X is a resident citizen, realized the following gains from the sale of assets: Capital Gains on sale of shares of a domestic corporation not traded thru PSE (Selling price of P1,120,000, Cost of P1,000,000) - P120,000 Gain on sale of shares of a domestic corporation sold in the PSE (Selling Price of P115,000, Cost of P90,000) - P25,000; Gain on sale of real property located in the Philippines (Selling price P2,000,000, FMV P3,000,000;)- P500,000; Gain on sale of real property abroad (Selling price of P2,000,000, Cost of P1,700,000) - P300,000;

Q: Carlo, not a dealer in securities, had the following transactions on ordinary shares of JJ Co. (a…

A: Capital gains:  The gains are derived from the sale of investment in assets such as shares,…

Q: Pursuant to a corporate reorganization, Katie exchanged 1,000 shares in Burton Corp. with a basis of…

A: Realised Loss, from reorganization  =  Fair value of Stock received + Cash boot received - Adjusted…

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: Blue Corporation, a C-Corporation, has E&P of $300,000.  Blue Corporation distributes land to…

A: When a corporation distributes land to shareholders, Then Shareholders dividend = FMV -liability To…

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

A: A non-liquidating distribution made by a business organization is: A dividend to the extent of…

Q: Mai is going to contribute the following assets to a business entity in exchange for an ownership…

A: Business entity-: An Business entity is an institution built by one or additional individuals to…

Q: , King is a stockholder of Ara Corporation, In 2018, he received as dividend from the latter 150…

A: Stock Dividend describes the dividend payment made to shareholders in form of own company's shares…

Q: 1. Ciabatta Corporation made a cash distribution on December 31 of $90,000 each to Giselle (owns…

A: If CEP is => Amount of distribution then it is a taxable dividend to shareholder then whether AEP…

Q: Rachelle transfers property with a tax basis of $740 and a fair market value of $935 to a…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation…

A: An individual is subject to tax on capital gains derived from sale of shares not traded on stock…

Q: Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation…

A: Capital gains tax is Philippines has separate rates than ordinary income, regular tax rates is…

Q: Mr. Chua sold shares of stocks of a resident foreign corporation directly to a buyer. The shares…

A: Capital gain means the gain that is earned by assets, stock, and real estate property. In the stock,…

Q: Antoine transfers property with a tax basis of $510 and a fair market value of $671 to a corporation…

A: The fair market value of an asset is the value which is received at the time of sale of an asset in…

Q: Question: May Miya demand from Maria P250,000.00 as her share in the debt? Explain.

A: Miya and Maria owed Mark = 500000  ( advancing their equity in a corporation they joined as…

Q: Grace sold directly to a buyer her domestic shares with fair market value of P400,000 for P300,000.…

A: Capital gains tax: Capital gains tax is the taxes levied on the profit made out of sale of…

Q: John is the sole shareholder of Maggy Corporation, a qualified D corporation. At January 1, Year 1,…

A: Ordinary income =$10,000Interest income =$1,000Nondeductible expenses= $2,000Real estate rental loss…

Q: Mai is going to contribute the following assets to a business entity in exchange for an ownership…

A: The question contains multiple sub-parts, the 1st three sub-parts are answered here. Please post the…

Q: Helen owns 12.7% of the stock of the Median Corporation. If Median makes a dividend payment of…

A: % own of Median Corporation = 12.70% Dividend Paid = $30,000,000

Q: As a result of this decision, what is Malcolm’s basis in his S corporation stock immediately prior…

A:

Q: Noi and Tu share equally in the profits, losses, and capital of the accrual basis NT Products LLC.…

A: (a). Assuming that Noi's capital account reflects an accurate number for basic purposes, her…

Q: Mr. Redmare, a resident citizen of the Philippines, had shares of stock of a domestic corporation…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products…

A: Amy and Mitchell are equal partners in LLP Therefore, share of Amy = 1/2th share or 50%  Beginning…

Q: Wendell owns 100% of the outstanding stock of Group Corporation. During the current year, Wendell…

A: Issuance of stock in exchange for property (non-taxable @NBV)   Non-taxable transaction under…

