P6.1. (GROSS GIFTS) A donor made the following donations during the year: To Abel, a car worth P800.000 . To Jen, condominium unit worth P3,000,000 in Macau To Gore, GJ Company shares (domestic corp.) amounting to P250,000 • To Alexa, P100,000 worth of shares of stock of a resident foreign corporation where 90% of its operation is in the Philippines. . To Earl, a building in Singapore valued at P5,000,000 mortgaged for P2,000,000 assumed by the donee To Hananiah, parcel of land in Isabela, P1,500,000 . To Chen, P100,000 bank deposit in BPI To Kristine, P100,000 bank deposit in Metrobank, U.S. Branch To Gavrie, P500,000 cash
P6.1. (GROSS GIFTS) A donor made the following donations during the year: To Abel, a car worth P800.000 . To Jen, condominium unit worth P3,000,000 in Macau To Gore, GJ Company shares (domestic corp.) amounting to P250,000 • To Alexa, P100,000 worth of shares of stock of a resident foreign corporation where 90% of its operation is in the Philippines. . To Earl, a building in Singapore valued at P5,000,000 mortgaged for P2,000,000 assumed by the donee To Hananiah, parcel of land in Isabela, P1,500,000 . To Chen, P100,000 bank deposit in BPI To Kristine, P100,000 bank deposit in Metrobank, U.S. Branch To Gavrie, P500,000 cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
what's the answer to question d?
Transcribed Image Text:PROBLEMS
P6.1. (GROSS GIFTS)
A donor made the following donations during the year:
To Abel, a car worth Pe00,000
• To Jen, condominium unit worth P3,000,000 in Macau
To Gore, GJ Company shares (domestic corp.) amounting to
P250,000
To Alexa, P100,000 worth of shares of stock of a resident foreign
corporation where 90% of its operation is in the Philippines
To Earl, a building in Singapore valued at P5,000,000 mortgaged
for P2,000,000 assumed by the donee
To Hananiah, parcel of land in Isabela, P1,500,000
To Chen, P100,000 bank deposit in BPI
To Kristine, P100,000 bank deposit in Metrobank, U.S. Branch
• To Gavrie, P500,000 cash
The donor also made the following transfer of properties within the year.
Consideration Fair market value at the
time of transfer
3,000,000
2,000,000
10,000,000
1,000,000
Property
Land 1-Q.C
Land 2- Taguig
Land 3-U.S.A.
Car - Manila
received
P2,000,000
3,000,000
5,000,000
800,000
REQUIRED:
Determine the amount of gross gifts subject to donor's tax assuming
the donor is
a) Resident citizen
b) Nonresident citizen
c) Resident alien
d) Nonresident alien with reciprocity
e) Nonresident alien without reciprocity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education