14. Mr. And Mrs. K, made the following donations of conjugal funds and properties in 2018...

 

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14. Mr. And Mrs. K, made the following donations of conjugal funds and properties in 2018 (unless stated otherwise), as follows: a. February 14: To L, a legitimate son, a piece of land with a FMV of P400,000 on account of L's graduation from college Answer: b. May 14: To M, a legitimate daughter on account of M's marriage to be celebrated on December 25, 2018, house and lot with FMV of P1,000,000 Answer: c. June 14: To N., brother of Mrs. K. P200,000 Answer: d. September 14: To O, the efficient and beautiful secretary of Mr. K for taking care of Mr. K while Mrs. K was vacationing in USA, jewelry worth P300,000. Answer: e. October 14: To P, the honest and good looking driver of Mrs. K who accompanied Mrs. K on her trip to and from USA, a diamond ring worth P500,000 Answer: f. December 14: To Q, the daughter of O on account of Q's birthday, pieces of jewelry inherited by Mr. K during marriage, with a FMV of P400,000 Answer: g. December 25: To R, a legitimate son, a residential house and lot with FMV of P1,200,000 but subject to the condition that R would assume the mortgage indebtedness in the amount of P400,000 Answer: Determine the total donor's tax payable on each date of donation. 14. Mr. And Mrs. K, made the following donations of conjugal funds and properties in 2018 (unless stated otherwise), as follows: a. February 14: To L, a legitimate son, a piece of land with a FMV of P400,000 on account of L's graduation from college Answer: b. May 14: To M, a legitimate daughter on account of M's marriage to be celebrated on December 25, 2018, house and lot with FMV of P1,000,000 Answer: c. June 14: To N., brother of Mrs. K. P200,000 Answer: d. September 14: To O, the efficient and beautiful secretary of Mr. K for taking care of Mr. K while Mrs. K was vacationing in USA, jewelry worth P300,000. Answer: e. October 14: To P, the honest and good looking driver of Mrs. K who accompanied Mrs. K on her trip to and from USA, a diamond ring worth P500,000 Answer: f. December 14: To Q, the daughter of O on account of Q's birthday, pieces of jewelry inherited by Mr. K during marriage, with a FMV of P400,000 Answer: g. December 25: To R, a legitimate son, a residential house and lot with FMV of P1,200,000 but subject to the condition that R would assume the mortgage indebtedness in the amount of P400,000 Answer: Determine the total donor's tax payable on each date of donation.

Answer rating: 100% (QA)

A B Donors tax due Mr K 13600 Mrs K 13600 explanation Solution Gross gift 10000002 500000 Exemption Dowry 10000 Taxable gift 490000 Donors tax due refer to tax table below 490000 200000 290000 290000 ... View the full answer