income should be declared by Palmon
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Q: P400,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive…
A: Reimbursement = P400,000 Salary Compensation =P60,000 Moral Damages = P200,000 Damages =P100,000
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A: Introduction: An expenditure is the expense of running a firm in order to generate money. "It costs…
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Q: Anwer owns a rental home and is involved in maintaining it and approving renters. During the year he…
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Q: llene rents her second home. During the year, llene reported a net loss of $15,700 from the rental.…
A: correct answer is $10,450
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Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 1577 Loss in May = 1284 Loss in December = 1102 Aggregate Deductible = 2574
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A: Total Income = 45000 + 60000 + 250000 = 355000
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Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 2889 Loss in May = 2605 Loss in December = 1003 Aggregate Deductible = 1084
Q: T borrows $100,000 from the bank in Year 1, which he agrees to repay in Year 2. When the debt…
A: The first question is answered for you. Please resubmit specifying the question number you want…
Q: Popoy is a messenger of Basha Logistics. He receives a monthly salary of P25,000. At the end of the…
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Palmon is indebted to Pai Chan. Due to his inability to pay the debt, Palmon was asked to clean the piggery of Pai Chan for three months. Thereafter, Pai Chan gave Palmon P5,000 and condoned the debt amounting to P10,000. How much income should be declared by Palmon?
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- Xander was hit by a wayward bus while on his way to work. He survived but had to pay P500,000 for his hospitalization. He was unable to work for 7 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P100,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suitering. arid -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income?Dalisay was hit by a wayward bus while on his way to work. He survived but had to pay P400,000 for his hospitalization. He was unable to work for 6 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P400,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suffering. -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income? Zero P300,000 P700,000 P760,000Holly was injured while working in a factory and received 12,000 as workers compensation while she was unable to work because of the injury. Jill, who was self-employed, was also injured and unable to work. Jill collected 12,000 on an insurance policy she had purchased to replace her loss of income while she was unable to work. How much are Holly and Jill each required to include in their gross income?
- Mrs. S borrowed P20,000.00 from PG. She and her 19-year-old son, Mario, signed the promissory note for the loan, which note did not say anything about the capacity of the signers. Mrs. S made partial payments little by little. After several years, she died leaving a balance of P10,000.00 on the note. PG demanded payment from Mario who refused to pay. When sued for the amount, Mario raised the defense that when he signed the note he was still a minor. Should the defense be sustained? Why?Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet with another influencer to discuss a "collab". She returned the next day. Her expenses are as follows: Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. How much can Mansi deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)This year William provided $4,200 of services to a large client on credit. Unfortunately, this client has recently encountered financial difficulties and has been unable to pay William for the services. Moreover, William does not expect to collect for his services. William has "written off " the account and would like to claim a deduction for tax purposes. (Leave no answers blank. Enter zero if applicable.) a. What amount of deduction for bad debt expense can William claim this year if he uses the accrual method? Deductible amount
- Anwer owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $8,400 from renting the home. His other sources of income during the year are a salary of $112,750 and $31,200 of long-term capital gains. How much of Anwer’s $8,400 rental loss can he deduct currently if he has no sources of passive income? Deductible rental loss?Peter Marwick, an accountant and accrual basis taxpayer, performed accounting services in Year One for Ellie Vader. Peter gave Ellie a bill for $30,000 in Year One. Ellie paid Peter $5,000 in Year One, but Ellie disputes that she owes the other $25,000 because she thinks his work is shoddy. Ellie agreed to put $25,000 in escrow until she and Peter could resolve their legal dispute over Peter's fees. In Year Three after litigation, the dispute is resolved in Peter's favor and he gets the money out of escrow. How much income does Peter have and when? Question 9 options: Peter has $30,000 income in Year 1 because he is on the accrual method. Peter has no income in Year 1 because there is a contested liability. Ellie has $25,000 in cancellation of indebtedness income in Year 1. Peter has $5,000 income in Year 1 and $25,000 in Year 3 under the Claim of Right Doctrine.Anwer owns a rental home and is involved in maintaining it and approving renters. During the year, he has a net loss of $8,000 from renting the home. His other sources of income during the year are a salary of $111,000 and $34,000 of long-term capital gains. How much of Anwer's $8,000 rental loss can he deduct currently if he has no sources of passive income?
- Ilene rents her second home. During the year, Ilene reported a net loss of $10,600 from the rental. If Ilene is an active participant in the rental and her AGI is $133,000, how much of the loss can she deduct against ordinary income in the year?[The following information applies to the questions displayed below.] What amounts are included in gross income for the following taxpayers? (Leave no answers blank. Enter zero if applicable.) a. Janus sued Tiny Toys for personal injuries from swallowing a toy. Janus was paid $34,000 for medical costs and $270,000 for punitive damages. Amount included in Gross Income Show Transcribed Text b. Carl was injured in a car accident. Carl's insurance paid him $580 to reimburse his medical expenses and an additional $290 for the emotional distress Carl suffered as a result of the accident. Amount included in Gross Income Show Transcribed Text c. Ajax published a story about Pete and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $22,000. Amount included in Gross Income Show Transcribed Text د d. Bevis was laid off from his job last month. This month he drew $960 in unemployment benefits. Amount included in Gross Income Show Transcribed…29. Andrew was hit by a jeepney. He paid P100,000 for hospitalization expenses. He sued the jeepney driver and was awarded by the court a total indemnity of P340,000 divided as follows;P200,000 indemnity for his pain, anguish and suffering, P40,000 for his lost salaries, andP100,000 as reimbursement for his hospital bills. Which of the following will be subject to regular income tax * a. P 340,000 b. P 40,000 O c. P 100,000 O d. P 140,000
