alculate Prop erty Income and apital Gains
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- On 1 July 2000, Genevieve purchased a property in Sydney for $300,000 Her intention was to use it for income producing purposes and it was Immediately made available for rent. It remained available for rent until it was sold. She sold the property on 31 December 2019 for $600,000. Required: Based on this information, calculate the Net Capital Gain, if any, to be included in Genevieve's assessable income for year ending 30 June 2020In October 2019, Old MacDonald sold some farm cottages for $90,000 and incurred legal fees of $1,200. The cottages were originally acquired in October 1999 for $40,500. Calculate the capital gain or loss that Old MacDonald must include in his income tax return for the year ended 30 June 2020 assuming he has no other capital gains for the year and no carried forward losses. a. $24,150 b. $49,500 c. $24,750 d. $0Maria, Bakka and Osing are the heirs of Jaime who died on September 1, 2019/ The properties of jaime comprised solely of real property valued at P50,000,000 at the time of death. The property is primarily deriving rental income.In 2020, the property remained undivided and it derived a net rental income of P15,000,000. What amount should each heir report in their individual returns as their share in the net rental income of the property they inherited?
- Required information [The following information applies to the questions displayed below.] Moran owns a building he bought during year 0 for $221,000. He sold the building in year 6. During the time he held the building, he depreciated it by $36,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. c. Moran received $177,000. Answer is complete but not entirely correct. Required information [The following information applies to the questions displayed below.] loss) J Moran owns a building he bought during year 0 for $221,000. He sold the building in year 6. During the time he held the building, he depreciated it by $36,250. c. Moran received $177,000. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the…Jacob purchased business equipment for $144,900 in 2018 and has taken $86,940 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $65,205. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has § 1245 gain of $fill in the blank 1 and § 1231 gain of Sfill in the blank 2.Job purchased land as an investment on January 12, 2018, for $80,000. On January 31, 2021, Job sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $62,000 on the land. What is the amount realized (not gain realized) on the sale of the land? a.$10,000 b.$23,000 c.$95,000 d.$103,000 e.None of these choices are correct.
- c. wnat amount of the gain or 1oss IS subject to orainary tan raic Brantley owns an automobile for personal use. The adjusted basis is $19,500, and the FMV is $16,000. Assume Brantley has owned the automobile f a. Respond to the following if Brantley sells the vehicle for S16,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040? Respond to the following if Brantley sells the vehicle for $20,000. (1). What is the amount of realized gain or loss on the sale? (2). What is the amount Brantley will recognize on his Form 1040?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 $256,600 51,320 64,150 $372,070 a. How much of the $372,070 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations.Ms. Cruz, a licensed real estate broker obtained a net listing of P6,500,000.00. She sold the property at a price which is inclusive of her 5% commission, capital gains tax and documentary stamps. The Deed of Sale provides that the buyer will pay for the transfer and registration fees. At how much was it sold?
- Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $238,600 Goodwill 47,720 Covenant not to compete 59,650 Total $345,970 a. How much of the $345,970 purchase price is for Section 197 intangible assets? $4 b. What amount can Derek deduct on his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations. $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