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 1,500,000To Delmont, a charitable institution, cash of P 500,000To 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?

Donation tax is the tax which is charged on the donations given by the donor not by the recipient of…

Answered: conjugal property

Business

Accounting

conjugal property

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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hrl.3
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