Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as a wedding gift. On Dec.14, 2020, P2,500,000 worth of car to Maddie with a mortgage of 500,000 to be assumed by the latter.
Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as a wedding gift. On Dec.14, 2020, P2,500,000 worth of car to Maddie with a mortgage of 500,000 to be assumed by the latter.
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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Question
Alicia, a resident alien, made the following donation:
- On Jan. 21, 2020, P4,000,000 to a friend as a wedding gift.
- On Dec.14, 2020, P2,500,000 worth of car to Maddie with a mortgage of 500,000 to be assumed by the latter.
What is the donor's tax payable on:
- Jan. 21, 2020?
- Dec. 14, 2020?
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