On January 15, 2018, Daisy gave a piece of land to her brother-in-law who is getting married

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On January 15, 2018, Daisy gave a piece of land to her brother-in-law who is getting married on February 14, 2018. The assessed value and zonal value of the land were P750,000 and P1,000,000, respectively. The land had an unpaid mortgage of P200,000, which has not assumed by the done, and an unpaid realty tax of P10,000, which was assumed by the done.

1.What value shall be reflected in the gross gift?

750,000

None of the above

1,000,000

800,000

2.How much shall be the total deductions?

210,000

200,000

10,000

None of the above

3.How much was the donor's tax due?

297,000

237,000

44, 400

31,400

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: Feb 03, 2024 12:48 AM

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On January 15, 2018, Daisy gave a piece of land to her brother-in-law who is getting married

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ANSWER IS 1 None of the above Explanation The value reflected in the gross ... View the full answer

Intermediate Accounting Reporting and Analysis

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