How much is the net taxable gift of Mr. Magpayo?
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On February 2022, Mr. and Mrs. Magpayo donated a conjugal parcel of land to their son, Pedro who was getting married within six months after the date of donation. The fair market value of the property at the time of donation was P5,000,000. Its fair market value at the time of marriage was P5,500,000. The donated property was subject to P1,000,000 mortgage assumed by the donors.
How much is the net taxable gift of Mr. Magpayo?
a. 2,500,000
b. 2,490,000
c. 2,740,000
d. 2,250,000
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- In 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted basis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin's basis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S name ARVIN BERTRAND Street address (including apt. no.) 834 SYCAMORE TRAIL Account number (see instructions) 586344322 City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX CUSIP number 14 State name YS Form 1099-B RECIPIENT'S TIN $1,500 $2,500 $4,000 $9,000 XXX-XX-XXXX Mark for follow up FATCA…In 2018, Thalia purchased land for $900,000 and lists title in the names of her daughters as follows: “April and Theresa, joint tenants with right of survivorship.” In 2020, April and Theresa purchase an apartment building for $1 million as equal tenants in common; April furnished $400,000 and Theresa furnished $600,000 of the cost. April died before Theresa in 2021 when the land is worth $1.5 million and the apartment building is worth $2 million. One of the results of these transactions is: a. April made a gift to Theresa of $100,000 in 2020. b. None of the land is included in April’s gross estate. c. April’s gross estate includes $800,000 (40% × $2 million) as to the apartment building. d. April’s gross estate includes $1,750,000 as to these properties.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…
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- 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?Mr. and Mrs. Zikalasa, both resident citizens, had the following data on the death of Mr. Sta Cruz in 2019: Exclusive property of husband, P2,720,000 Exclusive property of wife, P1,250,000 Conjugal property of couple, P4,800,000 Ordinary deduction on property of husband, P1,290,000 Ordinary deduction on property of wife, P560,000 Ordinary deduction on conjugal property of couple, P1,300,000 How much is the gross estate?In Year 1, T receives a parcel of real estate worth $50,000 in exchange for theperformance of services. T sells the property in Year 2 for $55,000.a. Although T would realize $50,000 as income in Year 1, she would notrecognize any income with respect to her services until Year 2 when sheconverts the property into cash (i.e., she would recognize $55,000 as income inYear 2).b. T would realize and recognize $50,000 as income in Year 1.c. T would realize and recognize $55,000 as income in Year 2.d. T would realize and recognize $50,000 as income in Year 1, and $5,000 asincome in Year 2. T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers…
