – P2,000,000,Remaining mortgage as of acquisition date – P 500,000 9. Real property tax not paid by seller and assumed by theentity, P50,000 due January of current year. Buyer‐entityacquired the land on April 30 of the current year. 10. Special assessment paid to the government – P300,000 11. Fence and landscaping – P500,000Calculate the assessed value of the following pieces of property:Assessment rate Market Value Assessed Value 80% $210,000 ?????
- Calculate the assessed value of the piece of property: Assessment rate Market value Assessed value 80% $210,000a. X (44 years old) transfers the following assets- 1.Rural agricultural land situated in Gujrat (date of transfer April 20,2020, sale consideration: Rs.20,00,000, purchase consideration: Rs. 25,000, year of acquisition: 2003-04,) 2.Commercial land situated in the municipal limits of Kanpur (date of transfer: May 20,2020, sale consideration: Rs.15,00,000; year of acquisition: 2004-05; indexed cost of acquisition: Rs.5,60,000) 3.Gold jewellery on June 2,2020 for Rs.30,00,000, cost of acquisition: Rs.4,00,000, year of acquisition: 2008-09 Use appropriate CII in all cases b.X (32 years) is resident in India. Find out the net income and tax liability for the information given below for the assessment year 2021-22-Winning from horse race: Rs. 20,000; short term capital gain (STT paid): Rs.4,00,000; bank interest: Rs.2,33,000; public provident fund contribution: Rs.1,50,000.An entity accounted for land using the revaluation model. On October 1,2020, the entity classified a land as held for sale. At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation surplus was P1,500,000. At the same date, the fair value of the land was estimated at P5,500,000. The estimated cost of disposal is PI 00,000. On December 31,2020, the fair value less cost of disposal of the land did not change. On October 1,2021, the land was sold for P7,000,000.What is the impairment loss in 2020
- How much is the cost of the qualifying asset on initial recognition? * 15,045,000 13,010,000 14,970,900 14,920,000An entity accounted for land using the revaluation model. On October 1, 2020, the entity classified the land as held for sale. At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation surplus was P1,500,000. At the same date, the fair value of the land was estimated at P5,500,000. The estimated cost of disposal is P100,000. On December 31, 2020, the fair value less cost of disposal of the land did not change. On October 1, 2021, the land was sold for P7,000,000.What amount of OCI is classified to retained earnings in 2021? *An entity accounted for land using the revaluation model. On October 1, 2020, the entity classified the land as held for sale. At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation surplus was P1,500,000. At the same date, the fair value of the land was estimated at P5,500,000. The estimated cost of disposal is P100,000. On December 31, 2020, the fair value less cost of disposal of the land did not change. On October 1, 2021, the land was sold for P7,000,000.What amount of OCI is classified to retained earnings in 2021? * 1,500,000 2,000,000 500,000 Zero
- A non-U.S. corporation investor held a real estate asset (a parcel of land) that that was purchased for $100,000,000 for 10 years and will sell it for $130,000,000. The investor gain on the sale of the asset is considered to in a business that is effectively connected to a U.S. trade or business (ECI). a. Compute the tax on the sale assuming that the investor held the asset directly (consider both ECI and branch profits tax) b. Compute the tax to the investor if held through US corporation (consider both entity level tax and FDAP tax on the distributions) with no treaty rates and a plan of liquidation in the year of sale USE IRS,USA AND CPA REGULATIONSSale of house and lot as vacation house costing 1M, sold for 3M with FMV of 5M. Proceeds amounting to 4M are used in acquiring a principal residence within the period set by law. What is the CGT? PhilippinesQuestion 1 Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land. Cost as at 31 Dec 2015 Fair value as at 31 Dec 2015 Fair Value as at 31 Dec 2016 Freehold land X RM1,000,000 RM1,200,000 RM900,000 Freehold Land Y RM1,100,000 RM800,000 RM1,200,000 Required: Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016. Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.
