Question
On Oct. 13, 2021, Strong donated a property located in Nueva Ecija and cash as follows: Land with a FMV of P6.8M to a
On Oct. 13, 2021, Strong donated a property located in Nueva Ecija and cash as follows:
• 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?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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...
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Step: 2
Step: 3
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
