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properties before the donation of land. What advice will you give them?

properties before the donation of land. What advice will you give them?

FINANCIAL ACCOUNTING
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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Spouses Chis and Kathleen wanted to donate a parcel of land to their daughter Myles who is getting married in December 2020. The parcel of land has a zonal value of P420,000. You are consulted as to how should they make the donation to save on donor's tax. During the year, Chris has made a donation of P20,000 of his exclusive properties before the donation of land. What advice will you give them? The spouses should donate the land for a span of 2 years in equal parts O The spouses can donate the whole land during the same year O They should donate the land for a span of 3 years in equal parts O Kathleen should first donated her portion of the land this year, and next year Chris should donate his
Transcribed Image Text:Spouses Chis and Kathleen wanted to donate a parcel of land to their daughter Myles who is getting married in December 2020. The parcel of land has a zonal value of P420,000. You are consulted as to how should they make the donation to save on donor's tax. During the year, Chris has made a donation of P20,000 of his exclusive properties before the donation of land. What advice will you give them? The spouses should donate the land for a span of 2 years in equal parts O The spouses can donate the whole land during the same year O They should donate the land for a span of 3 years in equal parts O Kathleen should first donated her portion of the land this year, and next year Chris should donate his
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