Mr . Polo made donations of their conjugal property to the following: Donee Property donated Fair market
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Question:
Mr . Polo made donations of their conjugal property to the following:
Donee | Property donated | Fair market value |
To Berna, daughter and Mario, her groom on their marriage | Resthouse in Zambales | P8,000,000 |
To Phil. National Red Cross | Cash | 500,000 |
To the Province of Bulacan | Lot for public playground | 2,000,000 |
To Dina, Mr. Polo's sister as gift for Dina's birthday | Apartment one unit | 700,000 |
To Mayor Reynes who is running for re-election | Cash | 500,000 |
To Lito, Mr. Polo's brother for topping the medical board exam exam | Cash | 500,000 |
On the one-unit apartment donated by Mr. Polo to her sister, it has unpaid mortgage of P300,000.
Of the P500,000 cash given to Mr. Polo's brother, Lito, Mr. Polo pointed out that P30,000 must be donated to St. Paul, The Apostle Parish.
Assuming P250,000 exemption is not applicable
9. How much is the taxable net gifts of Mr. Polo?
a. 8,870,000 b. 3,870,000 c. 11,870,000 d. 3,620,000
10. How much is the donor's tax of Mr. Polo?
a. 232,200 b. 532,200 c.412,320 d.217,200
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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