Delta Corporation bought a condominium unit for P6,000,0000.

Q: A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at…

A: Capital gain = Sales amount of shares - Cost of shares sold  Capital gain tax = Capital gain * Tax…

Q: How to Compute for the fringe benefits tax due in the scenarios. In 2018, Delta Corporation bought…

A: Fringe benefit tax is the tax levied by the central or state government for the benefits provided by…

Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…

A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…

Q: Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of…

A: Transfer tax is a type of tax that is imposed for the change of ownership or the title of the…

Q: 10. Sicilian Corporation purchased a condominium unit for P2,000,000. The zonal value is P2.500,000.…

A: Fringe Benefits- All those benefits which are granted by an employer to the employee apart from the…

Q: Kara sold to Mia shares of stock of a foreign corporation at a selling price of P1,000,000 with an…

A: Answer: As per Bureau of revenue department at Philippines, the capital gain is applicable for the…

Q: Last year Acme paid Ralph $15,000 to install a new air-conditioning unit at its headquarters…

A: Ralph received payment last year he has control over property also visible evidence of the payment.…

Q: (a) What are the tax consequences to Adams and Newco? Assume Adams had paid only $30,000 of the…

A: Introduction: Mortgage: Mortgage is defined as debt security in which the loan is backed by an asset…

Q: A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation…

A: State level deductions are different from deduction for federal return, like standard deductions,…

Q: Biden sold an investment property that has a market value of $750,000 to his daughter for the amount…

A: The capital proceeds represent the proceed of CGT asset that is greater or lower than the market…

Q: Delata Corporation bought a condominium unit for P6,000,0000. The fair market value of the property…

A: GIVEN   Delata Corporation bought a condominium unit for P6,000,0000. The fair market value of the…

Q: uch would be the tax on the transfer of ownership?

A: Answer: Sales consideration = P500000 Fair Market Value = P700000 Higher of above two = P700000 When…

Q: Ms. T. Potts, the treasurer of Ideal China, has a problem. The company has just ordered a new kiln…

A: present value of the cost of the kiln if the installation cost is treated as a separate current…

Q: Mr. XYZ, is negotiating to buy a parcel of property for his business. The seller of the property is…

A: The prices to assign to a hard and fast quality square measure its purchase cost and any…

Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…

A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046

Q: Corporation owns a residential house with a fair market value of $10,000,000 and a carrying amount…

A: Fringe benefits tax refers to the tax levied by the authoritative government over the perks received…

Q: Superior Developers sells lots for residential development. When lots are sold, Superior recognizes…

A: Deferred tax liability is the amount of tax liability imposed on difference between accounting…

Q: Arizona Corporation has $80,000 taxable income before a long-term capital loss of $12,000. If there…

A: Short Term Capital Losses can be set off from the Long-term & Short-term Capital Gain. And…

Q: Mr. Ben T. Lador, the Chief Accountant, availed of the car plan of Kiowa Company. Under the plan, he…

A: Besides the basic salary and various allowances, the employers also provide their employees…

Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was…

A: The benefits which are provided by the employer which acts as job satisfaction to the employees are…

Q: Sherborne sold his rental house in California, for a sales price of $750,000. He recognized a…

A: Capital Gains When the asset is sold and the realizable value is more than the capital asset’s value…

Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive.…

A: Concept of Fringe Benefit Tax

Q: Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at…

A: Capital Gain refers to the difference between the sale and purchase of assets.

Q: A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted…

A: Fringe benefits are the amount of benefits or additional compensation paid to employees. Fringe…

Q: schedular tax on taxable income.

A: Correct Answer :- C The schedular tax on taxable income.

Q: 1. George, a cash basis taxpayer, sells equipment for $200,000. The equipment originally cost…

A: A) Particulars  Amount ($) Sales price of equipment   200000 Less: book value as on the date…

Q: ABC Company owns a condominium unit in “The XYZ Residences” which is near the factory and the…

A: The question is based on the concept of Taxation.

Q: rm Z, a corporation with a 21 percent tax rate, has $100,000 to invest in year 0 and two investment…

A: In decision making process, the investment with higher Net Present Value is selected.

Q: A resident citizen taxpayer sold a principal residence located in the Philippines. Other data…

A: Introduction: The net price is the price at which a product or service is sold after all taxes and…

Q: Ms. T. Potts, the treasurer of Ideal China, has a problem. The company has just ordered a new kiln…

A: Time valueValue received today by an individual is of more worth than that of receiving the same…

Q: Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory…

A: Fringe benefits are described as extra rewards provided to employees in addition to their stated…

Q: Ms. Dika Kayaten has a 2 hectare agricultural land located in a province with a fair market value of…

A: We know that Ad valorem tax is also known as Property tax. In philippines if there is a unutilised…

Q: The Abelinda Estate distributed some land, basis of $15,500 and fair market value of $18,000, to…

A: A tax can be defined as a necessary contribution or financial charge levied by the government on the…

Q: April Ltd. is located in Alberta, a province which does not participate in the HST program and has…

A: Input tax credit refers to the GST paid on purchases and it being eligible for tax deduction. It…

Q: An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of…

A: The question is related to taxation

Q: The tax on $2,600 of profit on a capital asset is deferred. A person in a 40 percent tax bracket…

A: Assets: Property or things owned by business called Assets.

Q: Charles exchanged land used in his business plus 26,000 in cash for like-kind real estate. Charles…

A: Following is the recognized gain and new tax basis will be as follows

Q: A resident citizen taxpayer sold share of stock of a domestic corporation directly to the buyer at…

A: Capital gain = Fair market value on date of sale – Cost of the shares sold                       =…

Q: Helen sold her principal residence with a fair market value of P6,000,000 for P5,000,000. Helen…

A: Capital gain: Gain arising out of sale of any capital asset held by the tax payer is known as…

Q: Ms. T. Potts, the treasurer of Ideal China, has a problem. The company has just ordered a new kiln…

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: Camilo's property, with an adjusted basis of $304,000, is condemned by the state. Camilo receives…

A: Step 1: Compute Camilo's realized gain: Step 2: Compute Camilo's recognized gain: Camilo's…

Q: Your employer asks you to consult on the better approach to a decision.  What should the corporation…

A: Present Value(PV) of an amount shows value in current time. It is calculated by discounting amount…

Q: 52. Nicanor sold his rest house in Pangasinan for P 8,000,000. The Fair market value of the rest…

A:

Q: 5. Uste company owns a condominium unit in "The One Residences" which is near the factory and the…

A: Fringe benefits seem to be supplementary rewards given to the employees in addition to their base…