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.

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.

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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Concept explainers

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.

Question

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.

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S3.
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Problem 7-21 (Algorithmic) Foreign Tax Credit (LO 7.6) Martha and Lew are married taxpayers with $2,000 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $2,000 as a foreign tax credit. Their tax bracket is 28 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? If required, round your answer to the nearest dollar. The foreign tax deduction will result in a s tax benefit where as claiming the foreign tax credit yields a $ tax benefit. Therefore, the taxpayers should
61. 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 Marc 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 Janaury 31, 2021? Answer:________________