Q: Gamma Corporation distributes land to its sole shareholder, Lisa. The land has a basis to the…

A: Basis of an asset is the total cost of an asset to the purchaser of the asset. It will include all…

Q: Q is the sole shareholder of the T Corporation. At the beginning of the current year, Q’s basis in…

A: Capital gain: Gain arising out of the sale of any capital asset is known as a capital gain. Capital…

Q: Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000…

A:

Q: Sam owns all of the shares of X Ltd. Sofia owns all of the shares of Y Ltd. The owners plan to…

A:

Q: Tax Consequences to Shareholders. R Corporation, which has substantial E&P, redeems 50 of T's 70…

A: R corporation has substantial E&P, redeems 50 of T's 70 shares. (Basis of $100 per share) for…

Q: Wineseller Corporation is owned by Mortimer Smith, its sole shareholder.  Mortimer has a $20,000…

A: Distributions made by a corporation to its shareholders are treated as follows: 1. Treat as…

Q: Individual C owns all of the shares of Cee Ltd, a Canadian-controlled private corporation holding…

A: Paid Up Capital (PCB)- It is that amount of share capital which is already issued and allotted to…

Q: on. The investment represents 20% of the outstanding shares of BB. During the year, BB declared…

A: The dividend income is subjected to taxes and these dividend in paid by the some companies in the…

Q: ms. In 2021, SHE had provided you, its CPA, with the following information ab activities: ross…

A: Net Taxable Income: It is the income of a company or corporation after deducting the allowable…

Q: Nicanor, resident citizen, sold his shares of stock from ABC Corporation, a foreign corporation…

A: a. Only S1 is true

Q: Waterloo Wholesale Ltd. (WWL) is wholly owned by Barbara, a resident of Canada, who also owns allof…

A: The small business deduction is 19% for the year 2020. The rate is applied to the net active…

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: lie forms Broadbill Corporation by transferring land (basis of $125,000, fair market 375,000. One…

A: A mortgage is a loan that allows a person to purchase a home or other property. It is provided by a…

Q: Accounting On March 19, 2022, Rick and Michelle form Road Runner Corporation as equal 50/50…

A: Step: 1   Required a) Tax consequences of formation of the Corporation are as below:…

Q: der in each of the follow independent cases. In all cases, assume that the 80% test is met. a.…

A: The basis of a stock is the purchase price less commissions and other costs. When a security is…

Q: a) In the O/S column above, write ‘O’ for any ordinary business items and write ‘S’ for any…

A: Ordinary income: Income which is taxable at ordinary tax rate is known as ordinary income. Ordinary…

Q: X Corp, a personal holding company, is owned by two individuals and has gross income as follows:…

A: Gross profit from sales $30000 Tax free interest $3000 Dividend $5000 Taxable interest $40000…

Q: Antoine transfers property with a tax basis of $510 and a fair market value of $671 to a corporation…

A: Tax is a liability for an individual and firm that is paid to the government that acts as revenue…

Q: Brett and Illain formed a new Corporation by transferring the following assets in exchange for…

A: Brett transferred property having FMV of $1000000, in consideration he received 200 shares and…

Q: ain Content Bob and Joan incorporate their partnership and elect to be taxed as an S Corporation. At…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Noi and Tu share equally in the profits, losses, and capital of the accrual basis NT Products LLC.…

A: The question is based on the concept of Financial Accounting.

Q: eholder in Vault Storage, Inc., an S corporation. Vault Storage had capital gains during the tax…

A: Capital gains refer to the profit gained by an entity after selling an asset or an investment in the…

Q: Amy and Mitchell share equally in the profits, losses, and capital of the accrual basis AM Products…

A: Amy and Mitchell are equal partners Amy share in company = 50% or 1/2th share Amy's beginning…

Q: Diego transfers real estate with an adjusted basis of $415,200 and fair market value of $581,280 to…

A: Given that: Adjusted basis for stock = $415,200 Fair market value = $581,280 Liability on…

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: Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000.  Robin also…

A: As per guidelines we are supposed to answer only one question (if there are multiple questions…