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9. After new finally passing the Bar Examinations, a lawyer was given an engagement ring worth PHP1,000,000.00 by a longtime significant other who happened to
9. After new finally passing the Bar Examinations, a lawyer was given an engagement ring worth PHP1,000,000.00 by a longtime significant other who happened to be one of the most junior sitting Justices of the Supreme Court. Their relationship has so far been platonic. Being an avid supporter of the current government, the new lawyer told the significant other that the gift would only be accepted if all taxes due have been paid. Is there any tax liability arising from the giving of the engagement ring? Explain briefly
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