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
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
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 6BCRQ
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Question
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.
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