What is the tax payable on July 31? ErercisesDonor's TaxA resident citizen made the following donations:P6.5. (CUMULATIVE GIFTS; Upon effectivity of TRAIN Law)On March 1, P200,000 to his son, on account of marriagecelebrated on January 1, 2021.On May 30, a parcel of land worth P500.000 to his brother, subjectto the condition that the donee would assume the mortgageindebtedness in the amount of P100,000.On June 30, P300,000 to an ailing friendOn July 31, P200,000 cash to Bantay BataOn September 30, a house and lot worth P3,000,000 to hisdaughter and son in law, on account of their scheduled marriageon December 25, 2021.assumed by the donees.A mortgage of P600,000 will beRequired: Determine the tax payable on:a) March 1b) May 30c) June 30d) July 31e) September 30

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Accounting

What is the tax payable on July 31?

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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Question

What is the tax payable on July 31?

Erercises
Donor's Tax
A resident citizen made the following donations:
P6.5. (CUMULATIVE GIFTS; Upon effectivity of TRAIN Law)
On March 1, P200,000 to his son, on account of marriage
celebrated on January 1, 2021.
On May 30, a parcel of land worth P500.000 to his brother, subject
to the condition that the donee would assume the mortgage
indebtedness in the amount of P100,000.
On June 30, P300,000 to an ailing friend
On July 31, P200,000 cash to Bantay Bata
On September 30, a house and lot worth P3,000,000 to his
daughter and son in law, on account of their scheduled marriage
on December 25, 2021.
assumed by the donees.
A mortgage of P600,000 will be
Required: Determine the tax payable on:
a) March 1
b) May 30
c) June 30
d) July 31
e) September 30

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