Question 2 (10 Marks) (20 minutes)Sam has been a resident of Ottawa, Canada all of his life. He was recently offered alucrative job with an investment firm in Chicago, IL. After careful consideration he hasdecided to make the move and sever his Canadian residency.Before moving, Sam disposed of the following personal properties:Description1967 Ford Cobra2022 Lexus2000 shares in Ban of Nova Scotia (public Co)1000 Shares in Bell MediashareShares in a private Company (Vargo Ltd)$17,000Coin CollectionCost$ 95,000$ 68,000$25.00/SHARE$125.00/SAHRE$ 23,000$10,000Home in OttawaCapital loss carried forwardFMV$225,000$ 55,000$ 32.00/SHARE$ 88.00/$ 24,000$425,000$ 36,000$625,000$ 36,000Required: Determine the taxable capital gain or allowable capital loss that Sam willbe required to include in his final Canadian income tax return for the current year as aresult of these dispositions. (Show your calculations)

Sam's Capital Gains/Losses for Canadian Tax ReturnTaxable Capital Gains:1967 Ford Cobra:Capital Gain…

Answered: Question 2 (10 Marks) (20 minutes) Sam…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 55P

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Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate: House and lot in New Jersey, USA P 8,000,000 Shares of stock of Pasig Textiles, Inc., a domestic corporation 600,000 Bank deposit at PNB – Manila 300,000 Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines 1,000,000 Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines 900,000 Promissory note from Jose Juan, a resident of Pampanga 200,000 Promissory note from John Weeks, a resident of New Jersey, USA 100,000 Condominium unit at Trafalgar Suites in Makati 2,800,000 Franchise of NJ Coffee, exercised in New Jersey 3,000,000…
Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in Indonesia for the next 3 years and decides to accept it. Prior to moving, Scutty decides to dispose of the following assets: 1. His investment property for $600,000. Scutty's constructed his investment property on 1 September 2000 at cost of $60,000 on a block of land which he purchased on 1 February 1984. The land value at the time of constructing the investment property was $120,000.2. A piano. The piano was purchased on 1 September 2010 for $12,000 and sold on 31 December 2021 for $5,000.3. His bank shares. His shares were bought on 1 December 2018 for $32,000 and sold on 1 May 2022 for $16,000.4. His private townhouse. He bought his home in February 2018 for $600,000 and has been living in it since then. He sold it on 1 June 2022 for $900,000. Scutty also had capital losses from a previous year for the sale of an antique piece of artwork for $2,000. Required: Calculate Scutty…
Problem 1 The administrator of a decedent’s estate (head of the family) provided the following data: Property Domestic shares of 2,000 shares inherited 6 years ago 8,000,000 House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000 2,000,000 Jewelry items in the Philippines at the time of death 400,000 Jewelry items kept in a vault abroad 200,000 Bank deposit in a Philippine branch of a US bank 5,000,000 Interest from bank deposits after decedent’s death 25,000 Expenses and other charges Funeral expenses abroad 80,000 Funeral expenses Philippines 200,000 Judicial expenses abroad 100,000 Judicial expenses, Philippines 50,000 Claims against the estate with the notarized debt instrument issued in the Philippines 120,000 Donation to the Philippine government as provided in his will 250,000 Required Determine the following if the decedent was a Filipino citizen but a resident…
Part ATom Jones, aged 60, has been running his business for many years. He has decided to take early retirement. His daughter, Sonya, has been working in the business for the last 5 years. Tom would like to transfer the business to Sonya.Alternatively, a local businessman has made an offer to buy the business for 850,000.REQUIRED:(a) Advise Tom of any capital gains tax liability that he might have(i) on the transfer of the business to his daughter(ii) on the sale of the business to the local businessman.(b) Recommend which course of action he should take in order to minimise his tax liabilities. Part BSonya has always wanted to travel. She is considering moving to Australia in 2023. She has agreed with her father Tom to take over the business now. Before she leaves she hopes to sell the business to help fund her move to Australia.REQUIRED:Advise Sonya of the capital gains tax liability she would have if she sells the business in 2023. Part CTom’s son, Daniel, who moved to the US many…
ss. Subject :- Accounting The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???
Answer ALL the questions in this section. Question 1 Nelson Nilam is a 74 year old resident of the Republic who works in the motor industry. He has been married in community of property to Dinky Magubane (aged 60) for 15 years. Nelson has the following income and expenses for the 2022 year of assessment: Income Salary R 25 000 pm Bonus 10% of gross salary Interest local R 80 000 pa Dividends- (listed SA company) R 15 000 Foreign- Dividends (From a listed company) R3 000 pa Foreign - Interest R5 000 Rental Income (derived from garden cottage) R 10 000 pm Expenses Maintenance to rental property R 30 000 pa He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of assessment and he had medical expenses of R23 500, which were not covered by the medical aid fund. His employer also deducts employees' tax of R12 785 and he paid R20 200 provisional tax for the 2022 year of assessment. Dinky Magubane Income and expenses for the 2022 year of assessment…
Tom recently received 2,060 shares of restricted stock from his employer, Independence Corporation, when the share price was $10 per share. Tom's restricted shares vested three years later when the market price was $14. Tom held the shares for a little more than a year and sold them when the market price was $12. What is the amount of Tom's income or loss on the sale? Multiple choice $0 $2,060 loss $4,120 gain $4120 loss
Subject:accounting The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???
Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.
D. $1,800 14.During the current year, Brayden Wu permanently departs from Canada and becomes a non-resident. At the time of his departure, he owns a rental property with a FMV of $625,000, a capital cost of $452,000, and a UCC of $424,000. The only other capital property that he owns is shares in a Canadian public company. These shares have an ACB of $140,000 and a FMV of $174,000. Which of the following amounts will be included in Brayden's net income as a result of his departure from Canada and becoming a non-resident? A. A taxable capital gain of $17,000 B. A taxable capital gain of $174,000 plus recapture of $34,000 C. A taxable capital gain of $87,000 plus recapture of $34,000 D. A taxable capital gain of $34,000
Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. P34,000 36,000 P32,000 P108,000
Kyle owns some land in Connecticut for which he paid $20,000 several years ago the property is now worth $50,000 if Kyle takes a loan for $30,000 with the property as collateral and uses $20,000 of the loan to improve his home in Orlando Florida and $10,000 to clear the brush off of Connecticut property what is his new basis in the Connecticut property uu nave diswered att the questions, select the "Submit Answers" button to receive your score. Kyle owns some land in Connecticut for which he paid $20,000 several years ago. The property is now worth $50,000. If Kyle takes a loan for $30,000, with the property as collateral, and uses $20,000 of the loan to improve his home in Orlando, FL, and $10,000 to clear the brush off the Connecticut property, what is his new basis in the Connecticut property? A $20,000 B $30,000 $40,000 $50,000 Evam Ouestion 2

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