A donor made the following donations during the year: *To Abel, a car worth P800,000 *To...

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A donor made the following donations during the year: *To Abel, a car worth P800,000 *To Jen, condominium unit worth P3,000,000 in Macau *To Gore, GJ Company shares (domestic corp,) amounting to P250,000 *To Alexa, P100,000 worth of shares of stick of a resident foreign corporation where 90% of its operation is in the Philippines. *To Earl, a Building in Singapore valued at P5,000,000 mortgaged for P2,000,000 assumed by the donee *To Hanniah, parcel of land in Isabela, P1,500,000 *To Chen, P 100,000 bank deposit to BPI *To Kristine, P100,000 bank deposit in Metrobank, U.S. Branch *To Gavrie, P500,000 cash The donor also made the following transfer of properties within the year: Land 1 - Q.C. Land 2 - Taguig Land 3 - U.S.A. Car - Manila Required: Determine the amount of gross gifts subject to donor's tax assuming the donor is: a) Resident Citizen b) Non-Resident Citizen c) Resident Alien d) Non-Resident Alien with reciprocity e) Non-Resident Alien wihout reciprocity A donor made the following donations during the year: *To Abel, a car worth P800,000 *To Jen, condominium unit worth P3,000,000 in Macau *To Gore, GJ Company shares (domestic corp,) amounting to P250,000 *To Alexa, P100,000 worth of shares of stick of a resident foreign corporation where 90% of its operation is in the Philippines. *To Earl, a Building in Singapore valued at P5,000,000 mortgaged for P2,000,000 assumed by the donee *To Hanniah, parcel of land in Isabela, P1,500,000 *To Chen, P 100,000 bank deposit to BPI *To Kristine, P100,000 bank deposit in Metrobank, U.S. Branch *To Gavrie, P500,000 cash The donor also made the following transfer of properties within the year: Land 1 - Q.C. Land 2 - Taguig Land 3 - U.S.A. Car - Manila Required: Determine the amount of gross gifts subject to donor's tax assuming the donor is: a) Resident Citizen b) Non-Resident Citizen c) Resident Alien d) Non-Resident Alien with reciprocity e) Non-Resident Alien wihout reciprocity

Answer rating: 100% (QA)

To determine the amount of gross gifts subject to donors tax first classify the gifts based on their nature and location The taxability of gifts depends on the tax status of the donor and the location ... View the full answer