6. Assuming the donor is a resident citizen, what is the amount of the donation inter- vivos? a. P1,000,000 b. P1,400,000 c. P4,000,000 d. P4,400,000
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- A donor gave the following donations during 2021: March 5 – Land located in the Philippines valued at P3,000,000.00 to her uncle subject to the condition that the latter will pay the donor’s tax due and unpaid mortgage amounting to P500,000.00. May 1 – Land located in Makati City valued at P1,950,000 to her daughter, on account of marriage December 30 – Building in Australia valued at P3,500,000.00 to her Donor’s tax paid in Australia was P250,000.00. Questions: Compute the donor's tax payable on the March 5 donation.Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations: Community properties, Philippines (including family home valued at P1,800,000) P8,000,000 Community properties, Abroad 2,000,000 Exclusive properties, Philippines 3,000,000 Claims against the estate (Common) 300,000 Devise to National Gov’t included in Common Properties 500,000 Legacy to Local Gov’t included in exclusive properties 700,000 Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payableOn January 1, 20x1, Entity A receives a financial aid from the government amounting to ₱1M as compensation for losses it has incurred on a recent calamity. How much income from government grant will Entity A recognize in 20x1? 1,000,000 3 53,334 100,000 4. 0
- Carding received the following during the year: 200,000 car as donation; 50,000 income of donated property before donation; 30,000 income from donated property after donation; 100,000 inherited properties. How much is excluded from gross income? P380,000 P350,000 P50,000 P30,000Zahid donated P500,000 to a religious institution. During the year, the total receipts from donations of the religious institution was P1,000,000. Its total administrative expenses amounted to P400,000. How much was the total exempt gift?Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Juliet, a Filipina made the following donations: To Nick Land in Manila 450,000 To Rosalee Jewelry in Japan 100,000 To Adalind PLDT Shares 150,000 To Renard Building in Italy with mortgage of P50,000 assumed by the done 1,600,000 To Drew Land in Davao 300,000 To Hank Cash in PNB New York 300,000 REQUIREMENT: DONOR’S TAX DUE5-6 Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?
- Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 1. How much is the donor’s tax to be paid on January 31, 2021? 2. How much is the donor’s tax to be paid on March 22, 2021? 3. How much is the donor’s tax to be paid on April 19, 2021?Which of the following is a specific legacy? Choose the correct.a. The gift of all remaining estate property to a charity.b. The gift of $44,000 cash from a specified source.c. The gift of $44,000 cash.d. The gift of 1,000 shares of stock in IBM.A donor gives Charity 1 $50,000 in cash that it must convey to Charity 2. However, the donor can reconsider and revoke the gift at any time prior to its conveyance to Charity 2. Which of the following statements is true?a. Charity 1 should report a contribution revenue.b. The donor continues to report an asset even after it is given to Charity 1.c. As soon as the gift is made to Charity 1, Charity 2 should recognize a contribution revenue.d. As soon as the gift is made to Charity 1, Charity 2 should recognize an asset.
