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- If Sheena generates 600,000 profit for this period and incurs expenses amounting to 505,000, how much shall be allocated as his profit/loss? a. 600,000 profit b. 95,000 loss c. 95,000 profit d. 505,000 loss e. 600,000 lossSophia derived a total compensation of P350,000. She also derived income from the sale of her personal jewelry in the amount of P50,000. Which of the following statement is true? a. Sophia will declare only her income from compensation because the income from jewelry is unrelated. b. Sophia will show BIR two computations of taxable income. One for the taxable compensation and the other for the income from jewelry. c. Sophia will consolidate her income from compensation and sale of jewelry in one declaration of income. d. None of the aboveDuring the year, Irv had the following transactions: Long-term loss on the sale of business use equipment $7,000 Long-term loss on the sale of personal use camper 6,000 Long-term gain on the sale of personal use boat 3,000 Short-term loss on the sale of stock investment 4,000 Long-term loss on the sale of land investment 5,000 How are these transactions handled for income tax purposes?
- Evergreen Co. has a land which he has purchased at the cost of $85,000. Currently the value of the land has been appreciated by $30,000. Should evergreen recognize any loss or gain in the income statement? Give your explanationsGeorgie has gross income of $5,000 from an activity that has been deemed to be a hobby by the IRS. Her expenses related to the activity include property taxes of $3,000, operating expenses of $1,500, and depreciation expense of $800. What would be Georgie's deductible expenses for the year and where would they be taken? $3.000 Schedule C (Profit or Loss from Business) $5,000 Schedule C (Profit or Loss from Business) $5.300 Schedule C (Profit or Loss from Business) $5.000 Schedule A (Itemized Deductions) $3.000 Schedule A (Itemized Deductions)Celebes, Inc. owns a residential property it acquired for 2,000,00O. It transferred ownership thereto to its managerial employee for 1,200,000 when its fair value was 3,000,000. What is the monetary value of the benefit? 3,000,000 O 2,000,000 O 1,800,000 800,000
- After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $312,000. Ingrid allocated $52,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?Ms. Claveria had a business net income of P300,000. She alsoearned P5,000 commission from selling cellular cards and P12,000dividends from a domestic corporation. Compute her taxable income.On October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current year
- CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital?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?Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?