AST Corporation donated a piece of land to the Municipality of Palanas, Masbate Province for the relocation site of informal settlers. The municipal government subdivided the property and awarded parcels to the settlers. Houses were also built by the municipal government on the property. Question 1 - Was the donation by AST Corporation exempt from donor's tax? Question 2 - Was the awarding of parcels of land to the settlers exempt from donor's tax? Yes to both No to both No to first question and Yes to second question O Yes to first question and No to second question
AST Corporation donated a piece of land to the Municipality of Palanas, Masbate Province for the relocation site of informal settlers. The municipal government subdivided the property and awarded parcels to the settlers. Houses were also built by the municipal government on the property. Question 1 - Was the donation by AST Corporation exempt from donor's tax? Question 2 - Was the awarding of parcels of land to the settlers exempt from donor's tax? Yes to both No to both No to first question and Yes to second question O Yes to first question and No to second question
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 58P
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timed task, need help please. thanks!
about transfer taxes
![AST Corporation donated a piece of land to the Municipality of
Palanas, Masbate Province for the relocation site of informal settlers.
The municipal government subdivided the property and awarded
parcels to the settlers. Houses were also built by the nunicipal
government on the property.
Question 1 - Was the donation by AST Corporation exempt from
donor's tax?
Question 2 - Was the awarding of parcels of land to the settlers
exempt from donor's tax?
Yes to both
No to both
No to first question and Yes to second question
Yes to first question and No to second question](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F085b0584-eba2-4970-8fe1-1562ae5842e4%2F4e4d3144-027e-41df-bf54-78016fab5ef1%2Fdjnvaa_processed.png&w=3840&q=75)
Transcribed Image Text:AST Corporation donated a piece of land to the Municipality of
Palanas, Masbate Province for the relocation site of informal settlers.
The municipal government subdivided the property and awarded
parcels to the settlers. Houses were also built by the nunicipal
government on the property.
Question 1 - Was the donation by AST Corporation exempt from
donor's tax?
Question 2 - Was the awarding of parcels of land to the settlers
exempt from donor's tax?
Yes to both
No to both
No to first question and Yes to second question
Yes to first question and No to second question
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