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
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Question
what's the answer to question c?
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
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