Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
Related questions
Question
Manny, a resident citizen, made the following donations in 2021:
- To Mercy, a land worth P450,000 in Manila.
- To Mika, jewelry worth P100,000 in Korea.
- To Miriam, Ayala Corporation shares amounting to P150,000.
- To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario).
- To Maynard, land in Cebu worth P300,000.
- To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch.
- To Maria, P200,000 receivable from the latter, 50% condoned by Manny.
Required: Determine the following circumstances:
- Donor’s tax due of Manny
- Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity
- Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT