Principles of Taxation for Business and Investment Planning 2020 Edition
23rd Edition
ISBN: 9781260433210
Author: Jones, Sally
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 11AP
a.
To determine
Compute the use tax that Ms. P owes to State C for the Jewelry purchased in State O.
b.
To determine
Compute the use tax that Ms. P owes to State C in the given situation.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day, Mariel sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45), All amounts given are total invoice prices.
Question: The Value-added tax payable of Mariel is:
Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VATtaxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices.
Question: The Overpayment of PCSI is:
As per Australian tax lawÂ
Emma runs a business selling scarves. She purchases the scarves directly from scarf makers in Cambodia and sells them in makers markets in Victoria. The following transactions have taken place during the 2020/21 income year. Please advise Emma as to the tax consequences of each of these transactions (from (a)-(d)), referring where appropriate to legislation in your answer:
Emma purchased $3,000 of scarves on 5 July from a scarf maker in Cambodia. The scarves were loaded onto a ship the next day and under the terms of the contract, Emma was to take ownership and control of the scarves once they were loaded on that ship. Half of the scarves were delivered to Emma on 8 August. The rest of the scarves were delivered directly to a customer in Indonesia on 10 August. The customer had purchased the scarves from Emma on 20 July.
Click or tap here to enter text.
Â
At 30 June, Emma had 30 scarves in stock. The scarves had cost her $3 each
Click or tap here to enter…
Chapter 1 Solutions
Principles of Taxation for Business and Investment Planning 2020 Edition
Ch. 1 - Prob. 1QPDCh. 1 - Prob. 2QPDCh. 1 - Prob. 3QPDCh. 1 - Prob. 4QPDCh. 1 - Prob. 5QPDCh. 1 - A local government imposed a new 2 percent tax on...Ch. 1 - Prob. 7QPDCh. 1 - Prob. 8QPDCh. 1 - Prob. 9QPDCh. 1 - Prob. 10QPD
Ch. 1 - Prob. 11QPDCh. 1 - Prob. 12QPDCh. 1 - Prob. 13QPDCh. 1 - Prob. 14QPDCh. 1 - One way for the federal government to increase tax...Ch. 1 - The Internal Revenue Code and Treasury regulations...Ch. 1 - Mr. Josh Kenney, a U.S. citizen and resident of...Ch. 1 - Prob. 2APCh. 1 - Prob. 3APCh. 1 - This year, State A raised revenues by increasing...Ch. 1 - Prob. 5APCh. 1 - Prob. 6APCh. 1 - Prob. 7APCh. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Mrs. Doyle, a resident of Rhode Island, traveled...Ch. 1 - Prob. 11APCh. 1 - Prob. 12APCh. 1 - Mr. and Mrs. Underhill operate a hardware store in...Ch. 1 - Prob. 14APCh. 1 - Wallis Company produces circuit boards in a...Ch. 1 - Prob. 1IRPCh. 1 - Prob. 2IRPCh. 1 - Bailey Company, which has offices in six states,...Ch. 1 - Prob. 4IRPCh. 1 - Yarrow Company orders 500,000 of office furniture...Ch. 1 - Acme Corporation was formed under the laws of...Ch. 1 - Prob. 7IRPCh. 1 - Prob. 8IRPCh. 1 - Prob. 9IRPCh. 1 - Mr. Imhoff, age 72, has lived in Los Angeles his...Ch. 1 - Prob. 1TPCCh. 1 - KTR Company earns a 10 profit on each unit of...
Knowledge Booster
Similar questions
- Aljur, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle sells the same goods to alex, a VAT taxpayer for P 89,600. alex on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Value-added tax payable of Kyle is:arrow_forwardColeen is a citizen and bona fide resident of Ireland. During the current year, she received the following income: Cash dividends of $2,000 from a U.S. corporation's stock. Interest of $1,000 on a U.S. corporation bond. Royalty of $100,000 from a U.S. corporation for use of a patent she developed. Rent of $3,000 from U.S. individuals renting her cottage in Maine. Identify the U.S. withholding tax rate on the payment of each item of income under the U.S.–Ireland income tax treaty and cite the appropriate treaty article. You can access the 1997 U.S.–Ireland income tax treaty on the IRS website, www.irs.gov. Note: Leave no answer blank. Enter zero if applicable.arrow_forwardXavyera is a citizen and resident of the Philippines. On July 8, 2021, she made donations to Xeng, a friend, of properties in Australia and Thailand. Donor's taxes paid in Australia and Thailand amounted to P95,000 and P10,000, respectively. The property in Australia had a fair market value of P800,000 while the property in Thailand had a market value of P400,000. How much was the donor's tax still due after credit for foreign donor's taxes?arrow_forward
- During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year?arrow_forwardDuring the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.arrow_forwardDenise​, a​ single, cash-method​ taxpayer, paid the following taxes in the current​ year: Denise​'s employer withheld $6,000 for federal income​ taxes, $1,600 for state income​ taxes, and $3,600 for FICA from her paychecks. Denise purchased a new car and paid $720 in sales tax and $100 for the license. The​ car's FMV was $24,000 and it weighed​ 3,000 pounds. The county also assessed a property tax on the car. The tax was 2​% of the​ car's value and $10 per hundredweight.Denise uses the car​ 100% of the time for personal purposes. Denise sold her house on May 1 of the current year. The​ county's property tax on the home for the year is $2,300​, payable on February 1 of the current year. The​ county's real property tax year is the calendar year. Denise​'s AGI for the year is $61,000 and her other itemized deductions exclusive of taxes are $9,900 ​(disregard any leap​ year).  Read the requirements.  Requirement a. What is Denise​'s deduction for taxes in the current​ year? ​(Assume…arrow_forward
- Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax). If congress increases the income tax rate such that Song’s average tax rate increases from 20 percent to 25 percent, how much more income tax will she pay assuming that the income effect is descriptive? What effect will this tax rate change have on the tax base and tax collected?arrow_forwardJake a US citizen, has foreign income of $20,000 and paid a tax of 2000 on this income. His income from all sources (including foreign) is $200,000 and his total US tax on that income is $34,000. what is the amount of his foreign tax creditarrow_forwardIn 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of Php 100,000.00 after winning the bid. ABC Corp. purchased the goods it sold from from XYZ Corp., a VAT-registered taxpayer at a cost of Php 50,000 .00 How much is the percentage tax required to be withheld by the BIR?arrow_forward
- EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020:  To his brother in Canada,   a Volvo car valued at    P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000.  Round your answer to the nearest peso. (e.g. 101.50 = 102)  How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?arrow_forwardRoxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation?  Multiple Choice  $0  $140 to Virginia  $140 sales tax to Virginia and $28 use tax to Maryland  $168 to Marylandarrow_forwardJenna paid foreign income tax of $3,194 on foreign income of $15,968. Her worldwide taxable income was $125,000, and her U.S. tax liability was $31,000.  Required:  What is the amount of the foreign tax credit (FTC) allowed? What would be the allowed FTC if Jenna had paid foreign income tax of $6,400 instead?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
