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Juan has also transferred the following FMV Selling Price Car, Alabang 600,000 P400,000 Car, Malaysia 600,000 400,000 Land in Mactan Cebu 1,000,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity

Juan has also transferred the following FMV Selling Price Car, Alabang 600,000 P400,000 Car, Malaysia 600,000 400,000 Land in Mactan Cebu 1,000,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity

FINANCIAL ACCOUNTING
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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P6.2. (GROSS GIFTS) Juan, a citizen of the Philippines, made the following donations: • To Pedro, a parcel of land worth P4,500,000 located in Pasig • To Amber, a parcel of land worth P1,000,000 located in Malaysia • To Roger, PLDT shares amounting to P1,500,000. • To Aby, a building in Belgium worth P2,000,000 mortgaged for P500,000 assumed by the donee To Alex, land in Pampanga worth P3,000,000. To Jamylle, P500,000 cash in PNB New York
Transcribed Image Text:P6.2. (GROSS GIFTS) Juan, a citizen of the Philippines, made the following donations: • To Pedro, a parcel of land worth P4,500,000 located in Pasig • To Amber, a parcel of land worth P1,000,000 located in Malaysia • To Roger, PLDT shares amounting to P1,500,000. • To Aby, a building in Belgium worth P2,000,000 mortgaged for P500,000 assumed by the donee To Alex, land in Pampanga worth P3,000,000. To Jamylle, P500,000 cash in PNB New York
Juan has also transferred the following properties: Selling Price P400,000 400,000 1,000,000 Car, Alabang Car, Malaysia Land in Mactan Cebu FMV 600,000 600,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity
Transcribed Image Text:Juan has also transferred the following properties: Selling Price P400,000 400,000 1,000,000 Car, Alabang Car, Malaysia Land in Mactan Cebu FMV 600,000 600,000 1,000,000 REQUIRED: Determine the amount of gross gifts subject to donor's tax assuming the donor is a) Resident alien b) Nonresident alien with reciprocity
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