On Oct. 13, 2021, Strong donated a property located in Nueva Ecija and cash as follows:

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• Land with a FMV of P6.8M to a legitimate daughter on account of marriage, subject to a mortgage of P800,000 to be assumed by the daughter.

• Cash of P1.5M: To a legitimate son, on account of marriage.

1.What is the correct amount of net gift made?

2. Based on the above information, how much is the donor's tax?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Mar 04, 2024 12:57 AM

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On Oct. 13, 2021, Strong donated a property located in Nueva Ecija and cash as follows:

Question:

Expert Answer:

To calculate the correct amount of the net gift made by Strong and the corresponding donors tax we need to consider the fair market value FMV of the properties donated and any liabilities assumed by t... View the full answer

Income Tax Fundamentals 2013

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