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Question - Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex- wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 55000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 35 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 7000 and after which he bought a health insurance for rupees 28000. Calculate his taxable income and tax liability.
Chillmax expects to sell 3,500 pairs of shoes and 875 carryalls. Calculate the break-even point in units for pairs of shoes and for carryalls
mellilo corporation issued 6000000 of 20-year 9.5 percent bonds on july 1 2011 at 98. interest is due on june 30 and
You want to give a lump sum amount that would generate a $3,000 bursary per year into perpetuity. How large must the lump sum amount be
a dairy allocates the cost of unprocessed milk to the production of milk cream butter and cheese. for the current
How much is the realized gross profit in 2022? During 2022, MM inc. uses the cost to cost method. At December 31,2022 the balances in certain accounts
If the company had discontinued the division for 2010, determine what net income would have been
How much must he set aside each year till his retirement to be able to achieve his goal, if the interest rate is now 9% compounded yearly
Prepare the journal entry at the date of the bond purchase.
Mikhail Corporation redeemed $140,000 face value, 9% bonds on April 30, 2017, at 101. The carrying value of the bonds at the redemption date was $126,500.
If the basis in the home is $300,000 and the sale price is $600,000, what is the maximum exclusion they can take on this transaction
At an activity level of 9,600 machine-hours in a month, Montgomery Corporation's total variable production engineering cost is $402,336 and its total fixed production engineering cost is $570,240.
Calculate the depreciation deduction and the book value during each year of the asset's life using MACRS-GDS allowances.
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