Car Dealer sells Customer a car listed at $35,000 for $23,000. a. Has Car Dealer made a gift? If so, what is the amount of the gift? b. What are the gift tax consequences if Car Dealer is Customer's parent?
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- Ma2. Father makes a gift to his son of $30,000. Such gift may not be subject to the gift tax True or False! Required information [The following information applies to the questions displayed below.] Charles has AGI of $46,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) a. Suppose that Charles holds the land for appreciation. $1,370 1,760 795 Deductible taxes from AGI 714 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) 360 2241. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two above
- QUESTION 1 a.) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ?Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?Individual F, has sheep valued at $5,000. F paid $3,000 for the sheep. F exchanges the sheep for hey. What income, gain or loss if any, does F recognize? F then sells the hey for $5,500. What income, gain or loss does F recognize?. qusetion from Tax course. about income taxes
- Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.Juan is the owner of a "kalesa". He charges fees to customers who would want to ride on his "kalesa" and take a tour around the area. What is the tax implication of this to Juan? A. Operating the "kalesa" is subject to percentage tax on business. B. Operating the "Kalesa" is subject to VAT if the gross annual receipts exceed P3M. C. The transaction is exempt from business tax.A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how much will the customer owe? Please round your answer to the nearest whole dollar. Do not include dollar signs. O 47,454 O 44,000 48,750 none of the above
- ETHICS While vacationing you find a $100 bill on the report it as taxable income? Why or why not? Would your answer differ if you found $100,000 beach. Nobody saw you find it. Assuming the find meets the definition of gross income, would you instead of $100? Discussion points: Do you think that finding $100 meets the definition of Is there a "materiality" threshold for when you have to report income? Does not reporting the $100 violate tax law and/or ethical standards? gross income? If you are more likely to report the $100,000, why? Does not reporting the $100,000 violate tax law and/or ethical standards?QUESTION 1 A) By way of an example , state the difference between an “Exempt supply and a “Zero -rated supply” ? B) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ? C) A vendor purchases a VEHICLE for private purposes on 1 March 2020. The VEHICLE costs NAD228 000 including VAT (excludes finance charges and any other charges incurred). The vendor then decides to use the VEHICLE exclusively in his business for delivery of goods to his/her customers with effect from1 March 2020. At the time of introducing the VEHICLE into the business, it had an open market value of NAD205 200. Calculate input VAT to be claimed by the vendor?1. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be debited to "Purchases"? A. 200,000 B. 224,000 2. The taxpayer is VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000 inclusive of VAT. In preparing the journal entry, how much should be credited to "Sales"? A. 448,000 B. 400,000 3. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. He sold the goods for 448,000. How much input can he claim? A. 24,000 B. Zero 4. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000