CALCULATING CAPITAL GAIN
"Analyze the Benefits of an Exchange before You Sell"
1. CALCULATE NET ADJUSTED BASIS Original Purchase Price __________
+ Improvements __________
- Depreciation __________
= NET ADJUSTED BASIS __________
2. CALCULATE CAPITAL GAIN Sales Price __________
- Net Adjusted Basis __________
- Cost of Sale __________
= CAPITAL GAIN __________
3. CALCULATE CAPITAL GAIN TAX DUE Recaptured Deprection (25% ) __________
+ Federal Capital Gain (15%) __________
+ State Tax (when applicable) __________
= TOTAL TAX DUE __________
4. ANALYZE PURCHASE-NO EXCHANGE Sales Price __________
- Cost of Sale __________
- Loan Balances __________
= GROSS EQUITY __________
- Capital Gain Taxes Due __________
= NET EQUITY __________
Net Equity X 4 = __________
5. ANALYZE PURCHASE-EXCHANGE Capital Gain Taxes Due _____0____
Gross Equity = Net Equity __________
Gross Equity x 4 = __________
Sunday, September 19, 2010
Monday, September 6, 2010
How to have United States documents recognized in the Philippines
I found this on the Philippine Embassy website:
If you are going to use in the Philippines any documents that are executed, signed or issued in the United States, these documents must bear a consular notarization or authentication so that they will be accorded legal effect in the Philippines.
Examples of these documents are Special Powers of Attorney, General Powers of Attorney, Affidavits, Deeds, Contracts, Assignments, Letters of Patent, Articles of Incorporation, Certificates of Birth, Marriage or Death and other official documents issued by U.S. authorities within the Consulate's jurisdiction.
It is important to note that the Philippine Consulate General in New York only performs consular notarization or authentication for documents that are issued or executed within Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. The Consulate does not notarize or authenticate documents that are executed or issued in other States or Counties. Also, the Consulate does not perform notarial services for documents that are intended to be presented or submitted to non-Philippine government or private entities, such as Affidavits of Support for U.S. immigration purposes and other documents of similar nature.
All documents presented for consular notarization or authentication must comply with the procedures and requirements set forth below to avoid unnecessary delay in the notarization/authentication process.
AUTHENTICATION
The authentication of a document is made when the party or parties executing a legal document could not appear in person before a Consular officer at the Consulate.
Under this procedure, the person who is executing the document must ensure that the said document(s) is sworn to before a local Notary Public. The duly-notarized document must thereafter be submitted to the local County Clerk of Court or the Secretary of State in the State where the applicant resides. The local County Clerk or the Secretary of State will issue a Certification attesting to the official authority of the Notary Public to perform notarial functions.
After the local County Clerk or the Secretary of State shall have issued a Certification, the document should then be forwarded to the Consulate for authentication.
The Consulate also authenticates official documents issued by government offices of the U.S. Government, such as Certificates of Birth, Marriage, Death, that are intended to be submitted to government offices in the Philippines.
Requirements:
• The original copy of each document must be presented. Each original copy must be accompanied by one (1) photocopy for the Consulate's records.
• The fee each set of document is $25.00 in cash, cashier's check or postal money order made payable to the Philippine Consulate General. Personal checks, personal money orders, ATMs or credit cards are not accepted as modes of payment. Do not send payments in cash if applying by mail.
• If filed in person, documents received before 3:00 pm are normally released within the same day.
• If filed by mail, in addition to the above documents, include a self-addressed pre-paid stamped envelope (preferably PRIORITY MAIL with TRACKING NUMBER) in your packet destined for the Consulate.
• The processing time normally takes three (3) working days from the date the completely accomplished packet is received by the Consulate. Only applications compliant with the requirements and procedures listed above can be accepted for processing.
• If you have not received your processed document/s two (2) weeks from mailing your application to the Consulate General within the United States, please email us at legal@pcgny.net with the following subject line: Subject: (Insert Name of Applicant) – Authentication Sent on (Insert Date of Mailing of Application)
Consulate is NOT RESPONSIBLE for delay or loss in mail or any other uncontrollable circumstances surrounding acknowledgment or authentication of your documents.
