Steve Chan sold the following assets during the current year: Item Sales Price Cost Diamond Ring $1,200 $800 Gold Coin Collection $1,900 $1,100 Rare Book $800 $1,100 Vintage Car $14,500 $15,000 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? a) $100 b) $150 c) $200 d) $400
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- Mike sold the following assets during the current year: Painting Stamp collection Car Antique desk O a $654 O b. $788 Sales price O c. $1,310 O d. $655 2,508 600 708 1,181 Cost 885 1,200 1,406 Which one of the following amounts represents his taxable capital gain, net of allowable capital losses, for tax purposes during the current year? 1,379Joe sold his coin collection for proceeds of $1,200. The collection had a ACB of $500. What must Joe claim as a taxable capital gain on this disposition? a) $100 b) $200 c) $700 d) $1,000Mr. Reyes disposed his principal residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Reyes P1,000,000 and had a fair market value of P2,500,000 on the date of sale.Compute the capital gains tax to be deposited in escrow.
- Henry and Jane, MFJ (taxable income is $305,000 before considering any of the items below), sold the following assets during the year: Asset Sale Price Tax Basis Gain or Loss Holding Period ABC Stock $ 51,000 $ 25,500 $ 25,500 More than One Year XYZ Stock $ 13,000 $ 9,750 $ 3,250 Less than One Year Stamp Collection $ 11,000 $ 5,500 $ 5,500 More than One Year RST Stock $ 14,000 $ 20,000 $ (6,000) Less than One Year Rental Home $ 101,000 $ 50,500* $ 50,500 More than One Year *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also has $5,000 of dividends which are not included in the $305,000. What is Henry’s total tax liability?erry has given you the following information on his capital gains and losses for the current income year (2020), for the preparation of his tax return. There are no other capital losses. Asset Sale date Purchase date Gain/(loss) Investment property 20/5/2020 21/3/84 $200,000 Shares 06/02/2020 02/8/2019 $20,000 Antique coins 31/01/2020 12/11/2019 ($2,000) What is Jerry’s net capital gain? Select one:$10,000None of these$18,000$20,000$220,000Mr. B disposed his principal 2 points residence for P2,000,000 and immediately acquired a new one for P1,800,000. The old residence cost Mr. Antonio P1,000,000 and had a fair value of P2,500,000 on the date of sale. Compute the capital gains tax to be deposited in escrow. Your answer
- The following independent cases involve the value of a closely held business in the decedent's gross estate. Reported Value Corrected IRS Valuation $25,000 150,000 250,000 500,000 a. b. C. d. Compute the undervaluation penalty for each assuming a marginal Federal estate tax rate of 40%. If there is no penalty, enter "0". b. C. $20,000 100,000 150,000 150,000 d. Reported Value $20,000 100,000 150,000 150,000 Undervaluation Penalty 0 18,000 X 175,000 Xthe purchase for tax purpo 6. Derek purchases a small business from Art on August 30, 2022. He paid the following amounts for the business: Fixed assets Goodwill Covenant not to compete Total $170,000 50,000 20,000 $240,000 a. How much of the $240,000 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? Annie develops a successful tax practice. She sells the practice to her friend CarolMr. Antonio disposed his principal residence for P2M and immediately acquired a new one for P1.8M. The old residence cost Mr. Antonio P1M and had a fair market value of P2.5M on the date of sale. Compute the capital gains tax to be deposited in escrow a.0b.P60,000c.P120,000d.P150,000
- Mike sold the following personal use property during the current year: Painting Stamp collection Outboard motor Antique desk Sales Price Cost $2,500 $ 800 600 1,200 900 100 1,300 1,950 What is his taxable capital gain, net of allowable capital losses, for the current year? $625. $650. $325. $750. 13The Morris Townsend Estate received $2000 of taxable interest income and $1000 of tax exempt interest income. It had no expenses. The estate distributed $4000 to beneficiaries. How much is its income distribution deduction? A. $1000 B. $2000 C. $4000[The following information applies to the questions displayed below.] During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Holding Period > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. Capital Asset L stock M stock N stock 0 stock Antiques Rental home Market Value $ 53,800 31, 800 33, 800 29, 800 10, 800 303, 800* Gross tax liability Tax Basis $ 42,900 42, 800 23,900 36, 800 5,900 91, 900 a. Given that Ron and Anne have taxable income of only $18,100 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2023 assuming they file a joint return?