Jared bought a gold ring Necklace for $600 -1 year ago, and sell it today for $1,700. How much Net Capital Gain will be included in Jared's Assessable Income? Please provide short explanation

Q: Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000…

A: Answer:-  Taxable income meaning:- The part of total income used to compute how much tax someone owe…

Q: Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved…

A: If any married taxpayer files joint return may exclude income up to $500,000 gains from selling…

Q: Clara received from her Aunt Sona property with an FMV at the date of the gift of $40,000. Aunt Sona…

A: Aunt Sona gifted a property to Clara Fair Market Value on date of gift = $40000 The property was…

Q: In 2020, Matt and Rhonda had a capital gain of $6,000 from the sale of stock. They also sold a piece…

A: Capital Gain and Capital Loss: In straightforward terms, the distinction between the selling cost…

Q: Colin McGregor and his wife Alice own a house in Kelowna as well as a condo at Big White. They…

A: A capital gain is an increase in revenue from the sale of a capital asset that is considered…

Q: What amount is included in the sibling's net income for tax purposes from the sale of the land?| $…

A: Given information is: H sold land to his sibling for $200,000. The land is used for farming and at…

Q: After 3 years, Ka Leony sold a painting (capital asset) which he purchased in 2018 at a cost of…

A: Total sale price = 1000+1000+2000+4000+4000 =12000

Q: Long-Term Capital Gain 11,000 Long-Term Capital Loss(74,700) After engaging in the appropriate…

A: Capital gain is nothing but the gain earned on the sale of a capital asset that is held by the owner…

Q: Becky purchased a P1,500,000 life insurance policy for P100,000. During the year, Becky died and her…

A: life insurance policy proceeds include premium paid. So in this case ,life insurance policy proceeds…

Q: gain or loss i

A: Gain or loss refers to the amount that a person earns from the sale of an item more than the…

Q: Kate invested $1,200 4 years ago at 7% per year for 7 years. 2 years ago, she invested $2,000 at…

A: Here, Details of First Investment are as follows: Investment Amount is $1,200 Investment made 4…

Q: Diana sold mutual fund shares she had owned 4 years so that she could use to the proceeds to travel…

A: Given : Capital gain = $ 75258 Marginal tax bracket = 35% And ,  Capital gain tax rate = 15%

Q: Tom sold mutual shares he had owned 3 years so that he could use the proceeds to return to college.…

A: The capital gains will be treated long-term capital gains as they are held for more than 3 years.…

Q: Juan received an inheritance from his grandfather. Worried of spending the money unproperly, he…

A: Total amount = $3,000,000 Time = 2 years No of weeks = 52 *2                      = 104 Rate = 2%…

Q: During the financial year 2020/2021, Jessy made a capital gain of $33,000 on the sale of her shares…

A: The rise in the worth of a financial asset when it is sold is referred to as a capital gain.…

Q: Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in…

A: Net Estate: - net estate is the total of net worth after deducting the administrative cost. it is…

Q: Amanda purchased a home for $720,000 in 2016. She paid $144,000 cash and borrowed the remaining…

A: Acquisition Indebtness is the outstanding amount on a loan taken out for the purpose of purchase of…

Q: Kyle owns some land in Connecticut for which he paid $20,000 several years ago the property is now…

A: Fixed asset: It implies to a non-current asset, having an expected useful life of more than a year…

Q: How much gain should be reported for tax purposes?

A: Meaning : The profit which arrives from the sale of Capital Assets is known a Capital Gains. The…

Q: Michael (single) purchased his home on July 1, 2011. He lived in the home as his principal residence…

A: A Taxpayer is required to include Capital Gain in his income. However A deduction of 250,000 is…

Q: Amanda purchased a home for $500,000 in 2016. She paid $100,000 cash and borrowed the remaining…

A: The answer is stated below:

Q: Daniel withdrew P25, 000 at the end of year 5, deposited P15, 000 at the end of year 6, and observed…

A: The concept of time value of money states that the money received today is worth more than that the…

Q: During the current year, Irving, an individual, had long-term capital losses of $2,000 and…

A: Short term capital loss is a loss incurred on the sale of a capital asset which has been held for a…

Q: H sold land to his sibling for $280,000. The land is used for farming and at the time of the sale…

A: The amount earned by an individual or company after deducting costs, allowances, and taxes is…

Q: Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real…

A: Total liabilities is the sum of total long term debt and short term debt. similarly, Total assets…

Q: George is 22 years old and has recently completed a Bachelor of Commerce at A University. He has…

A:

Q: Samuel Jenkins made two investments; the first was 13 months ago and the second was two months ago.…

A: Investment 1 - made 13 months ago -  The tax rate for long-term capital gains for taxable income of…

Q: Aaron and Melissa are looking to sell their house for $700,000. They purchased the house seven years…

A:

Q: Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence…

A: Gross income is total income earned by an individual during an accounting period usually from…

Q: In 2017, Grant purchased land for $107,550 for use in his business. He sold it in 2020 for $121,150.…

A: Generally, if you hold the asset for more than one year before you dispose of it, capital gain or…

Q: Mrs. Dela Cruz owns a parcel of land worth P500,000 which she inherited 3 points from her father in…

A: Taxable gain refers to the profit which results from the sale of the asset which is subject to the…

Q: Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago…

A: Ordinary income, also known as earned income, is money earned through business or employment. These…

Q: George is the owner of numerous classic automobiles. His intention is to hold the automobiles until…

A: Present value (PV) is defined as the current amount of future sum of money provide a particular rate…

Q: is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT)…

A:

Q: Samuel Jenkins made two investments; the first was 13 months ago and the second was 2 months ago. He…

A: According to the given question, we are required to compute the capital gain tax for both the amount…

Q: Joseph Ray just received an inheritance of $35,775 from his great aunt. He plans to invest the funds…

A: Future value: This is the amount of present value accumulated or compounded at a rate of interest…

Q: A couple purchases a home in 1995 for $45,000 and finds that today in 2017 it is worth $95,000. They…

A: Inflation rate is 3%

Q: Pepa Madrigal has operated a very successful bakery for 30 years, and has accumulated investment…

A: Rate of tax = 12% Single taxpayer from 10276 to 41775 is taxed at the rate of 12%.

Q: Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years…

A: A. $ 0

Q: Michelle had a $200,000 long-term capital gain when she sold part of her Bitcoin in 2021, increasing…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: If Deshaun gifts his niece $100,000 in stock which he bought for $25,000, what is his niece's basis?

A: The basis is termed as the monetary value paid for acquiring any stock. When Mr. D purchased the…

Q: Mr. F sold his principal residence which he acquired for P1,000,000 for P3,000,000. At the time of…

A: Capital gain tax (CGT) refers to the profit which is made by individual from selling the capital…

Q: Last year, lana  purchased a $100,000 account receivable for $90,000. During the current year, Lucy…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: Two brothers, Mark and Charles, each inherit $30000 $⁢30000 . Mark invests his inheritance in a…

A: Mark: Amount of investment is $30,000 Interest rate is 3.1% Time period is 1 year Charles: Amount of…

Q: Ten years ago, Ginny inherited $50,000 from her grandmother. She decided to invest all of this money…

A: Capital Gain = (Current value of stock - Initial value)/Initial value given: Current value of stock…