Tristan, Married, Donated a land commonly owned by him and her spouse worth P500,000 to her friend
Question:
Tristan, Married, Donated a land commonly owned by him and her spouse worth P500,000 to her friend Faishan. Only Tristan signed the deed of donation. Faishan assumed P200,000 unpaid mortgage on the property. How much is the donor's tax Due?
a.6,000
b.1,000
c.90,000
d.45,000
Levy operates a small grocery store while she is practicing her accounting profession. In 2018, her gross sales amounted to P1,300,000, in addition to her receipts from accounting practice of P500,000. The cost of sales and operating expenses incurred on the grocery were P600,000 and P120,000 respectively. The cost of services on the profession was P95,0000. How much is the tax due of Levy?
985,000
405,000
100,000
625,000
Christine, who is married, gave her friend Lina P250,000 worth of land that she and her husband owned. Only Christine signed the deed of donation. Christine assumed a P50,000 unsettled mortgage. How much is the donor's tax due?
20,000
40,000
50,000
60,000
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young