Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021.To Boni – New car worth Php 5 Million made on March 22, 2021To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on March 22, 2021?

In Philippine Donor’s tax for each calendar year shall be six percent (6%) computed on the basis of…

Answered: Nicanor made the following donations to…

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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Nicanor made the following donations to his children in 2021:

To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021.
To Boni – New car worth Php 5 Million made on March 22, 2021
To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021

How much is the donor’s tax to be paid on March 22, 2021?

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