Zixin donated a piece of land to his best friend, Zaleki. The land had an assessed value of P1,000,000 and zonal value of P800,000 at the time of donation. It was also encumbered with an unpaid mortgage of P300,000 which was assumed by the donee. In addition, the donee agreed to pay the applicable donor's tax of P210,000. For donor's tax purposes, how much was the total deductions?

Zixin donated a piece of land to his best friend, Zaleki. The land had an assessed value of P1,000,000 and zonal value of P800,000 at the time of donation. It was also encumbered with an unpaid mortgage of P300,000 which was assumed by the donee. In addition, the donee agreed to pay the applicable donor's tax of P210,000. For donor's tax purposes, how much was the total deductions?

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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