Mr. and Mrs. Lapigo, made the following donations during 2022: Date: Feb 14 Particulars: Land worth P800,000 to their legitimate son, Caloy, on account of marriage dated February 10, 2021. The car was mortgaged for P200,000, only 50% of the mortgage was assumed by the donee. Date: March 30 Particulars: To Mr. Lapigo's brother, his capital property (Car) worth P200,000 on account of marriage 3 months ago. They agreed that the donee shall pay the donor's tax thereon. Based on the information above, how much is the total documentary stamp tax?
Mr. and Mrs. Lapigo, made the following donations during 2022: Date: Feb 14 Particulars: Land worth P800,000 to their legitimate son, Caloy, on account of marriage dated February 10, 2021. The car was mortgaged for P200,000, only 50% of the mortgage was assumed by the donee. Date: March 30 Particulars: To Mr. Lapigo's brother, his capital property (Car) worth P200,000 on account of marriage 3 months ago. They agreed that the donee shall pay the donor's tax thereon. Based on the information above, how much is the total documentary stamp tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. and Mrs. Lapigo, made the following donations
during 2022:
Date: Feb 14
Particulars: Land worth P800,000 to their legitimate son, Caloy, on account of marriage dated February 10, 2021. The car was mortgaged for P200,000, only 50% of the mortgage was assumed by the donee.
Date: March 30
Particulars: To Mr. Lapigo's brother, his capital property (Car) worth P200,000 on account of marriage 3 months ago. They agreed that the donee shall pay the donor's tax thereon.
Based on the information above, how much is the total documentary stamp tax?
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