In 2010, X and B agreed that they will pretend that they will enter into a contract of sale so that X will have a lesser tax to pay. In the contract of sale, it was indicated that X will sell the car for P50Million to which B agreed. Is the contract of sale valid? A. Yes. The contract of sale has all the elements. B. Yes. The contract of sale does not take into consideration the intention of the parties. C. No. The parties have no intention to fulfill their reciprocal obligations. D. No. The parties must first submit the contract of sale to the Securities and Exchange Commission.
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- Jonathon and his family were negotiating a lease for commercial premises to be used for their Italian restaurant. Part of the negotiation concerned the ability of Jonathon to demolish a wall in order to remodel the interior and build a pizza oven. The landlord shook Jonathon’s hand and told him they had a deal and that he could go ahead and get started. Jonathon took out a large bank loan to finance the remodelling. Four weeks later, Jonathon received a letter from the landlord indicating that he did not intend to proceed with the lease. Jonathon has already spent $100,000 on the remodelling but he has not received a signed a lease as yet. Since there is no breach of contract, does Jonathon have any other recourse in equity?Kathy and Ali registered as partners in a web design business. Kathy purchased a new computer for their business using their partnership's direct debit card. She did not talk to Ali about needing a new computer before she bought it. When she told Ali about the purchase Ali was furious and told Susan she had no right to buy the computer and that she would have to pay for the computer with her own money. Susan told Ali they were partners and that she had the legal right to buy the computer using the partnership's money. Is Kathy correct? Why/Why not?In these neighborhoods, Sale price of Comparable 1,2,3 are worth about $1,250,000; $1,800,000 and $1,500,000 respectively. Two sold within the last four months, while the third sold six months ago - Comparable 1: The buyer can pay in 2 installments. The first installment will be paid 50% total amount of the sale price now, and the second installment will be paid 50% total amount of the sale price after one year.- Comparable 2: The buyer can pay in 2 installments. The first installment will be paid 30% total amount of the sale price next year, and the second installment will be paid 70% total amount of the sale price after two years.- Comparable 3: The buyer can pay in four equal installments for the next four years.What is Present Value of 3 comparable? show your work
- There are many tax rules and regulations you should be aware of when investing-whether it be in stocks; bonds; mutual funds; real estate; or collectibles such as artwork, antiques, gems, memorabilia, stamps, and coins. Capital gains are proceeds derived from these types of investments. Unless they are specified as being tax-free, such as municipal bonds, you must pay capital gains taxes on these proceeds. Capital gains are taxed in one of two ways. If the investment is held for one year or less, this is considered short-term and is taxed as ordinary income at your regular income tax rate. As this is written, if the investment is held for more than one year, it is considered long-term and qualifies for various tax discounts, as follows for single taxpayers with earnings as shown below. Stocks Held Capital Gains Rates Up to $38,700 $38,700–$426,700 Over $426,700 Over 1 year(long-term) 0% 15% 20% (a) If you are in the 25% tax bracket for ordinary income and have a 15% capital…Consider the following bargaining problem: Two siblings Naa and Nii have to have Gh20 million they inherited from their parents between them. Naa gets to make an initial offer. Nii then gets to respond by either accepting Naa's initial offer or offering a counter offer. Finally, Naa can respond by either accepting Nii's offer or making a final offer. If Nii does not accept Naa's final offer both Nii and Naa get nothing. Nii discounts the future at 10% (i.e., future earnings are with 10% less than current earnings) while Naa discounts the future at 20%. Calculate the Nash equilibrium of this bargaining problem.Pedro sold a piece of land to his nephew Quintin, a minor. One month later, Pedro died. Pedro’s heirs then brought an action to annul the sale on the ground that Quintin was a minor and therefore without legal capacity to contract. If you are the judge, would you annul the sale?
- James has two young children (Finn and lain) who are visiting the doctor for their annual well-child check-ups. The doctor's office charges $105 for well-child appointments. Health insurance pays 100% of the costs associated with well-child visits and does not require a copayment. James' health plan monthly premium is $1,400 and has a $1,000 deductible. How much will James be charged when the appointment is done?Two players are involved in a game. In the game each player begins with $10. Each player must simultaneously make a choice of how much of the $10 to allocate between two accounts: a 'private' account, and a 'public' account. Money allocated to the private account by a player is kept by that player. Money allocated to the public account is multiplied by 1.5, and then distributed back equally to each of the two players. Each player has two possible choices: (i) Allocate $0 to the public account; (ii) Allocate $10 to the public account. A player's payoff from each outcome is equal to the sum of their private account money and one-half of the total public account money. For example, if both players allocated $10 to the public account, they each have a payoff equal to $0 + (1/2) ($20) (1.5) = $15.00. Draw a game table to represent this game. Do players have a strict dominant strategy in this game? What is the Nash equilibrium of the game? Does the Nash equilibrium outcome maximise the total…7. Jane and Joe are a wealthy couple. In part, this wealth is attributable to Jane’s highly successful limousine business. Although Joe has been involved somewhat in the limousine business, he has a variety of other ventures and assets. Jane decides it should be clearly established that she had legal control over the limousine business and how it is run. As a result, the two enter into a contract pursuant to which Jane foregoes all claims to all business ventures in exchange for Joe agreeing to do the same with respect to the limousine business. At the time, the limousine business has an FMV of $2 million and a basis of $500,000. Joe has the equivalent aggregate FMV and basis in his businesses. What are the tax consequences to Jane and Joe respectively?
- Sylvie lives in Ontario and has always contributed to the Canada Pension Plan (CPP). She is ready to retire at age 65 and is looking to receive the maximum CPP benefit. Joan is Sylvie's twin sister, who moved to Quebec when she was 18 to go to Concordia and has been there since. Both know that the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) are contributory pension plans that you receive based on the dollar value of contributions and the number of years that you contribute to the plan during your employment years. Since contributions can fluctuate over the years (ie. loss of employment, years in university etc.), you can exclude certain amounts in order to receive a higher pension at retirement based on drop-out provisions. Name three exclusions that Sylvie and Joan may be eligible for to increase their CPP/QPP pension at retirement under the pension drop-out provisions. Sylvie (CPP)- 1. 2. 3. Joan (QPP) 1. 2. 3.A local restaurateur who had been running a profitable business for many years, recently purchased a three-way liquor license. This on-premise license gives the owner the legal right to sell beer, wine, and spirits in her restaurant. The cost of obtaining the three-way license was about $90,000, since only 300 such licenses are issued by the state. While the license is transferable, only $75,000 is refundable if the owner chooses not to use the license. After selling alcoholic beverages for about one year, the restaurateur came to the realization that she was losing dining customers and that her profitable restaurant was turning into a noisy, unprofitable bar. Subsequently, she spent about $8,000 placing advertisements in various newspapers and restaurant magazines across the state offering to sell the license for $80,000. After a long wait, she finally received one offer to purchase her license for $77,000. a) Would you recommend that she accept the $77,000 offer? b) The restaurateur…In the late 1990s, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car. If the customer decided to keep the car, the customer would pay a price to the manufacturer, the “residual value,” computed as 60% of the new car price. The manufacturer would then sell the returned cars at auction. In 1999, manufacturers lost an average of $480 on each returned car (the auction price was, on average, $480 less than the residual value). Suppose two customers have leased cars from a manufacturer. Their lease agreements are up, and they are considering whether to keep (and purchase at 60% of the new car price) their cars or return their cars. Two years ago, Antonio leased a car that was valued new at $11,000. If he returns the car, the manufacturer could likely get $5,610 at auction for the car. Valerie also leased a car, valued new at $19,500, two years ago. If she…