1. In 2017, Ronald gave a property with a fair market value of P2,000,000, with unpaid mortgage of P200,000 to be paid by him, to his son Daniel and Daniel's bride Emily, on account of their marriage 15 months ago.

The allowable deduction is: a. P10,000

b. P20,000

c. P40,000

d. P0

1. The donor's tax payable based on the above problem is: a. P300,000

b. P344,000

c. P1,000,000

d. P0

1. The donor's tax payable based on the above problem assuming 2018 taxable year is: a. P300,000

b. P344,000

c. P105,000

d. P120,000