FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

What is the tax payable on March 1?

Erercises Donor's Tax A resident citizen made the following donations: P6.5. (CUMULATIVE GIFTS; Upon effectivity of TRAIN Law) On March 1, P200,000 to his son, on account of marriage celebrated on January 1, 2021. On May 30, a parcel of land worth P500.000 to his brother, subject to the condition that the donee would assume the mortgage indebtedness in the amount of P100,000. On June 30, P300,000 to an ailing friend On July 31, P200,000 cash to Bantay Bata On September 30, a house and lot worth P3,000,000 to his daughter and son in law, on account of their scheduled marriage on December 25, 2021. assumed by the donees. A mortgage of P600,000 will be Required: Determine the tax payable on: a) March 1 b) May 30 c) June 30 d) July 31 e) September 30
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Transcribed Image Text:Erercises Donor's Tax A resident citizen made the following donations: P6.5. (CUMULATIVE GIFTS; Upon effectivity of TRAIN Law) On March 1, P200,000 to his son, on account of marriage celebrated on January 1, 2021. On May 30, a parcel of land worth P500.000 to his brother, subject to the condition that the donee would assume the mortgage indebtedness in the amount of P100,000. On June 30, P300,000 to an ailing friend On July 31, P200,000 cash to Bantay Bata On September 30, a house and lot worth P3,000,000 to his daughter and son in law, on account of their scheduled marriage on December 25, 2021. assumed by the donees. A mortgage of P600,000 will be Required: Determine the tax payable on: a) March 1 b) May 30 c) June 30 d) July 31 e) September 30
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