Mr. and Mrs. Mapagbigay made the following donations during 2021: • Jan 25 To Jon, their legitimate son, on account of marriage last Jan. 20, 2021, car worth 600,000 with P200,00 unpaid mortgage. % was assumed by the Jon. • April 30 To Jun Jun, brother of Mr. Mapagbigay, his capital property inherited from their parents, worth P300,000 on account of marriage six months ago with a condition that Jun Jun will pay the donors tax thereon. July 5 To Serendipity, daughter of Mrs. Mapagbigay by former marriage, on account of her marriage. Mrs. Mapagbigay's paraphernal property worth P200,000.
Mr. and Mrs. Mapagbigay made the following donations during 2021: • Jan 25 To Jon, their legitimate son, on account of marriage last Jan. 20, 2021, car worth 600,000 with P200,00 unpaid mortgage. % was assumed by the Jon. • April 30 To Jun Jun, brother of Mr. Mapagbigay, his capital property inherited from their parents, worth P300,000 on account of marriage six months ago with a condition that Jun Jun will pay the donors tax thereon. July 5 To Serendipity, daughter of Mrs. Mapagbigay by former marriage, on account of her marriage. Mrs. Mapagbigay's paraphernal property worth P200,000.
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 25P: LO2 Fatima inherits a rental property with a fair market value of 90,000 from her aunt on April 30....
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Transcribed Image Text:3. Mr. and Mrs. Mapagbigay made the following donations during 2021:
• Jan 25
To Jon, their legitimate son, on account of marriage last Jan. 20, 2021,
car worth 600,000 with P200,00 unpaid mortgage. % was assumed by
the Jon.
April 30 To Jun Jun, brother of Mr. Mapagbigay, his capital property inherited
from their parents, worth P300,000 on account of marriage six months
ago with a condition that Jun Jun will pay the donors tax thereon.
• July 5
To Serendipity, daughter of Mrs. Mapagbigay by former marriage, on
account of her marriage. Mrs. Mapagbigay's paraphernal property
worth P200,000.
August 15 Conjugal car of the couple worth P800,000 with unpaid mortgage of
P400,000. ½ assumed by Serendipity and P600,000 worth of land to their fourth
sons of account of his graduation.
Requirement:
Calculate the donors tax due and payable at each donation period.
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