Reference no: EM132716081
Question: A donor made the following donations during 2018: To Abel, a car worth 800,000
To Jen, a condominium worth 3,000,000 in Macau
To Gore, GJ Company shares (domestic corporation) amounting to 250,000
To Alexa, 100,000 worth of shares of stock of a resident foreign corporation where 90% of its operation is in the Philippines
To Earl, a building in Singapore valued at 5,000,000 mortgaged for 2,000,000 assumed by the donee
To Hannah, parcel of land in Isabela, 1,500,000
To Chen, 100,000 bank deposit in BPI
To Kristine, 100,000 bank deposit in Metrobank, US Branch To Gavrie, 500,000 cash
The donor also made the following transfer of properties within the year:
Consideration Received Fair market value at the time of transfer
Land 1 - QC 2,000,000 3,000,000
Land 2 - Taguig 3,000,000 2,000,000
Land 3 - USA 5,000,000 10,000,000
Car - Manila 800,000 1,000,000
Required: Determine the amount of Gross Gifts subject to donor's tax assuming the donor is
1. Resident Citizen
2. Nonresident Citizen
3. Resident Alien
4. Nonresident Alien with Reciprocity
5. Nonresident Alien without Reciprocity
What is the value of the asset for depreciation purposes
: A project requires the purchase of new equipment at a cost of $18,000, which will be depreciated over the life of the asset. A further $5000 spent on transport
|
Prepare the journal entries to update depreciation
: Prepare the journal entries to (a) update depreciation to July 31, 2017, and (b) record the sale of the equipment. (Credit account titles are automatically).
|
How manual journals would impact your financial statements
: For marking purposes, please make sure your manual journal narration is: Wheel aligner paid for by personal credit cardIt's always a good idea to look.
|
What is the value of the asset for depreciation purposes
: A project requires the purchase of new equipment at a cost of $18,000, which will be depreciated over the life of the asset. A further $5000 spent on transport
|
Determine the amount of gross gifts
: A donor made the following donations during 2018: To Abel, a car worth 800,000, To Jen, a condominium worth 3,000,000 in Macau.
|
What is the overall use of target weights
: What's the overall use of target weights to calculate the weighted average cost of capital and what's the use of historical weights to calculate the weighted.
|
Prepare adjustment journal entries for the events
: Flexi Ltd owns all the share capital of Jason Ltd. The following transactions relate to the period ended June 2020. On 1 July 2019, Flexi sold a motor vehicle.
|
Prepare the general journal entries for blair
: On 1 September 2020, Blair Ltd purchases for speculative purposes a 90-day bank-accepted bill futures contract (2,500 Units) at 87.50.
|
What amount should the clothing designer record equipment
: A clothing designer purchased a piece of assembly equipment costing $32,000, and they paid in cash. It also cost $2,200 to transport the equipment, $3,000.
|