uch would be the tax on the transfer of ownership?

Q: How to Compute for the fringe benefits tax due in the scenarios. In 2018, Delta Corporation bought…

A: Fringe benefit tax is the tax levied by the central or state government for the benefits provided by…

Q: Janine is currently in need of cash and plans to sell some of his capital assets.   Which of the…

A: Capital gain tax is applicable on the capital assets of the business.…

Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…

A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…

Q: Kara sold to Mia shares of stock of a foreign corporation at a selling price of P1,000,000 with an…

A: Answer: As per Bureau of revenue department at Philippines, the capital gain is applicable for the…

Q: purchased a piece of land in 2001 for P500,000 when it was worth 450,000. He transferred the…

A: The estate and gift tax is imposed on bequests at death and on inter-vivos (during lifetime) gifts.…

Q: Required: Advise the real property gains tax implication to both parties, if any, of the gift of…

A: Capital gain: Capital gain can be defined as the gain arising out of the sale of fixed asset more…

Q: Juan, a non-resident Filipino, sold his stocks in San Gabriel, Inc., a domestic corporation,…

A: Capital gain tax is the tax on sale of capital assets during the year.

Q: (a) What are the tax consequences to Adams and Newco? Assume Adams had paid only $30,000 of the…

A: Introduction: Mortgage: Mortgage is defined as debt security in which the loan is backed by an asset…

Q: Which of the following is most likely not a trade transaction for income tax purposes?

A: Which of the following is most likely not a trade transaction for income tax purposes? A. In…

Q: Biden sold an investment property that has a market value of $750,000 to his daughter for the amount…

A: The capital proceeds represent the proceed of CGT asset that is greater or lower than the market…

Q: Mr. XYZ, is negotiating to buy a parcel of property for his business. The seller of the property is…

A: The prices to assign to a hard and fast quality square measure its purchase cost and any…

Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…

A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046

Q: Jose obtained a loan from Pedro amounting to PhP1 Million. As a security, Jose mortgaged his land…

A: Here in this context Jose obtained loan from Pedro amounting to Php 1 Million as a security of…

Q: a citizen and resident of the Philippines, sold to Mr. B on July 1, 2019 a piece of land held as…

A: If Buyer (Mr. B) is an individual not engaged in trade or business, the Tax calculation is as…

Q: fringe benefits tax

A: Fringe benefits refer to the amount given to the employee in addition to their wages. These are paid…

Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was…

A: The benefits which are provided by the employer which acts as job satisfaction to the employees are…

Q: Sherborne sold his rental house in California, for a sales price of $750,000. He recognized a…

A: Capital Gains When the asset is sold and the realizable value is more than the capital asset’s value…

Q: Park, a Filipino-Korean actor, inherited parcel of land located in Clark Pampanga from his mother…

A:

Q: On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto,…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive.…

A: Concept of Fringe Benefit Tax

Q: 48.) PLEASE ANSWER NOW PLEASE

A: Capital gain tax is calculated on principal residence @ 6% of the…

Q: Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at…

A: Capital Gain refers to the difference between the sale and purchase of assets.

Q: ABC Company owns a condominium unit in “The XYZ Residences” which is near the factory and the…

A: The question is based on the concept of Taxation.

Q: From the following details of sale of a principal residence located in the Philippines by a resident…

A: Calculation of capital gain liability are as follows.

Q: Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands…

A: It is charged on transmission of property by resident and non-resident decedents. It is based on…

Q: A resident citizen taxpayer sold a principal residence located in the Philippines. Other data…

A: Introduction: The net price is the price at which a product or service is sold after all taxes and…

Q: Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory…

A: Fringe benefits are described as extra rewards provided to employees in addition to their stated…

Q: 1 Suppose the taxpayer originally purchased the machinery by paying $12.000 in cash and giving the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Delta Corporation bought a condominium unit for P6,000,0000.

A: Solution: Gross Monetary Value for the employee is monetary benefit divided by 68%. And then the tax…

Q: Kelvin is a Malaysian who had acquired condominium for RM550,000 on 14th January 2010 and incurred…

A: Gifts Tax is the tax payable by the donor when a gift of more than the standard applicable limit of…

Q: An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of…

A: The question is related to taxation

Q: Charles exchanged land used in his business plus 26,000 in cash for like-kind real estate. Charles…

A: Following is the recognized gain and new tax basis will be as follows

Q: Advise the real property gains tax implication to both parties, if any, of the gift of property from…

A: Capital gain is the amount of profit earned by the taxpayer or the business entity upon the sale or…

Q: 2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second…

A: Donation tax is calculated at the rate of 6% on the amount of gift donated less the exempted gift…

Q: A taxpayer exchanged land held for investment for another parcel of land. The transfer qualifies as…

A: Land Basis: $330,000 Mortgage Amount: $50,000 Taxpayer will be receiving a parcel of land whose fair…

Q: Craig owns a piece of land that he'd like to use in a new business. He will transfer the land into a…

A: Capital gain: Gain arising out of sale of capital asset is known as capital gain. It can be short…

Q: Craig owns a piece of land that he'd like to use in a new business. He will transfer the land into a…

A: Dividend-: 'Dividend', normally, implies the amount paid to or collected by a shareholder in…

Q: 5. Mr. Pinoy, a resident citizen, sold to John on July 1, 2020 a piece of land held as capital asset…

A: The case of sale of purchase of Land is being evaluated below.

Q: The real property tax of Ms. Ere would be?

A: As per our protocol we provide solution to the one question only but as you have asked two multiple…

Q: 52. Nicanor sold his rest house in Pangasinan for P 8,000,000. The Fair market value of the rest…

A:

Q: a) Arijit sold a piece of land for $ 110,000 cash. Arijit originally purchased the land for 68,000…

A: Gain or (loss) = selling price  - purchase price

Q: Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book…

A:

Q: Simon's employer is considering improving Simon's current remuneration package by offering him a…

A: The term Leave passage means travelling during a period of absence or vacation from duty or…

Q: 5. Uste company owns a condominium unit in "The One Residences" which is near the factory and the…

A: Fringe benefits seem to be supplementary rewards given to the employees in addition to their base…

Q: EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020:…

A: Answer:-  Donation tax definition:- Donation can be defined as something that is given to charity to…

Q: John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece…

A: Capital gain:- Capital gain is defined as the profit which is received from the sale of asset. The…

Q: Shari exchanges an office building in New Orleans (adjusted basis of $500,000) for an office…

A: Realized gain = value of office building in Baton Rouge - value of office building in Orleans…