Mr. Train made the following donations for the year 2018: January: Land worth 1,500,000 with 300,000...
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Mr. Train made the following donations for the year 2018: January: Land worth 1,500,000 with 300,000 mortgage assumed by mr. train. Car worth 500,000 to the municipal accountant March: 1,000,000 cash to an accredited nonprofit institution is for administrative expenses August: capital property worth 500,000 to his ex-girlfriend 200,000 to a local government unit 30% of which is used for administrative expenses 1. How much is the gift tax payable for the month of august? Marites, non-resident citizen, made the following donations during the calendar year 2019: January 30, 2019 Land with assessed value of 2,000,000 March 30, 2019 Building worth 1,000,000 Car worth 500,000 August 15, 2019 September 1, 2020 Cash worth 800,000 Additional info: The land has a zonal value of 2,500,000 • Building has a mortgage of 200,000 which was assumed by the donor • Cash was donated to an accredited non-profit organization 300,000 will be used for admin expenses 2. How much was the tax due on the gift made on January 30, 2019 3. How much was the tax payable on the gift made on March 30, 2019 4. How much was the tax payable on the gift made on August 15, 2019 5. How much was the tax payable on the gift made on September 1, 2020 Mr. Train made the following donations for the year 2018: January: Land worth 1,500,000 with 300,000 mortgage assumed by mr. train. Car worth 500,000 to the municipal accountant March: 1,000,000 cash to an accredited nonprofit institution is for administrative expenses August: capital property worth 500,000 to his ex-girlfriend 200,000 to a local government unit 30% of which is used for administrative expenses 1. How much is the gift tax payable for the month of august? Marites, non-resident citizen, made the following donations during the calendar year 2019: January 30, 2019 Land with assessed value of 2,000,000 March 30, 2019 Building worth 1,000,000 Car worth 500,000 August 15, 2019 September 1, 2020 Cash worth 800,000 Additional info: The land has a zonal value of 2,500,000 • Building has a mortgage of 200,000 which was assumed by the donor • Cash was donated to an accredited non-profit organization 300,000 will be used for admin expenses 2. How much was the tax due on the gift made on January 30, 2019 3. How much was the tax payable on the gift made on March 30, 2019 4. How much was the tax payable on the gift made on August 15, 2019 5. How much was the tax payable on the gift made on September 1, 2020 Mr. Train made the following donations for the year 2018: January: Land worth 1,500,000 with 300,000 mortgage assumed by mr. train. Car worth 500,000 to the municipal accountant March: 1,000,000 cash to an accredited nonprofit institution is for administrative expenses August: capital property worth 500,000 to his ex-girlfriend 200,000 to a local government unit 30% of which is used for administrative expenses 1. How much is the gift tax payable for the month of august? Marites, non-resident citizen, made the following donations during the calendar year 2019: January 30, 2019 Land with assessed value of 2,000,000 March 30, 2019 Building worth 1,000,000 Car worth 500,000 August 15, 2019 September 1, 2020 Cash worth 800,000 Additional info: The land has a zonal value of 2,500,000 • Building has a mortgage of 200,000 which was assumed by the donor • Cash was donated to an accredited non-profit organization 300,000 will be used for admin expenses 2. How much was the tax due on the gift made on January 30, 2019 3. How much was the tax payable on the gift made on March 30, 2019 4. How much was the tax payable on the gift made on August 15, 2019 5. How much was the tax payable on the gift made on September 1, 2020
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Answer rating: 100% (QA)
1 To calculate the gift tax payable for the month of August we need to determine the net gifts made by Mr Train and Marites during that month Gift tax is calculated based on the net gifts which is the ... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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