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…
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A: Capital gain tax is the tax on sale of capital assets during the year.
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A: Introduction: Mortgage: Mortgage is defined as debt security in which the loan is backed by an asset…
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A: Which of the following is most likely not a trade transaction for income tax purposes? A. In…
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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…
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A: The benefits which are provided by the employer which acts as job satisfaction to the employees are…
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A: Capital Gains When the asset is sold and the realizable value is more than the capital asset’s value…
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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…
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A: Gifts Tax is the tax payable by the donor when a gift of more than the standard applicable limit of…
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A: Following is the recognized gain and new tax basis will be as follows
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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…
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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…
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Q: Simon's employer is considering improving Simon's current remuneration package by offering him a…
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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…
Mang Antoy sold his land located in Bulacan to Mang Batak, who intends to use the land as site of his ABC Factory. Mang Batak paid P500,000 to Mang Antoy for the land which has a fair market value of P700,000 at the date of sale. How much would be the tax on the transfer of ownership?
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- Ms. Iniwan Sa Ere owns a residential house in a municipality located in Metro Manila. The fair market value of her house is ₱12 million. The Sangguniang Bayan of the Municipality fixed the assessment levels and tax rate based on the maximum allowable rates provided in RA 7160. The real property tax of Ms. Ere would be? a. ₱168,000.00 b. ₱192,000.00 c. ₱120,000.00 d. ₱144,000.00 e. ₱96,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Ms. Ere would be? a. Metropolitan Manila Authority-₱42,000.00; Municipality-₱42,000.00; Barangays-₱36,000.00 b. Metropolitan Manila Authority-₱58,800.00; Municipality-₱58,800.00; Barangays-₱50,400.00 c. Metropolitan Manila Authority-₱50,400.00; Municipality-₱50,400.00; Barangays-₱43,200.00 d. Metropolitan Manila Authority-₱33,600.00; Municipality-₱33,600.00; Barangays-₱28,800.00 e. Metropolitan Manila Authority-₱67,200.00; Municipality-₱67,200.00; Barangays-₱57,600.00Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at a consideration of P1 Million. In 2021, the land , which remained undeveloped and idle, had a fair market value of P20Million. Mr. Ayala, another Filipino citizen, is very much interested in the property and he offered to buy the same for P20 Million. The Assessor of Makati City re-assessed in 2021 the property at P10 Million. Should Mr. Espiritu agree to sell the land to Mr. Ayala in 2022 for P20 Million, subject to the condition as stated in the Deed of Sale that the buyer shall assume the capital gains tax thereon, how much is the income tax due on the transaction?Nicanor sold his rest house in Pangasinan for P 8,000,000. The Fair market value of the rest house at the time of sale is P 10,000,000 as determined by the BIR. Independent appraiser valued the property at P 20,000,000. If Nicanor utilized P 8,000,000 of the proceeds of the sale in acquiring a new principal residence, the capital gains tax due is?
- How much is the Gross Estate? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000 when…Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the land transfer tax affidavit , the value of the land, building, fixtures, and goodwill subject to land transfer tax is $800,000 and the value of chattels included in the transaction is $5,000. Calculate the land transfer tax and the harmonised sales tax (HST) payable on the transaction.1 Suppose the taxpayer originally purchased the machinery by paying $12,000 in cash and giving the seller a note for $12,000. When she sold it she received $38,000 in cash and the buyer assumed the $12.000 note. a. What is the amount realized? b. What is the adijusted basis of the machinery? c. What is the gain on the sale of the machinery?
- How much is the Ordinary Deduction? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For taxation purposes, how much shall be subject to transfer tax (in this case, donor's tax)? P40,000 P100,000 P400,000 P460,000Delta Corporation bought a condominium unit for P6,000,0000. The fair market value of the property per tax declaration is P6,800,000 while the zonal value is P6,500,000. It was transferred in the name of Pedro, one of its executives, for a lower consideration amounting to P5,800,000. How much is the fringe benefits tax?
- a) Arijit sold a piece of land for $ 110,000 cash. Arijit originally purchased the land for 68,000 and there are no liens or other obligations attached to the land. What is the gain or loss that Arijit will recognize for income tax purposes? b) If Arijit had sold the land for $ 110,000 for which he had paid $ 144,000 and the buyer also assumed a $ 30,000 note payable attached to the land what would be Arijit's gain or loss from the sale?51. On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return?Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?