2. The gift tax payable ofMr. Alba on the July 14donation isMr. and Mrs. Alba gave the following donations:05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who gotmarried January 1, 2018.07/14/19 Exclusive property of Mr Alba was donated to Carla, legitimate daughter who got marriedJune 1, 2018. Value- P500,000.12/30/19Community property donated to Carla. The dowry has a market value of P800,00008/05/20 Community property donated to Dianne, P700,000 with an unpaid mortgage of P150,000assumed by the donee.Exclusive property of Mr. Alba was donated to ABC Corporation, cash of P200,000.O 21,800O 27,000O 30,000O 6400

As per Section 98 There shall be levied, assessed, collected and paid upon the transfer by any…

2. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following donations: 05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018.

2. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following donations: 05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018.

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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