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- A real property was transferred to a revocable trust with Carding as the beneficiary. The property earned a total of 900,000 gross rentals during the taxable period. The expenses attributable to the maintenance of the same property amounted to P200,000. During the period, 250,000 of the total rentals was distributed to the beneficiary. How much is the allowable special deduction for income distribution to the beneficiary? a. Zero b. 200,000 c. 250,000 d. 300,000Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory employee. The property has a zonal value of P3,500,000. Fair market value is P3,000,000. What is the fringe benefit tax? 80,769 O 94,231 1,615,385 1,884,615 None of the aboveA domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted the said property for the residential use of its Assistant Vice President. The fair market value of the property per BIR assessment amounts to P10,000,000, while its market value as shown in its current Real Property Declaration amounts to P8,000,000. How much is the fringe benefit tax for the year? P134,616 P11,218 P250,000 Answer not given P20,833
- During 2021, Van Industries exchanges land with Frat Corporation. Van’s adjusted basis in land is $740,000 and the land Frat provides has a fair market value of $700,000 and an adjusted basis of $660,000. a. What are the realized and recognized gains to Van? b. If Frat also pays $80,000 cash to Van, what are the realized and recognized gains to Vans? What is Van’s basis in the acquired land? Will you please show the work I am lost on this one. Thanks! c. If Form it instead assumes a $100,000 recourse loan on Vee’s land, what are the realized and recognized gains to Vee? What is Vee’s basis in the acquired land?Mai is going to contribute the following assets to a business entity in exchange for an ownership interest. Adjusted Basis FMVCash $100,000 $100,000Land and building 60,000 95,000What are the tax consequences of the contribution to Mai if the business entity is a(n):a. Sole proprietorship? b. General partnership? c. Limited partnership? d. C corporation? e. S corporation?For items 3-4. Mang Kiko transferred a property with a fair value of P1,000,000. Title to the property was stipulated to be transferred immediately. Subsequently, Mang Kiko died. The property was worth P800,000 at the date of his death. 3. Which of the following is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000. 4. Assuming instead that legal title to the property was reserved by Mang Kiko until death, which is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000.
- 10. Sicilian Corporation purchased a condominium unit for P2,000,000. The zonal value is P2.500,000. The title to the property was transferred in the name of Lito. the company's finance manager. How much is the fringe benefit tax due? a. P 1,076,923 b. 269,231 d. C. 1,346,154 None CS Scanned with CamScannerCruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For taxation purposes, how much shall be subject to transfer tax (in this case, donor's tax)? P40,000 P100,000 P400,000 P460,000A taxpayer exchanged land held for investment for another parcel of land. The transfer qualifies as a like kind exchange. The land had a basis of $330,000, a mortgage that will transfer with the land of $50,000, and a fair market value of $520,000. The taxpayer will be receiving a parcel of land with a fair market value of $430 000 and cash of $40,000. Calculate the taxpayer's recognized gain or loss on this transaction and his basis in the new parcel of land and place the answers below without $ signs or commas: Gain/Loss＝？ Basis＝？
- The following pertain to the estate of a citizen decedent: Separate properties of the decedent P13,500,000 Common properties of the spouses 16,400,000 Possible deductions: Funeral expenses P550,000 Judicial expenses 310,000 Obligations (1/4 is separate property) 1,700,000 Family home - common property 15,000,000 What is the taxable net state? P 8,137,500 P 8,187,000 P 8,550,000 P 8,500,000G transferred property to F, in trust, and under the terms of the transfer, F should accumulate the income for the benefit of B until the latter reaches the age of majority. During 2020, the property earned P1,000,000 and incurred expenses of P350,000. P50,000 of the income was distributed to B. How much is income tax?GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data: Related Unrelated Activities Activities P15,000,000 P25,000,000 11,000,000 14,000,000 Gross Income Expenses Net COMPUTE: Income tax 5,000,000 10,000,000 A. P140,000 B. P240,000 C. P3,500,000 O D. P6,000,000 O O