Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory employee. The property has a zonal value of P3,500,000. Fair market value is P3,000,000. What is the fringe benefit tax? 80,769 O 94,231
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- Ed owns investment land with an adjusted basis of 35,000. Polly has offered to purchase the land from Ed for 175,000 for use in a real estate development. The amount offered by Polly is 10,000 in excess of what Ed perceives as the fair market value of the land. Ed would like to dispose of the land to Polly but does not want to incur the tax liability that would result. He identifies an office building with a fair market value of 175,000 that he would like to acquire. Polly purchases the office building and then exchanges the office building for Eds land. a. Calculate Eds realized and recognized gain on the exchange and his basis for the office building. b. Calculate Pollys realized and recognized gain on the exchange and her basis in the land.Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value of P2,800,000, a zonal value of P3,200,000, and an appraisal value of P3,500,000. What is the capital gains tax? P 0 P180,000 P192,000 P210,000Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. The Sangguniang Panlungsod fixed the assessment levels based on the maximum allowable rates provided in RA 7160. The assessment level of his building would be? a. ₱6,000,000.00 b. ₱5,000,000.00 c. ₱7,500,000.00 d. ₱4,000,000.00 e. ₱3,500,000.00 Using the information above, assume that the Sangguniang Panlungsod levy the maximum rate based on RA 7160, the real property tax would be? a. ₱80,000.00 b. ₱70,000.00 c. ₱120,000.00 d. ₱100,000.00 e. ₱150,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Mr. Maginoo would be: a. City-₱70,000.00; Barangay where the property is located-₱15,000.00; and To be equally distributed to all component Barangays-₱15,000.00 b. City-₱105,000.00; Barangay where the property is located-₱22,500.00; and To be equally distributed to all component Barangays-₱22,500.00 c. City-₱49,000.00; Barangay where the property…
- B Ltd owns various apartment blocks as investment property in terms of IAS 40 – Investmentproperty. On 1 October 2021, B Ltd decided to sell one of its commercial properties - AlphaBlock.This property had a fair value of R15 million and was reflected as such in the financial statementsdated 31 December 2020. The fair value on 1 October 2021 was R17.5million. The directors haddecided to redevelop the Alphablock before selling it. B Ltd measures all investment propertyusing the fair value method.Required:• Explain how B Ltd should classify Alphablock in the financial statements up until 1 October2021 and how, if at all, this would change thereafter.• As part of your explanation, state at what value Alphablock should be reflected in thefinancial statements at both 1 October 2021 and thereafterVan Industries and Frat Corporation trade land in 2021. Van has an adjusted basis of $740,000 in land, whereas Frat's land has a fair market value of $700,000 and an adjusted basis of $660,000. a. What are Van's realised and acknowledged benefits? b. What are the realised and recognised profits to Vans if Frat additionally pays $80,000 in cash to Van? What exactly is Van's stake in the newly purchased land? Could you please show me the work? I'm stumped. Thanks!c c. What are Vee's realised and recognised gains if Form it assumes a $100,000 recourse loan on his land? What is Vee's stake in the newly purchased property?Momo Company has a single investment property which had originally cost P2,320,000 on January 1, 2023.At December 31, 2023 its fair value was P2,040,000. On Acquisition, the property had a useful life of 40years. According to PAS 40 – Investment Property, what should be the expense recognized in Momo’sprofit or loss for the year ending December 31, 2023 under each of the fair value model and the costmodel?Fair value model Cost model Fair valuemodel Cost model A. 58,000 120,000 C. 58,000 106,000B. 62,000 120,000 D. 120,000 120,000
- How to Compute for the fringe benefits tax due in the scenarios. In 2018, Delta Corporation bought a condominium unit on installment for the use of its executive. The acquisition cost inclusive of 12% interest is P6,720,000. The fair market value of the property per tax declaration is P6,800,000, while the zonal value is P6,500,000. How much is the fringe benefits tax? Assuming that the ownership over the property will be transferred to the executive, how much is the fringe benefits tax?During 2021, Van Industries exchanges land with Frat Corporation. Van’s adjusted basis in land is $740,000 and the land Frat provides has a fair market value of $700,000 and an adjusted basis of $660,000. a. What are the realized and recognized gains to Van? b. If Frat also pays $80,000 cash to Van, what are the realized and recognized gains to Vans? What is Van’s basis in the acquired land? Will you please show the work I am lost on this one. Thanks! c. If Form it instead assumes a $100,000 recourse loan on Vee’s land, what are the realized and recognized gains to Vee? What is Vee’s basis in the acquired land?On October 7, 2020, Grace Gems purchased a basket of assets for the lump-sum price of $150,000. The fair market values of the assets Grace purchased were as follows: U.S. government securities $10,000 Land 36,000 Building 90,000 Equipment 15,000 Furniture 9,000 What is Grace's basis in the building? $84,375 $90,000 $105,000 $114,000
- Kris, Inc. sold its vacant lot to Moca Corp. for P 10,000,000 which it acquired at a cost of P 5,000,000. The fair market value of the said property per tax declaration is P 12,000,000, while its zonal value is P 15,000,000. How much is the income tax applicable on the transactions? P 1,500,000 P 900,000 P 720,000 P 600,000Sisig Corp. purchases a building with land at a cost of P100,000,000. In the sale and purchase agreement, P20,000,000 of the purchase price is attributed to the land. The building consists of 12 floors of equal space. Sisig Corp. also incurs the following costs in connection with the purchase of the property: legal and agency fees, P3,000,000; soft-launching cost to market for tenants; P500,000 and administrative expenses, P200,000.Assuming Sisig Corp. cannot sell the floors separately and uses one-half of the ground floor or 5% of the entire building for administrative purposes, and the rest of the floor area are let out to tenants, at what amount the investment property should be initially recognized?During 2022, Twenti Company, had the following transactions: On January 2, Twenti purchased the net assets of Terti Company for P360,000. The fair value of Terti’sidentifiable net assets was P172,000, Twenti believes that, due to the popularity of Terti’s consumerproducts, the life of the resulting goodwill is unlimited. On February 1, Twenti purchased a franchise to operate a ferry service from the state government forP60,000 and an annual fee of 1% of ferry revenues. The franchise expires after five years. Twentireceived P20,000 of ferry revenues in 2022. On April 5, Twenti granted a patent that had been applied for by Terti. During 2022, Twenti incurredlegal costs of P51,000 to register the patent and an additional of P85,000 to successfully prosecute apatent infringement suit against a competitor. Twenti estimates the patent’s economic life to be tenyears.Twenti has determine that it is appropriate to amortize these intangibles on the straight line basis over themaximum period…
