Cost of the principal residence (property was acquired in 2000) Fair market value of land as per tax declaration (based on the latest tax declaration) Fair market value of house as per tax declaration (based on the latest tax 2,000,000 3,000,000 2,000,000
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- 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? Group of answer choices a. RDO in Makati b. RDO in Manila c. RDO in…48. 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. How much is the capital gains tax due, if any?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?
- Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $26,000 Selling price 93,600 Selling expenses 1,250 Down payment 10,500 Four installment payments 15,600 Mortgage assumed by the buyer 20,700 Required: Each installment payment is due on September 1 of 2020, 2021, 2022, and 2023 (ignore interest). Determine the tax consequences in 2019, 2020, 2021, 2022, and 2023. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.)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 $1,009Tom has a successful business with $100,000 of taxable income before the election to expense in 2019. He purchases one new asset in 2019, a new machine which is 7 -year MACRS property and costs $25,000. If you are Tom's tax advisor, how would you advise Tom to treat the purchase for tax purposes in 2019? Why? ______________________________________________________________________________ ______________________________________________________________________________