Mr. and Mrs. Volo gave the following donations on July 1, 2020:Community Property was donated to Akari, sister of Mr. Volo. The fair market value of the property is P 650,000.To Rai, legitimate son on account of marriage, exclusive property of Mr. Volo worth P 150,000.The donor's tax due on Mr. Volo12,9008,4009,00013,500000

Fair market value: P650,000 Property value: P150,000 Donor's tax due on Mr. Volo: ?

Answered: Mr. and Mrs. Volo gave the following…

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. Vega gave the following gifts of conjugal property on July 15, 2021. To Barangay South, a parcel of land valued at P 1,500,000 To Delmont, a charitable institution, cash of P 500,000 To Mama Mia, mother of Mrs. Vega, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. dela Cruz? How much is the donor’s tax due of Mrs. Dela Cruz?
In 2016, Orville made a taxable gift of $32,000 to his brother Wilber. In 2020 Orville died and his entire estate passed passed to his son Ken. Which of the following may increased as a result of Orville's 2016 gift ? Estate tax paid by Orville's estate. Gift tax paid by Ken Gift tax paid by Wilber Income tax paid on Orville's final return
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…
Mr and Mrs. Swerte made the following donations during the calendar year 2018 (common property unless otherwise stated): Date Donations January 15 To Fe, legitimate daughter, on account of her forthcoming marriage, 10,000 shares which are not traded in the stock exchange. The book value at the time of donation was P52 per share. To Juana, family friend of couple, on account of her birthday, P20,000. February 10 To Pilar, legitimate daughter, on account of her marriage on February 1, 2015, a piece of antique jewelry from the capital property of Mr. Swerte. The pawn value of the jewelry was P45,000. To Ernest, legitimate son, on account of her graduation, a piece of land costing P500,000. The fair market value per BIR at the time of adoption was P1,000,000. Its zonal value was P1,200,000. The piece of land had an unpaid mortgage of P100,000 which was assumed by the donee. To Lilian, Mrs Swerte's sister; on account of her forthcoming marriage, cash P150,000 September 4 To CPAR University,…
Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?
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17. Noah gave $750 to a good friend whose house was destroyed by an earthquake. In addition, Noah contributed his time, valued at $250, in the cleanup effort. What’s amount of charitable deduction may Noah claim on his tax return for the current year, if his AGI is $80,000.
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LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. A cash gift of $95,000. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…

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