Taxation

pls provide solution for prob. solving

1. Ms. Mimi owns the following properties:

i. A car located in the New York, United States. P2.000.000

ii. A tricycle located in New York. Cubao. P200.000

iii. A Jolibee franchise exercisable in the Philippines. P1.000.000

iv. Shares issued by San Miguel Corporation, a domestic corporation, P355.000 v. Shares issued by Budweiser Corporation, a foreign corporation. 90% of the business of which is located in the Philippines, P482.000

vi. Shares issued by Carlsberg Corporation, a foreign corporation, 60% of the business of which is located in the Philippines. P335.000 vii. Shares issued by Guinness Corporation, a foreign corporation, 30% of the business of which is located in the Philippines. P603.000

Mimi donated all these items to Harry. How much is gross gift if Mimi is a non-resident alien with reciprocity?

a. 2,200,000

b.1,200,000

c.200,000

d.2,037,000

2. Dua Lipa is the owner of three parcels of land. Dua Lipa rented Land #1 to Hailee. Monthly rental payments by Hailee amount to P20.000. The rental contract is set to last for two years. Land #1 has a value of P2.300,000. The land is located in Zamboanga

- Dua Lipa gave Land #2 to Selena through a revocable deed of donation on March 13. 2018. Dua Lipa revoked the donation on September 2, 2018. Land #2 has a value of P3.400.000 on March 13 and P3.920.000 on September 2. The land is located in Zambales.

- Dua Lipa gave land #3 to Carly in exchange of cash worth P500.000. The land's

value is P2.440.000. The transaction was documented in a notarized deed. The land is located in Japan. If Dua is a non-resident alien, how much is the donor's tax due?

a. 131,400

b. 101,400

c. 0

d. 305,400

3. For Domino's passing of the examination for Certified Public Accountant. Shakeys donated the following properties to Dominos in April 26, 2021:

- A newly purchased car. The car has a fair value of P5.000.000, but Shakeys was able to buy the car for P4.500.000. - A used jewelry. At the time of purchase, the jewelry was worth P3.000.000. At the time of donation. the jewelry was worth P2.000.000.

-3.000 preference shares with a par value of P15 per share, a market value of P20, a

book value of P33. and a liquidation value of P24

-4.000 ordinary shares with a par value of P10 per share and a market value of

P12.50

What is the value of the preference shares for the donor's tax purposes?

a.99,000

b.45,000

c.72,000

d.60,000

4.Ms. Mimi owns the following properties:

i. A car located in the New York, United States. P2.000.000

ii. A tricycle located in New York, Cubao, P200.000 iii. A Jolibee franchise exercisable in the Philippines, P1.000.000 iv. Shares issued by San Miguel Corporation, a domestic corporation. P355.000

v. Shares issued by Budweiser Corporation, a foreign corporation. 90% of the business of which is located in the Philippines, P482.000 vi. Shares issued by Carlsberg Corporation, a foreign corporation. 60% of the business of which is located in the Philippines. P335.000 vii. Shares issued by Guinness Corporation, a foreign corporation, 30% of the business of which is located in the Philippines, P603.000

Mimi donated all these items to Harry. How much is gross gift if Mimi is a non-resident alien without reciprocity?

a.2,372,000

b.2,037,000

c.2,975,000

d.1,555,000

5.Caramel donated to five institutions. They are enumerated as follows:

P3.000.000 worth of cash and equipment to Community Pantry Organization, a

non-profit institution dedicated to providing the homeless with free food - P4.000.000 worth of cash to dolomite Warriors, a non-profit institution which used P1.800.000 for administrative purposes P2.000.000 worth of cash to Filipino Youth, Inc., a youth non-profit organization

which pays dividends to its stockholders - P6.000.000 to Presidential Communications Office, a government agency.

-P2.500.000 to Nescafe Corporation, a for-profit corporation

What is the proper donor's tax treatment for the donation made to Dolomite

Warriors?

a. Included in gross gift

b. Included in gross gift. then claimed as deduction from gross gift up to a certain percentage 3

c. Included in gross gift, the claimed as deduction from gross gift

d. Excluded from gross gift