FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

mr. x sold his residential house at 5,000,000 while on quarantine, march 31, 2020. the acquisition cost is 3,000,000 while the zonal value and fair

mr. x sold his residential house at 5,000,000 while on quarantine, march 31, 2020. the acquisition cost is 3,000,000 while the zonal value and fair value are 6,000,000 and 6,500,000 respectively. Is mr. x liable to pay capital gains tax? If yes, by how much? What are the criteria to be exempted from payin the capital gains tax?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Management and Cost Accounting

Authors: Colin Drury

10th edition

1473748873, 9781473748910 , 1473748917, 978-1473748873

More Books

Students also viewed these Accounting questions

Question

★★★★★
Elysian Fields, Inc., uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $25,000; project...

Answered: 1 week ago

Question

★★★★★
The Grebski Auto Repair Shop uses a shop floor control system based on forward scheduling to determine auto completion dates for their customers, and to determine when to release a car to the shop...

Answered: 1 week ago

Question

★★★★★
1. Preview the headings, introductions, topic sentences, and summaries of the text.

Answered: 1 week ago

Question

★★★★★
Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1...

Answered: 1 week ago

Question

★★★★★
On May 15, Wild Quest Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the...

Answered: 1 week ago

Question

★★★★★
Find the area bounded by the graphs of the indicated equations over the given interval. y = - 2x +6; y = 13; - 1sx=2 The area is square units. (Type an integer or decimal rounded to three decimal...

Answered: 1 week ago

Question

★★★★★
The CM method facilitates concurrent project activities, some work on the project site can begin before construction documents are entirely complete. The CM method facilitates concurrent project...

Answered: 1 week ago

Question

★★★★★
On 1 July 2016, Rock Ltd acquired ( ex div .) all of the issued capital of Wallaby Ltd. The recorded equity of Wallaby Ltd at this date consisted of: Share capital$120 000 General reserve25 000...

Answered: 1 week ago

Question

★★★★★
Which examples of headings, lists, and colons show correct capitalization? Instruction: Choose all options that best answer the question. Answer Choices The CFO released the document "Taxation...

Answered: 1 week ago

Question

★★★★★
haimi, [25/05/2022 3:47 PM] A small business enterprise makes dresses and trousers. To make a dress requires 2 hours of cutting and 2 hours of sewing. To make trousers requires 1 hour of cutting and...

Answered: 1 week ago

Question

★★★★★
A training organisation purchases aheavy volume copier for large workloadson 1/7/2022 for $36,000 [GST exclusive]. It has a useful life of 4 years and a residual value of $4,000 [GST exclusive]....

Answered: 1 week ago

Question

★★★★★
raw material 25,000 work in process 10,000 finished goods 40,000 direct labor 180,000 indirect labor 72,000 sales commissions 63,000 administrative salaries 90,000 Part 1 (Post to T-accts) Your need...

Answered: 1 week ago

Question

★★★★★
2. Now change the performance so that you play out the dream in your inner the-atre. Apply colours to the images you envision. Give some pictures a stronger colour than others and vice versa. Also...

Answered: 1 week ago

Question

★★★★★
1. Imagine that you have already achieved a dream or a goal you have set for yourself. Both the goal and the dream correspond to your basic values. Try to visualize this dream or goal. What do you...

Answered: 1 week ago

Question

★★★★★
4. What means will you use to achieve these values?

Answered: 1 week ago

Previous Question Next Question