Juliet, a Filipina made the following donations.a. To Nick, a land worth P450,000 in Manila.b. To Rosalee, jewelry worth P100,000 in Japan.c. To Adalind, PLDT shares amounting to P150,000,d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee.e. To Drew, land in Davao worth P300,000.f. P300,000 cash, PNB New York to Hankg. P200,000 receivable,50% condoned by JulietShe has also transferred the following properties: Selling Price FMVCar, MakatiP200,000P300,000Car, Malaysia300,000200,000Rest House, Tagaytay1,000,0002,000,000Rest House, Malaysia1,500,0002,500,000 1. How much is the gross gift?a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is:a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000

The gift tax is a federal tax applied to an individual giving money or valuable items such as…

Answered: Juliet, a Filipina made the following…

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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Juliet, a Filipina made the following donations.

a. To Nick, a land worth P450,000 in Manila.

b. To Rosalee, jewelry worth P100,000 in Japan.

c. To Adalind, PLDT shares amounting to P150,000,

d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee.

e. To Drew, land in Davao worth P300,000.

f. P300,000 cash, PNB New York to Hank

g. P200,000 receivable,50% condoned by Juliet

She has also transferred the following properties:

	Selling Price	FMV
Car, Makati	P200,000	P300,000
Car, Malaysia	300,000	200,000
Rest House, Tagaytay	1,000,000	2,000,000
Rest House, Malaysia	1,500,000	2,500,000

1. How much is the gross gift?

a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000

2. If she is a non-resident Alien, her gross gift is:

a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000

3. If she is a non-resident alien, and there is reciprocity law, her gross gift is:

a. P850,000 c. P I,050,000 b. P950,000 d. P700,000

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