Years ago, KR bought a parcel of land in Muntinlupa for only PhP65,000. He donated the land to his son, KO, in 2018 when the property had a fair market value of PhP75,000, and paid the corresponding donor's tax. KO, in turn, sold the property in 2019 to KA for PhP 6.5 million and paid the capital gains tax, documentary stamp tax, local transfer tax, and other fees and charges. KA, in turn, donated the land to 'Preliminary School' last August 30, 2021 to be used as the site for additional classrooms. No donor's tax was paid, because KA claimed that the donation was exempt from taxation. At the time of the donation to Preliminary School, the land had a fair market value of PhP 65 million. 1.1. Is KA liable for Donor's Tax? 1.2. How much in 'Deduction from Gross Income' may KA claim on account of the said donation?
Years ago, KR bought a parcel of land in Muntinlupa for only PhP65,000. He donated the land to his son, KO, in 2018 when the property had a fair market value of PhP75,000, and paid the corresponding donor's tax.
KO, in turn, sold the property in 2019 to KA for PhP 6.5 million and paid the
1.1. Is KA liable for Donor's Tax?
1.2. How much in 'Deduction from Gross Income' may KA claim on account of the said donation?
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