Olivia, as graduation gift in her course in culinary arts, various cooking equipment valued at P3,000,000, e
Olivia, as graduation gift in her course in culinary arts, various cooking equipment valued at P3,000,000, e
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. and Mrs. Gregorio Guzman, made the following donations in 2020:
- February 1, 2020-To daughter Helena, on account of marriage, a house and lot valued at P5,000,000, exclusively owned by Mr. Guzman.
- March 1, 2020-To daughter Olivia, as graduation gift in her course in culinary arts, various cooking equipment valued at P3,000,000, exclusively owned by Mrs. Guzman.
- June 1, 2020-To son Richard, a Mercedes Benz car valued at P6,000,000, with Richard assuming the chattel mortgage thereon of P2,200,000.
- November 25, 2020-To son William, an agricultural lot with a fair market value of P2,400,000.
How much is the donor’s tax still due from Mr. Guzman upon the filing of the donor’s tax return on the donation made on November 25, 2020?
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