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.
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- Mr. and Mrs. Volo gave the following donations on July 1, 2020: Community Property was donated to Akari, sister of Mr. Volo. The fair market value of the property is P 650,000. To Rai, legitimate son on account of marriage, exclusive property of Mr. Volo worth P 150,000. The donor's tax due on Mr. Volo 12,900 8,400 9,000 13,500 000Mr. and Mrs. Pi gave the following gifts of conjugal property on July 15, 2021. To Barangay Delm, a parcel of land valued at P 1,500,000 To Sancio, a charitable institution, cash of P 500,000 To Mama Mi, mother of Mrs. Pi, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. Pi? How much is the donor’s tax due of Mrs. Pi?Mr. and Mrs. Oliveros, made the following donations during 2021: January 15. To Oliver, their legitimate son, on account of marriage last January 20, 2021, car worth P500,000, with P200,000 unpaid mortgage, ¼ was assumed by the donee. June 12. To John, brother of Mr. Oliveros, his capital property worth P200,000 on account of marriage 6 months ago with a condition that the donee will pay the donor’s tax thereon. July 15.To Felicidad, daughter of Mrs. Oliveros by former marriage, on account of her marriage 12 months ago, Mrs. Oliveros’ paraphernal property worth P100,000 August 20. Conjugal car of the couple worth P400,000 with P200,000 unpaid mortgage, ½ assumed by Felicidad and P500,000 worth of land to their four sons on account of their graduation, 20% of which was owned by their closest friend, Rafael, who agreed to donate his share through a public document. Questions: a. The gift taxes payable of Mr. Oliveros on August 20 should be: b.
- Mr. and Mrs. Lapigo, made the following donations during 2022: Date: Feb 14 Particulars: Land worth P800,000 to their legitimate son, Caloy, on account of marriage dated February 10, 2021. The car was mortgaged for P200,000, only 50% of the mortgage was assumed by the donee. Date: March 30 Particulars: To Mr. Lapigo's brother, his capital property (Car) worth P200,000 on account of marriage 3 months ago. They agreed that the donee shall pay the donor's tax thereon. Based on the information above, how much is the total documentary stamp tax?Mr. and Mrs. Vega gave the following gifts of conjugal property on July 15, 2021. To Barangay South, a parcel of land valued at P 1,500,000 To Delmont, a charitable institution, cash of P 500,000 To Mama Mia, mother of Mrs. Vega, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. dela Cruz? How much is the donor’s tax due of Mrs. Dela Cruz?In June 1, 2021, Mr. and Mrs.Oredan donated house and lot valued at P20,000,000 to their son and daughter in law on account of a forthcoming marriage. The property is subject to mortgage of P4,000,000 to be assumed by the donees. How much is the total donor's tax due of Spouses Oredan?
- On February 2022, Mr. and Mrs. Magpayo donated a conjugal parcel of land to their son, Pedro who was getting married within six months after the date of donation. The fair market value of the property at the time of donation was P5,000,000. Its fair market value at the time of marriage was P5,500,000. The donated property was subject to P1,000,000 mortgage assumed by the donors. 1. How much is the net taxable gift of Mr. Magpayo?Mr and Mrs. Swerte made the following donations during the calendar year 2018 (common property unless otherwise stated): Date Donations January 15 To Fe, legitimate daughter, on account of her forthcoming marriage, 10,000 shares which are not traded in the stock exchange. The book value at the time of donation was P52 per share. To Juana, family friend of couple, on account of her birthday, P20,000. February 10 To Pilar, legitimate daughter, on account of her marriage on February 1, 2015, a piece of antique jewelry from the capital property of Mr. Swerte. The pawn value of the jewelry was P45,000. To Ernest, legitimate son, on account of her graduation, a piece of land costing P500,000. The fair market value per BIR at the time of adoption was P1,000,000. Its zonal value was P1,200,000. The piece of land had an unpaid mortgage of P100,000 which was assumed by the donee. To Lilian, Mrs Swerte's sister; on account of her forthcoming marriage, cash P150,000 September 4 To CPAR University,…In December of 2018, Jack made a gift of $2,000,000 to Suzy. At the same time in December of 2018, Jack also transferred his existing $1,000,000 term life insurance policy into an irrevocable trust of which Suzy is the beneficiary. This was a term LI policy; the cost of the 2018 premium was $15,000. Were there taxable gifts? If yes, what is the amount of the taxable gifts to be reported on the gift tax return?
- Edward donated a lot worth P650,000 to his cousin Karl subject to thecondition that Karl will assume the P50,000 accrued real property tax onthe lot. What is the donor's tax? a. P21,000b. P24,000c. P36,000d. 0Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $90,000 $70,000 2021 $80,000 $100,000 How much of your client's applicable credit is used by the 2021 gifts only? Use the Unified Federal Estate and Gift Tax Rates table. A) $16,320 B) $24,400 C) $58,800 D) $11,080Marco made the following donations to his children in 2021: To Juan - Argicultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Clyde - New car worth 5 Million made on March 22, 2021. To Sevi - 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?