Question

In: Accounting

Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr....

Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr. Jones is giving (deed of gift) each son one plot in equal shares however, he is retaining life interest on the lot with his youngest son. You are asked to advise Mr. Jones on the requirements for a transfer of the lots and the procedure used to acquire a change of ownership. Using any suitable examples of your choice to illustrate, how do you calculate his capital gains/loss?

Solutions

Expert Solution


Related Solutions

Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr....
Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr. Jones is gifting through deed of gift each son one plot in equal shares however, he is retaining life interest on the lot with his youngest son. Using any suitable examples of your choice to illustrate, show how to calculate his capital gains/loss if any?
Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr....
Mr. John Jones a pensioner has four sons and four plots of land in Guyana. Mr. Jones is giving (deed of gift) each son one plot in equal shares however, he is retaining life interest on the lot with his youngest son. You are asked to advise Mr. Jones on the requirements for a transfer of the lots and the procedure used to acquire a change of ownership. Using any suitable examples of your choice to illustrate, show how to...
Mr. John Jones a pensioner has four sons and four plots of land. Mr. Jones is...
Mr. John Jones a pensioner has four sons and four plots of land. Mr. Jones is giving each son one plot in equal shares however, he is retaining life interest on the lot with his youngest son. You are asked to advise Mr. Jones on the requirements for a transfer of the lots and the procedure used to acquire a change of ownership. Using suitable examples of your choice to illustrate, how do you calculate his capital gains/loss?
Sean Willens owns various plots of land in Duval County, FL. He acquired the land at...
Sean Willens owns various plots of land in Duval County, FL. He acquired the land at various times during the last 20 years. About every third year, Sean subdivides one of the properties he owns into lots. He then has sewer, water, natural gas, and electricity hookups put in each lot and paves new streets. Sean has always treated his sales of such lots as sales of capital assets. His previous tax returns were prepared by an accountant whose practice...
what type of angina is Mr. Jones experiencing
what type of angina is Mr. Jones experiencing
Imagine you have a farm with three plots of land. There is one in the valley,...
Imagine you have a farm with three plots of land. There is one in the valley, one on the hill and one in the swamp. Each plot can either grow corn or wheat. Assume that planting, harvesting, etc. is free. The quantity of each crop on each plot is given by the following table. Plot                                Corn                               Wheat Valley                            200                                 300 Hill                                  150                                 450 Swamp                          100                                 100 a. Draw a PPF for your farm. Indicate all slopes and intercepts. b....
Mr. Jones of Montana Farms is thinking about investing in a new J-Wing four-row Beet harvester....
Mr. Jones of Montana Farms is thinking about investing in a new J-Wing four-row Beet harvester. He is currently operating two two-row harvesters and the new harvester would replace both of the current potato harvesters. Mr. Jones expects that he will save $29,000 a year by eliminating one tractor and one operator.   He also expects the new harvester to not bruise the beets as much as the old harvesters. The beet processor has agreed to pay a $0.11/sack premium for...
Mr. Jones is 37 years old and he has a history of anxiety attacks. He is...
Mr. Jones is 37 years old and he has a history of anxiety attacks. He is hyperventilating and experiencing chest pain. Mr. Jones just recently got a increase in his job responsibilities and this is when his symptoms started. He has many worries because he is a single father that wants ti be able to support his children. After his assessment he was diagnosed with a panic attack and prescribed Sertraline, zaleplon, and alprazolam. During the assessment with the patient...
Mr. Jones is 37 years old and he has a history of anxiety attacks. He is...
Mr. Jones is 37 years old and he has a history of anxiety attacks. He is hyperventilating and experiencing chest pain. Mr. Jones just recently got a increase in his job responsibilities and this is when his symptoms started. He has many worries because he is a single father that wants ti be able to support his children. After his assessment he was diagnosed with a panic attack and prescribed Sertraline, zaleplon, and alprazolam. During the assessment with the patient...
Mr. Jones has just bought a house for $250,000. He will make a down payment of...
Mr. Jones has just bought a house for $250,000. He will make a down payment of 5% on the house, and pay for the rest with a mortgage. The Bank Le Friendly offers 10-year mortgage loans at 13% APR compounded semi-annually, with monthly mortgage payments starting today. What is the amount of Mr. Jones’s monthly mortgage payment? A. $3,462.31 B. $3,498.84 C. $3,546.13 D. $3,647.40 E. $3,605.56
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT