conjugal property
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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?
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- Carl made the following transfers during the current year. What are Carl’s taxable gifts for the current year? 1.Transferred $900,000 in cash and securities to a revocable trust, life estate to himself and remainder interest to his three adult children by a former wife. 2.In consideration of their upcoming marriage, gave Maria a $90,000 convertible. 3.Purchased a $100,000 certificate of deposit listing title as “Carl, payable on proof of death to Maria.” 4.Established a joint checking account with his now-wife, Maria, in December of the current year with $30,000 of funds he inherited from his parents. In January of the following year, Maria withdrew $18,000 of the funds. 5.Purchased for $80,000 a paid-up insurance policy on his life (maturity value of $500,000). Carl designated Maria as the beneficiary. 6.Paid $23,400 to a college for his niece Mindy’s tuition and $11,000 for her room and board. Mindy is not Carl’s dependent. 7.Gave his aunt Betty $52,000 for her heart bypass…During her lifetime, Elaine made several property transfers, including the following: a) The $11,0000 in cash for each of her nieces and nephews that she placed in a revocable trust last year for their benefit b) The $10,000 she paid four years ago to Dr. Meyers to pay off her father's medical bill c) The $28,000 remainder interest given to her daughter, Elsie, two years ago in a irrevocable Grantor Retained Income Trust that Elaine established and funded d) The $10,000 she paid to State University for Elsie's books, and room and board six years ago e) The $29,000 in cash she gave six years ago to her husband Rolf Assume that each of these transfers constitutes Elaine's only transfer to each transferee during the year in which the transfer was made. As her Financial adviser, which of the following transfers would you tell her are fully or partially includible in her total gifts for the purpose of calculating her federal gift tax liability? Explain your response.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 March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 1. How much is the donor’s tax to be paid on January 31, 2021? 2. How much is the donor’s tax to be paid on March 22, 2021? 3. How much is the donor’s tax to be paid on April 19, 2021?
- 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 March 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 March 22, 2021?The estate of Nancy Hanks reports the following information: What is the taxable estate value? $7,070,000. $7,100,000. $7,180,000. $7,420,000.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,…
- You received an acre of land as a gift. At the time of the gift, the land had an FMV of $10,000. The donor’s adjusted basis was $15,000. After you received the land, no events occurred to increase or decrease your basis. If you sell the land for $20,000, you will have aTaxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?Marco 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?
- Johnson transfers $500,000 of securities to an irrevocable trust, which is to pay him an income interest equal to five percent of the trust value determined each year for a term of 15 years. At the end of the 15-year term the remainder of the property shall pass to St. Philip's Hospital for Children. This is an example of what kind of trust? 1. A grantor retained income trust. 2. A charitable lead trust. 3. A charitable remainder unitrust. 4. A charitable remainder annuity trust. 01 02 03 04Edward 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. 0Under Megan's will, $10,000 a year is to be paid to his widow and $5,000 a year is to be paid to his daughter out of the estate’s income during the period of estate administration. No charitable contributions are made by the estate. During 2022, the estate made the required distributions and the estate’s distributable net income was $12,000. How much of the $10,000 distribution received from the estate must Megan's widow include in her 2022 gross income?
