Xanthippe donated a vacant lot held as capital asset to his brother-in-law. The assessed value and zonal value of the land were P750,000 and P1,000,000, respectively. The land had an unpaid mortgage of P200,000 which was not assumed by the donee and an unpaid realty tax of P10,000 which was assumed by the donee. How much is the donor’s tax?
Xanthippe donated a vacant lot held as capital asset to his brother-in-law. The assessed value and zonal value of the land were P750,000 and P1,000,000, respectively. The land had an unpaid mortgage of P200,000 which was not assumed by the donee and an unpaid realty tax of P10,000 which was assumed by the donee. How much is the donor’s tax?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Xanthippe donated a vacant lot held as capital asset to his brother-in-law. The assessed value and zonal value of the land were P750,000 and P1,000,000, respectively. The land had an unpaid mortgage of P200,000 which was not assumed by the donee and an unpaid realty tax of P10,000 which was assumed by the donee. How much is the donor’s tax?
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