Generous as he truly is, JGS made the following donations to various persons and institutions during 2020:On
Question:
Generous as he truly is, JGS made the following donations to various persons and institutions during 2020:On February 13, he donated 20,000 square meter parcel of land in Cavite to his niece subject to the condition that she will graduate. The land was originally acquired at a price of P3,000,000, has a zonal value as of this date of P3,500,000, and an assessed value of P3,550,000.On February 14, the next day, he transferred a diamond ring to his girlfriend. The diamond ring is worth P2,300,000.On April 8, JGS niece graduates from college. The parcel of land in Cavite has increased both its zonal and assessed value by P200,000.On August 22, JGS gave 30,000 unlisted preference shares of JMV Corporation to his sister. Each share has a par value of P30 and a market value of P32.JGS is a resident and a citizen of the Philippines. All of the above donations have complied with the requirements for validity. How much is the donor's tax payable for the transaction on April 8?
A. P0
B. P210,000
C. P213,000
D. P225,000
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel