Mr. Neis, a resident alien, owns 40% of the shares of Coco Corporation, a resident corporation. Coco declared P200,000 dividends in 2014. How much final tax should be withheld from Mr. Neis' dividend income?

Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…

A: As per the provisions of BIR .  a non-resident alien is charged for…

Q: Wildcat Company is owned equally by Evan Stone and his sister Sara, each of whom holds 1,000 shares…

A: A capital gain is an increase in the value of a capital asset and is realized when the asset is…

Q: Rubio recently invested $24,000 (tax basis) in purchasing a limited partnership interest in which he…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual on account of income…

Q: Zane, an individual, owns all of the outstanding common stock in XYZ Utilities Corporation. Zane…

A: Zane basis = $8,000 Accumulated earning and profits of XYZ = $25,000

Q: During 2016, John was the chief executive officer and a shareholder of Maze, Inc. He owned 60% of…

A: Mr. J isn't entitled to a nasty debt deduction for the number of the payment on the loan.

Q: Discuss whether John is entitled to a bad debt deduction for the amount of the payment on the loan.

A: Bad debt deductions:   A bad debt deduction is permitted only if the income associated to the…

Q: How much final tax was withheld from her dividend income?

A: Correct Answer = Option A = P0 Explanation As per the law dividend received from the domestic…

Q: Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 3,200…

A: E&P or Earnings and profit relates to aggregate amount of prior year profits and retained…

Q: Garth is a shareholder in a calendar year S corporation. At the beginning of 2020, his stock basis…

A: Stock  basis= $20,000 AAA= $4000 AEP=$12000 Distribution received= $17000 Long-term capital gain=…

Q: Dimas owns a parcel of land worth P5,000,000 based on the fair valuation in 2020. He inherited from…

A: Dimas owns a parcel of land. Based on the fair value of land = P5000000 He inherited from his father…

Q: pte Mr. Neis, a resident alien, owns 40% of the shares of Coco Corporation, a resident corporation.…

A: Cash dividends received by an individual who is a resident alien of the Philippines are subject to a…

Q: Linda, a resident of Canada, owns 100 % of the common shares of both Windsor Retail Ltd. (“WRL”) and…

A: Small business deduction is calculated by multiplying the small business deduction rate for the year…

Q: Jessica is a one-third owner in Bikes-R-Us, an S corporation that experienced a $45,000 loss this…

A: The share of loss is $15,000 which is computed by multiplying total loss of $45,000 with the…

Q: Tiffany owned 10 shares of GIA stock which was selling for $150 per share when the company declared…

A: As you have posted multiple questions and not specified which one to be answered, the solution to…

Q: Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft…

A: A capital gain is an increase in the value of a capital asset that is considered realized when the…

Q: Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft…

A: Date Purchased Shares Basis Cost per Shares 7/10/2011 580 $27,840 $48.00 4/20/2012 480 $25,824…

Q: Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft…

A: Specific identification method: It is a method to track the purchase cost of the items sold…

Q: Three years ago, Adrian purchased 100 shares of stock in X Corporation for $10,000. On December 30…

A: Introduction:- The loss must not be covered by insurance and must have occurred during the tax year…

Q: Zane, an individual, owns all of the outstanding common stock in XYZ Utilities Corporation. Zane…

A: Accumulated earnings and profits are the company profits after paying the stockholders dividends and…

Q: What is the tax impact on john's income from the stock options in 2016?

A: For the year 2016 :-As per Taxation rules, Stock option will be included in the taxable income as…

Q: On April 10, 2019, Shen paid $48,650 for corporate stock. Shen died on July 14, 2021, when the stock…

A: Given data, Purchase price of stock =$48,650 On July 14, 2021, when the stock was worth $29,190 For…

Q: Jhumel received cash dividends from her investment in the stocks of Jollibee foods Corporation…

A: Correct Answer = Option A = P0 Explanation As per the law dividend received from the domestic…

Q: Mr. Lion, who is in the 37 percent tax bracket, is the sole shareholder of Toto Inc., which…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 1,700…

A: The stock redemptions should be considered as exchange if they are substantially disproportionate…

Q: Samantha lives under an imputation tax system. Her income tax rate is 30%, which applies to all of…

A: Samantha 's each income is chargeable @ 30% tax rate due to imputation tax…

Q: Bedrock Incorporated is owned equally by Barney Rubble and his wife Betty, each of whom holds 1,000…

A: Dividends represent the distribution of profit earned among the shareholders of the company. It is…

Q: After several years of profitable operations, Javell, the sole shareholder of JBD Inc., a C…

A: As per mostly a corporation are entitled to 50% of dividend received from corporation which is now…

Q: Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 1,000…

A: E&P refers to the accumulated earnings and profits of the business entity and includes the…

Q: Mr. Ramos, a non-resident citizen, sold shares of stocks of a domestic corporation directly to a…

A: Capital gains refer to profit earned on the sale of capital assets. Ordinary income and capital…

Q: Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he…

A: In this question, we will calculate that  how much tax does Sri paid.

Q: After several years of profitable operations, Javell, the sole shareholder of JBD Inc., a C…

A:

Q: Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 1,000…

A: Tax Basis: Tax basis determines the original investment or cost of any asset or property for…

Q: antha lives under an imputation tax system. Her income tax rate is 35%, which applies to all of her…

A: The companies pay dividend out of the net income and this is paid to shareholders but shareholder…

Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…

A: Cost of securities = 20000 shares x 100 = P2000000 Sales price = P 4000000

Q: [The following information applies to the questions displayed below.] Three years ago, Adrian…

A: SOLUTION- Capital Gains/losses - When an asset is vended at a price that is less the price at which…

Q: Paula, chis Dave, unrelated individuals own 30 shares, 30 shares, and 40 shares respectively in Blue…

A: Introduction: Shares are usually classified into two types: equity and preference shares. Holders of…

Q: Calculate the applicable percentage tax.

A: Answer: Purchase price of shares = 5000 @P20 per share = P100,000 Sales price of shares = P 120,000…

Q: Carl contributes equipment with a $50,000 adjusted basis and an $80,000 FMV to cook Corporation for…

A: There are a few things Carl and his son should take into consideration while dealing with this…

Q: Karen purchased 100 shares of X-Corporation Stock in 2020. X-Corporation is registered and…

A: Working :-                                         Number of  shares  purchased by…

Q: Marshall Mathers , a non-resident alien not engaged in trade or business, owns 1,000,000 shares in…

A: Marshall Mathers owns 1,000,000 shares in MWC Inc which has a FAIR VALUE of P1/share So the total…

Q: Wildcat Company is owned equally by Evan Stone and his sister Sara, each of whom holds 1,000 shares…

A: Wildcat company Owned equally by Evan Stone and his sister Sara. Each of them holds 1000 shares in…

Q: On May 9, 2018, Calvin acquired 600 shares of stock in Hobbes Corporation, a new startup company,…

A: Note: As I can't find the double S that is given before the stock value so I denoted it as "The…

Q: Mr. Lion, who is in the 37 percent tax bracket, is the sole shareholder of Toto Incorporated, which…

A: A corporation tax is a direct tax which is often imposed on the income earned by a particular…

Q: Charlene owns a 70 percent interest in Maupin Mopeds, which is organized as a partnership. She wants…

A: The problem is the tax treatment of a more than 50 percent partner with a non-liquidating…

Q: Larry recently invested $29,500 (tax basis) in purchasing a limited partnership interest in which he…

A: Any loss from the source of income can be set-off with the income the same source of income. Like…

Q: Lily is the sole shareholder of Crimson Corporation (a C corporation). At a time when Crimson has a…

A: As we know that non-liquidating distribution is a dividend to the extent of E&P, return on…

Q: Sean, a shareholder of Crimson Corporation, is single and in the 35% tax bracket. This year, he…

A: Qualified dividend is defined as the dividend which falls under the tax rates of capital gain that…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.