LEGALIZATION/NOTARIZATION BY ACKNOWLEDGEMENT, JURAT OR CERTIFICATION
When the individual executing the document appears in person before a Consular officer at the Consulate, the document will be notarized by the Consular Officer in the form of an Acknowledgment, Jurat or Certification, as the case may be. The Consular officer in this case performs the functions of a Notary Public. Hence, individuals personally appearing before a Consular officer are no longer required to have their documents notarized by a Notary Public before submitting the same for notarization.
If you are going to use in the Philippines any documents that are executed, signed or issued in the United States, these documents must bear a consular notarization or authentication so that they will be accorded legal effect in the Philippines.
Examples of these documents are Special Powers of Attorney, General Powers of Attorney, Affidavits, Deeds, Contracts, Assignments, Letters of Patent, Articles of Incorporation, Certificates of Birth, Marriage or Death and other official documents issued by U.S. authorities within the Consulate's jurisdiction.
It is important to note that the Philippine Consulate General in New York only performs consular notarization or authentication for documents that are issued or executed within Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. The Consulate does not notarize or authenticate documents that are executed or issued in other States or Counties. Also, the Consulate does not perform notarial services for documents that are intended to be presented or submitted to non-Philippine government or private entities, such as Affidavits of Support for U.S. immigration purposes and other documents of similar nature.
All documents presented for consular notarization or authentication must comply with the procedures and requirements set forth below to avoid unnecessary delay in the notarization/authentication process.
AUTHENTICATION
The authentication of a document is made when the party or parties executing a legal document could not appear in person before a Consular officer at the Consulate.
Under this procedure, the person who is executing the document must ensure that the said document(s) is sworn to before a local Notary Public. The duly-notarized document must thereafter be submitted to the local County Clerk of Court or the Secretary of State in the State where the applicant resides. The local County Clerk or the Secretary of State will issue a Certification attesting to the official authority of the Notary Public to perform notarial functions.
After the local County Clerk or the Secretary of State shall have issued a Certification, the document should then be forwarded to the Consulate for authentication.
The Consulate also authenticates official documents issued by government offices of the U.S. Government, such as Certificates of Birth, Marriage, Death, that are intended to be submitted to government offices in the Philippines.
Requirements:
• The original copy of each document must be presented. Each original copy must be accompanied by one (1) photocopy for the Consulate's records.
• The fee each set of document is $25.00 in cash, cashier's check or postal money order made payable to the Philippine Consulate General. Personal checks, personal money orders, ATMs or credit cards are not accepted as modes of payment. Do not send payments in cash if applying by mail.
• If filed in person, documents received before 3:00 pm are normally released within the same day.
• If filed by mail, in addition to the above documents, include a self-addressed pre-paid stamped envelope (preferably PRIORITY MAIL with TRACKING NUMBER) in your packet destined for the Consulate.
• The processing time normally takes three (3) working days from the date the completely accomplished packet is received by the Consulate. Only applications compliant with the requirements and procedures listed above can be accepted for processing.
• If you have not received your processed document/s two (2) weeks from mailing your application to the Consulate General within the United States, please email us at legal@pcgny.net with the following subject line: Subject: (Insert Name of Applicant) – Authentication Sent on (Insert Date of Mailing of Application)
Consulate is NOT RESPONSIBLE for delay or loss in mail or any other uncontrollable circumstances surrounding acknowledgment or authentication of your documents.
LEGALIZATION/NOTARIZATION BY ACKNOWLEDGEMENT, JURAT OR CERTIFICATION
When the individual executing the document appears in person before a Consular officer at the Consulate, the document will be notarized by the Consular Officer in the form of an Acknowledgment, Jurat or Certification, as the case may be. The Consular officer in this case performs the functions of a Notary Public. Hence, individuals personally appearing before a Consular officer are no longer required to have their documents notarized by a Notary Public before submitting the same for notarization.
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