Mr. and Mrs. Oliveros, made the following donations during 2021:January 15. To Oliver, their legitimate son, on account of marriage last January 20, 2021, car worth P500,000, with P200,000 unpaid mortgage, ¼ was assumed by the donee.June 12. To John, brother of Mr. Oliveros, his capital property worth P200,000 on account of marriage 6 months ago with a condition that the donee will pay the donor’s tax thereon.July 15.To Felicidad, daughter of Mrs. Oliveros by former marriage, on account of her marriage 12 months ago, Mrs. Oliveros’ paraphernal property worth P100,000August 20. Conjugal car of the couple worth P400,000 with P200,000 unpaid mortgage, ½ assumed by Felicidad and P500,000 worth of land to their four sons on account of their graduation, 20% of which was owned by their closest friend, Rafael, who agreed to donate his share through a public document.Questions: a. The gift taxes payable of Mr. Oliveros on August 20 should be:b.

Any gift received on the occasion of marriage irrespective of the value of the gift will be exempted…

Answered: Mr. and Mrs. Oliveros, made the…

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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Mr. and Mrs. Oliveros, made the following donations during 2021:

January 15. To Oliver, their legitimate son, on account of marriage last January 20, 2021, car worth P500,000, with P200,000 unpaid mortgage, ¼ was assumed by the donee.
June 12. To John, brother of Mr. Oliveros, his capital property worth P200,000 on account of marriage 6 months ago with a condition that the donee will pay the donor’s tax thereon.
July 15.To Felicidad, daughter of Mrs. Oliveros by former marriage, on account of her marriage 12 months ago, Mrs. Oliveros’ paraphernal property worth P100,000
August 20. Conjugal car of the couple worth P400,000 with P200,000 unpaid mortgage, ½ assumed by Felicidad and P500,000 worth of land to their four sons on account of their graduation, 20% of which was owned by their closest friend, Rafael, who agreed to donate his share through a public document.

Questions:

a. The gift taxes payable of Mr. Oliveros on August 20 should be:

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