If a commercial railway property has a property tax bill of $55477 and the mill rate is 11.02, what is the assessed value of the property? Select one: a. 493352.63 b. 453078.95 c. 478250.00 d. 503421.05 Check
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- 9. Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $280,000 80 $ $25.60 per $1,000 $The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the yearCalculate the assessed value of the piece of property: Assessment rate Market value Assessed value 80% $210,000
- Megha Nhon Corp., a vat registered taxpayer made the following acquisition of equipment from vat registered suppliers (net of vat) during 2021 and 2022: Date Purchase price Useful life (yrs) Oct. 1, 2021 2,000,000 6 Apr. 1, 2022 2,500,000 2 The equipment acquired on Oct. 2021 was sold on Apr. 2022. How much is the creditable input vat on Apr. 2022? P216,000 P324,000 P516,000 P300,000K's Warehouse has a market value of $900,000. The property in K's is assessed at 45% of the market value. What is K's property tax? (The tax rate is $62.40 per $1,000 of assessed value.)A tax declaration contains the following data: Actual use of property Residential Market value: Land P500,000 Improvement 800,000 Property: Assessment Level Basic Tax Rate Land 15% 1% Improvement 20% 1% Requirements: 1. Total real property tax assessable on the properties.
- if a company is considering the purchase of a parcel of land that was acquired by the seller for $89,000 is offered for sale at 158,000 is assessed for tax purposes at 99,000 is considered by the purchaser as easily being worth 148,000 and is purchased for 145,000 the land should be recored in the purchaser books at (A. 99,000, B. 145,000, C. 146,500, D. 148,000, E. 158,000)The company has a list of equipment they sold during the tax year. Please review the list and answer the questions below:Equipment - MACRS Year - Property Cost - Accumulated Depreciation - Sales PriceLuxury Car 5 Year Property $45,000 $20,000 $15,000Computer 5 Year Property $3,500 $1,200 $100Furniture 7 Year Property $92,000 $48,000 $40,0006. What will be the tax treatment as follows for the sale of the Luxury Cara. Calculate the Realized Gain or Lossb. What will be the character and amount of the Recognized gain?A machine has a carrying amount of 100. For tax purposes, depreciation of 30 has already been deducted from taxable profit in prior periods and an amount of 70 will be deductible in future periods, either as depreciation or through a deduction on disposal. Revenue generated by using the machine is taxable, any gain on disposal of the machine will be taxable and any loss on disposal will be deductible for tax purposes. What is the tax base of the machine? a. 100 b. 70 c. 30 d. 0
- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000. The municipal assessor was taxing an idle agricultural land consisting of 2 hectares valued at P 200 per square meter. If the idle land tax imposed is 5% by the ordinance, how much will the owner pay for the idle land tax?a. P 80,000.00 b. P 100,000.00 c. P 200,000 d. P 40,000.0011. The following data are shown on the tax declarations of a piece of land and thKk182. Which of the following assets would be treated as a capital assets A. A painting that the taxpayer had purchased directly from the artist B. raw material used in production C. A free U>S> government publication received by the taxpayer D. Accounts receivable acquired on the sale of inventory
