resident citizen of thne Philippines made the following donations on

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

timed task, need help thanks!

about transfer taxes

A resident citizen of the Philippines made the following donations on
one date:
• To legitimate son P 100,000
To a legitimate daughter and her husband-to-be, on account of
marriage 15,000
• To a recognized natural son 30,000
To the Philippine Supreme Court 60,000
To an illegitimate daughter 40,000
To a sister 12,000
To a charitable institution 20,000
The deductions from gross gift is:
250,000
80,000
60,000
O 270,000
Transcribed Image Text:A resident citizen of the Philippines made the following donations on one date: • To legitimate son P 100,000 To a legitimate daughter and her husband-to-be, on account of marriage 15,000 • To a recognized natural son 30,000 To the Philippine Supreme Court 60,000 To an illegitimate daughter 40,000 To a sister 12,000 To a charitable institution 20,000 The deductions from gross gift is: 250,000 80,000 60,000 O 270,000
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Reasons for Estate Planning
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education