Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his son Domingo Jr., 2020: • March 1, 2020-A parcel of land valued at P200,000. ° ° July 31, 2020-Shares of stock of San Miguel Corporation valued at P800,000. September 30, 2020-A Toyota Land Cruiser, valued at P3,500,000, which was subject to a chattel mortgage of P800,000, to be assumed by Domingo, Jr. who paid it immediately upon receipt of the donation. • December 10, 2020-Cash of P2,000,000. How much is the donor's tax still due upon the filing of the donation made on December 10, 2020?

Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his son Domingo Jr., 2020: • March 1, 2020-A parcel of land valued at P200,000. ° ° July 31, 2020-Shares of stock of San Miguel Corporation valued at P800,000. September 30, 2020-A Toyota Land Cruiser, valued at P3,500,000, which was subject to a chattel mortgage of P800,000, to be assumed by Domingo, Jr. who paid it immediately upon receipt of the donation. • December 10, 2020-Cash of P2,000,000. How much is the donor's tax still due upon the filing of the donation made on December 10, 2020?

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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