Question: PROBLEMS SOLVING: 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
PROBLEMS SOLVING: 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 1% 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 August 15, 2019 Car worth 500,000 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
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
Students Have Also Explored These Related Accounting Questions!