1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 57P
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Transcribed Image Text:1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021:
Phil.
USA
Canada
Australia
Net gift
P500,000
P410,000
P300,000
P100,000
Donor's tax paid
30,000
P20,000P
5,000
Required:
Compute the donor's to still due after tax credit.
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