what's the answer to question b? P6.2. (GROSS GIFTS)Juan, a citizen of the Philippines, made the following donations:• To Pedro, a parcel of land worth P4,500,000 located in Pasig• To Amber, a parcel of land worth P1,000,000 located in Malaysia• To Roger, PLDT shares amounting to P1,500,000.• To Aby, a building in Belgium worth P2,000,000 mortgaged forP500,000 assumed by the doneeTo Alex, land in Pampanga worth P3,000,000.To Jamylle, P500,000 cash in PNB New York Juan has also transferred the following properties:Selling PriceP400,000400,0001,000,000Car, AlabangCar, MalaysiaLand in Mactan CebuFMV600,000600,0001,000,000REQUIRED:Determine the amount of gross gifts subject to donor's tax assumingthe donor isa) Resident alienb) Nonresident alien with reciprocity

The National Internal Revenue Code of the Philippines says that a foreigner must pay a donor's tax…

Juan has also transferred the following FMV Selling Price Car, Alabang 600,000 P400,000 Car, Malaysia 600,000 400,000 Land in Mactan Cebu 1,000,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity

Juan has also transferred the following FMV Selling Price Car, Alabang 600,000 P400,000 Car, Malaysia 600,000 400,000 Land in Mactan Cebu 1,000,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A donor gave the following donations during 2021: March 5 – Land located in the Philippines valued at P3,000,000.00 to her uncle subject to the condition that the latter will pay the donor’s tax due and unpaid mortgage amounting to P500,000.00. May 1 – Land located in Makati City valued at P1,950,000 to her daughter, on account of marriage December 30 – Building in Australia valued at P3,500,000.00 to her Donor’s tax paid in Australia was P250,000.00. Questions: Compute the donor's tax payable on the March 5 donation.
Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
For items 6-10. A donor transferred the following properties on a certain day: Philippines Abroad Cash P 400,000 PO Land 1,000,000 Car 3,000,000 9. Assuming the donor is a non-resident alien, what is the amount of the donation inter- vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000
Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.
For items 6-10. A donor transferred the following properties on a certain day: Philippines Abroad Cash P 400,000 РО Land 1,000,000 Car 3,000,000 8. Assuming the donor is a non-resident citizen, what is the amount of the donation inter-vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000
1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
For items 6-10. A donor transferred the following properties on a certain day: Philippines Abroad Cash P 400,000 РО Land 1,000,000 Car 3,000,000 B 6. Assuming the donor is a resident citizen, what is the amount of the donation inter-vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000 1,000,000 + 400,000 = P1,400,000 _7. Assuming the donor is a resident alien, what is the amount of the donation inter-vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000 3,000,000 + 1,000,000 = P4,000,000 8. Assuming the donor is a non-resident citizen, what is the amount of the donation inter-vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000 Land = P1,000,000 9. Assuming the donor is a non-resident alien, what is the amount of the donation inter-vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000 3,000,000 + 1,000,000 + 400,000 = P4,400,000 C_10. Assuming the donor is a non-resident alien with a reciprocity exemption, what is the amount of the donation…
Alisha, a resident citizen residing in Singapore during his lifetime, left the following properties: House and lot, Britain P 10,000,000 House, Philippines P 40,000,000 Cars, Philippines P 3,000,000 Shares of stock, Malaysia P 4,000,000 Accounts receivable, Britain P 2,000,000 How much is the gross estate of Nicanor?
EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020: To his brother in Canada, a Volvo car valued at P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000. Round your answer to the nearest peso. (e.g. 101.50 = 102) How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?
Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donation
Answer with explanation. 1. On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P500,000 to his illegitimate child on account of marriage on January 1, 2022. return was filed and tax paid on July 5, 2022. (Assume a 10% legal interest rate for loans). The donor's tax due, including increments, as of July 5, 2022 is: a. P15,000 b. P15,750 c. P19,500 d. P23,250