In September 30, 2019 Elle sold an idle land located in Canada for P6,000,000. The land was previously purchased by Elle at P3,000,000 and had an appraised value of P8,000,000 and zonal value of P7,000,000. The property had a fair value of P6,000,000 in provincial assessor's office and an assessed value of P2,400,000. Required 1: Compute for the capital gains tax

In September 30, 2019 Elle sold an idle land located in Canada for P6,000,000. The land was previously purchased by Elle at P3,000,000 and had an appraised value of P8,000,000 and zonal value of P7,000,000. The property had a fair value of P6,000,000 in provincial assessor's office and an assessed value of P2,400,000. Required 1: Compute for the capital gains tax

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 28CE: LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated...

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LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated to a patent and 375,000 is allocated to goodwill. Calculate Priscillas 2019 197 amortization deduction.
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Q5. PK Ltd acquires a block of land on 1 January 2017 for $200 000 in cash. Due to increased housing demand in the area, the land has a fair value of $290 000 on 1 January 2018.However, the market value falls to $140 000 on 30 June 2019. Write the journal entries needed.
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