A (debtor) is indebted to B (creditor) PhP300,000.00. X, a third party, offered to give B the PhP300,000.00, to which B agreed. B, however failed to disclose that there was a prior partial payment made by A in the amount of PhP100,000.00. X paid B the entire amount of PhP300,000.00 Questions: 1.] What is the effect of the payment made by X in so far as the obligation of A to B is concerned? 2.] Can X proceed against A and demand payment from the latter? If yes, how much can X collect from A? Explain

A (debtor) is indebted to B (creditor) PhP300,000.00. X, a third party, offered to give B the PhP300,000.00, to which B agreed. B, however failed to disclose that there was a prior partial payment made by A in the amount of PhP100,000.00. X paid B the entire amount of PhP300,000.00 Questions: 1.] What is the effect of the payment made by X in so far as the obligation of A to B is concerned? 2.] Can X proceed against A and demand payment from the latter? If yes, how much can X collect from A? Explain

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 4DQ

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A (debtor) is indebted to B (creditor) PhP300,000.00. X, a third party, offered to give B the PhP300,000.00, to which B agreed. B, however failed to disclose that there was a prior partial payment made by A in the amount of PhP100,000.00. X paid B the entire amount of PhP300,000.00 Questions: 1.] What is the effect of the payment made by X in so far as the obligation of A to B is concerned? 2.] Can X proceed against A and demand payment from the latter? If yes, how much can X collect from A? Explain your answer.
Z wrote out an instrument that states: "Pay to X the amount of Php1 Million for collection only. Signed, Z." X indorsed it to his creditor, Y, to whom he owed Php1 million. Y now wants to collect and satisfy X's debt through the Php1 million on the check. May he validly do so? a. Yes, since the indorsement to Y is for Php1 Million. b. No, since Z is not a party to the loan between X and Y. c. No, since X is merely an agent of Z, his only right being to collect. d. Yes, since X owed Y Php1 Million.
A, B, and C borrowed P3M from D, E, and F evidenced by a promissory note worded as follows to wit: “I promised to pay D, E, and F P3M. (Sgd) A, B, and C.” How much can D collect from A? Explain.
M issues a negotiable promissory note payable to the order of P for P10,000 in exchange for his legal services worth P9,000. Later, P endorses the instrument to A for P10,000. Based solely on these facts, how much should M pay A?
Westminster executed a promissory note with a face value of Php800,000.00, payable to the order of Bath. Bath indorsed the note to Whiltshire, to whom Bath owed Php500,000.00. If Westminster has no defense at all against Bath, for how much may Whiltshire collect from Westminster? a. None, as Whiltshire's remedy is to run after his debtor, Bath. b. Php300,000.00, as he is a holder for value to the extent of the difference between Bath's debt and the value of the note. c. Php500,000.00, as he is a holder for value to the extent of his lien. d. Php800,000.00, but with the obligation to hold Php500,000.00 for Bath's benefit.
A , B and C bind themselves to pay D P30,000. Only A received the money as per agreement between A, B and C. On the due date of the obligation, has D the right to demand the full payment of P30,000 from C alone? C and D bind themselves to pay E their loan of 10,000 on a certain date. Is the obligation divisible or indivisible?
What if Jm owes Dean $1 million with Jericho as guarantor. The principal obligation is the debt of $1 million, while the accessory obligation is the guaranty of Jericho. What will be the remission of the debt of Jm by Dean?
Manny Pacquiao borrowed money from Mayweather in the amount of Php 1 Million with an interest rate of 10%. The transaction was made in the Philippines. The source of the interest income of Mayweather is: A. Within B. Without C. Partly within, partly without Is the interest income? A. Taxable B. Exempt
13. In 2022, Mr. Sun Ho was charged interest expense on a business related loan in the amount of PHP 60,000. His interest income on bank account with BPI is PHP 720. How much is the deductible interest expense? a. None b. PHP 59,856 c. PHP 144 d. PHP 60,000
M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. Assuming that D approached C and invoked his warranty as an indorser, from whom can C seek recovery of amount paid to D? a. B, then A, then P, then M. b. M, P, A, B without any particular order c. M d. B
Which of the following statements is correct? A pays C ₱60,000. A receives ₱60,000 from C. A and B pays C a total of ₱60,000. A pays B ₱60,000.
obtained a favorable judgment against B from the Court of First Instance of Manila for the sum of P2,000. Subsequently, a writ of execution was issued and a jeep belonging to the latter was seized by the sheriff. However, the two (A and B arrived at an arrangement by virtue of which B executed a chattel mortgage on the jeep stipulating, inter alia that B shall satisfy the judgment in two equal installments pay- able at designated periods. B failed to pay the first installment, and as a result, A obtained an alias writ of execution and levied upon certain personal properties of B. The latter filed an urgent motion for suspension of the execution sale on the ground of pay- ment of the judgment obligation. He maintains that the execu- tion of the deed of chattel mortgage has extinguished the judg- ment debt because of implied novation. Is this correct? Reasons. 3 points“A’’ borrowed from “B” the sum of P3,000.00. Three days after, “A’’ in a letter authorized the Philippine National Bank…