1. Miguel provided the following data on the sale of her personal property sold in 2019 | held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 2021
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- Ken derived the following in the year 2021:(i) Rental surplus of $5,000 from Property 1.(ii) Rental deficit of ($6,000) from Property 2.(iii) Interest income of $12,000 from maturity of fixed deposit placement with DBS Bank, an approved bank in Singapore.(iv) Commission of $10,000 from brokering a property rental arrangement.What is Ken’s taxable income for Year of Assessment 2022? Group of answer choices a) $9,000. b) $10,000. c) $21,000. d) $27,000.Pedro sells investment land on September 1, 2020. Information pertaining to the sale follows: Adjusted basis $ 12,000 43,200 Selling price Selling expenses Down payment Four installment payments Mortgage assumed by the buyer Required: Each installment payment is due on September 1 of 2021, 2022, 2023, and 2024 (ignore interest). Determine the tax consequences in 2020, 2021, 2022, 2023, and 2024. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.) Year 2020 2021 2022 2023 2024 Total Gain Recognized $ 600 4,000 7,200 10,400 0A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00
- 6. A taxpayer sells a vacation home in 2019 for $150,000 that has an adjusted basis $115,000. The purchaser pays cash of $30,000, assumes the existing mortgage of $110,000, and signs an installment note for the remaining $10,000 plus interest. What is the amount of the total contract price? 6. O a. $30,000 o b. $40,000 Oc. $115,000 o d. $150,0002-7. The taxpayer is a real estate dealer Consideration on the sale, per deed of sale Zonal value Fair market value in the assessment rolls P4,000,000 4,200,000 4,500,000 Payments, as follows: May 5, 2018 (date of sale) November 9, 2018 May 5, 2019 November 5, 2019· Value-added tax shown in the deed of sale? Output value-added tax on May 5, 2018 col- lection? 500,000 500,000 1,500,000 1,500,000How much is the gross income under accrual basis? A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 O 2019: P800,000; 2020: P920,000
- LO.2, 3, 4, 5, 6, 7 For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of 350,000. Their itemized deductions are as follows: Calculate the amount of itemized deductions the Gibsons may claim for the year.On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.Alice purchases a rental house on August 22,2019, for a cost of $174,000. Of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the cost of the land. What is Alice's maximum depreciation deduction for 2019 using MACRS? $2,373 $1,970 $1,364 $1,061 $1,009