Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his son Domingo Jr., 2020: March 1, 2020-A parcel of land valued at P200,000. July 31, 2020-Shares of stock of San Miguel Corporation valued at P800,000. September 30, 2020-A Toyota Land Cruiser, valued at P3,500,000, which was subject to a chattel mortgage of P800,000, to be assumed by Domingo, Jr. who paid it immediately upon receipt of the donation. December 10, 2020-Cash of P2,000,000. How much is the donor’s tax still due upon the filing of the donation made on December 10, 2020?

Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his son Domingo Jr., 2020: March 1, 2020-A parcel of land valued at P200,000. July 31, 2020-Shares of stock of San Miguel Corporation valued at P800,000. September 30, 2020-A Toyota Land Cruiser, valued at P3,500,000, which was subject to a chattel mortgage of P800,000, to be assumed by Domingo, Jr. who paid it immediately upon receipt of the donation. December 10, 2020-Cash of P2,000,000. How much is the donor’s tax still due upon the filing of the donation made on December 10, 2020?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 35P

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LO.6, 8 William, a high school teacher, earns about 50,000 each year. In December 2019, he won 1,000,000 in the state lottery. William plans to donate 100,000 to his church. He has asked you, his tax adviser, whether he should donate the 100,000 in 2019 or 2020. Identify the tax issues related to Williams decision.
32 Constancio Corpuz, Filipino, single, died on December 5, 2020. He left a gross estate of P32,000,000 which included family home valued at P3,500,000 that he had purchased, and a coconut plantation located in Quezon province valued at P4,100,000 that he inherited from his grandfather on March 5, 2018. The estate tax return of his grandfather showed such coconut plantation with a fair market value of P3,900,000 and that the estate tax was paid by the estate. Mr. Corpuz assumed the unpaid mortgage of P900,000 on the coconut plantation of which only P200,000 remained unpaid as of the time of his death. He had no other liability except a bank loan of P1,300,000 that he obtained for the repair of the family home. How much is the vanishing deduction that the estate of Mr. Corpus may claim?
61. 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 Marc 22, 2021 To Goyo - Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on Janaury 31, 2021? Answer:________________
Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:
9 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; Using Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 14 (Total net gifts) for the return to be filed on November 23, 2018?
64. Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1,2021 leaving the following properties: Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed Value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car = Php 2 Million Used car = Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million. Cash Cash in vault - Php 1 Million Cash in Bank of Macabeybi - Php 5 Million Cash in Bank of Pilipens - Php 5 Million Conjugal/ Community Deduction: Funeral expense - Php 2 Million Mausoleum - Php 2 Million Judicial expenses - Php 1 Million Unpaid medical expenses…
59 Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1, 2021 leaving the following properties: Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in Manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car – Php 2 Million Used car – Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million Cash Cash in vault – Php 1 Million Cash in Bank of Macabeybi – Php 5 Million Cash in Bank of Pilipens – Php 5 Million Conjugal/Community Deductions: Funeral expense – Php 2 Million Mausoleum – Php 2 Million Judicial expenses – Php 1 Million Unpaid medical…
Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donation
Answer with explanation. 1. On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P500,000 to his illegitimate child on account of marriage on January 1, 2022. return was filed and tax paid on July 5, 2022. (Assume a 10% legal interest rate for loans). The donor's tax due, including increments, as of July 5, 2022 is: a. P15,000 b. P15,750 c. P19,500 d. P23,250
3 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; On November 23, 2018 gift, using the Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 18(Tax Payable/(Overpayment)) ?
Ma4. Donna makes the following transfers in 2022: $250,000 to Greg, her spouse, who is US Citizen 20,000 to Elena, her daughter 50,000 to Harvard University for Tuition for Elena 25,000 to Yale for Cancer research. Does Donna need to file a gift tax return? Why or why not?
56 Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor’s death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? Group of answer choices Php 7,000,000 Php 4,000,000 Php 15,000,000 Php 10,000,000 Php 5,000,000