Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Juliet, a Filipina made the following donations.
a. To Nick, a land worth P450,000 in Manila.
b. To Rosalee, jewelry worth P100,000 in Japan.
c. To Adalind, PLDT shares amounting to P150,000,
d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee.
e. To Drew, land in Davao worth P300,000.
f. P300,000 cash, PNB New York to Hank
g. P200,000 receivable,50% condoned by Juliet
She has also transferred the following properties:
| Selling Price | FMV | |
| Car, Makati | P200,000 | P300,000 |
| Car, Malaysia | 300,000 | 200,000 |
| Rest House, Tagaytay | 1,000,000 | 2,000,000 |
| Rest House, Malaysia | 1,500,000 | 2,500,000 |
1. How much is the gross gift?
a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000
2. If she is a non-resident Alien, her gross gift is:
a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000
3. If she is a non-resident alien, and there is reciprocity law, her gross gift is:
a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
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