Richard Ryder has the following current - year passive income and loss amounts: $ 10,000 ABC ($18,000) XYZ What is the net income reported this year for the private interest activity if XYZ was disposed of and his at-risk basis is $ 14,000?
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- a. Fill in the following table assuming MACRS depreciation rates (10 points) Year 0 1 2 3 4 5 6 Pretax income MACRS Taxable Depreciation income Tax owed After tax income Inflation adjustment factor Real after tax income b. If MARR = 18%, should you purchase this system based on your real after-tax income? Why or why not? (5 points)Coline has the following capital gain and loss transactions for 2021. a. Short-term capital gain $7,900 b. Short-term capital loss (3,318) c. Long-term capital gain (28%) 9,480 d. Long-term capital gain (15%) 3,160 e. Long-term capital loss (28%) (16,590) After the capital gain and loss netting process, what is the amount and character of Coline's gain or loss?Coline has an overall net short-term capital gain of $ .In 2020 Ming Xo Inc. generated taxable income of $420,000 and incurred expenses of $490,000. What is the Company’s GST remittance and PST remittance to the CRA for 2020? please answer fast with explanation. will surely upvote
- Suppose your firm had the following taxable income amounts: 2018 ($2 million) operating loss 2019 ($2 million) operating loss 2020 ($2 million) operating loss 2021 $10 million After you "carry forward" the operating losses, what is the effective taxable income for 2021? $0 $1 million. $3 million O $4 million O $2 millionPertinent information for two alternatives A and B is shown below. If i=10%/year and the effective income tax rate is 35%, answer the following true/false questions. Alt. A 150,000 100,000 30,000 15,000 5 Basis, $ Gross Income (GI), $ Operating Expense (OE), $ Salvage Value, $ MARCS Recovery, Years The TI (taxable income) of Alt. B at the end of year 1 is $40,000. True False Alt.B 225,,000 100,000 10,000 22,500 5Tammy had the following aggregate results from her 2019 investing activity: STCG $300,000 LTCG $450,000 STCL -$260,000 LTCL -$390,000 After the capital gain and loss netting procedure listed below 1.Classify as short-term or long-term based on holding period: •Short-termheld less than 12 months •Long-term held longer than 12 months 2. Net short-term and long-term gains and losses to obtain a net short-term and a net long-term position for the year. Collectibles gains and losses, gains on qualified small businessstock, and unrecaptured Section 1250 gains are treated as long-term gains and losses inthe netting procedure. Short-term capital gain $ XX Short-term capital loss (XX) Net short-term gain (loss) Short-term capital gain or loss Long-term capital gain $ XX Long-term capital loss (XX) Net long-term gain (loss) Long-term capital gain or loss 3.If long-term…
- A loaned B P100,000.00, which in turn produced an interest of P6,000.00 per annum. All else being equal, what is the income tax payable of A for the interest? Group of answer choices 0 P1,200 P20,000.00The 2020 financial statements for Leggett & Platt, Inc. report the following information: Year ended December 31, 2020 (In millions) Depreciation expense $84.6 Net income 275.6 Equipment 620.3 Building 1071.7 Land 37.7 Accumulated depreciation and 1.165.4 amortization 564.3 PPE, netDuring 2020, Alpha Company fully recovered the write-offs made during 2017 worth P100,000. The following are the net income/(loss) before write-offs are P60,000 for 2017, P20,000 for 2018, P5,000 for 2019 and (P20,000) for 2020. How much is the taxable income for 2020?
- Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000Keshara has the following net § 1231 results for each of the years shown: Tax Year Net § 1231 Loss Net § 1231 Gain 2016 $18,000 2017 33,000 2018 42,000 2019 $41,000 2020 30,000 2021 41,000 What would be the nature of the net gains in 2020 and 2021? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2020 30,000 2021 41,000Current liabilities include interest revenue received in advance, with a carrying amount if P1,000. The related interest revenue was taxed on a cash basis. The tax base is * Your answer
