DonorTo Mang Doming, his Filipino friend in New York City, property situated in the Philippines worth P325,000. PDF

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DONOR’S TAX PROBLEMSPROBLEM 1Annie donated the following properties:Land in Los Angeles, California, USA – P250, Land and building in Jolo, Sulu – P175, Car registered in the State of California, USA – P225, Jewelries in the Philippines – P45, Shares of stock in a corporation based in USA – P60, Acc...

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DONOR’S TAX PROBLEMS

PROBLEM 1 Annie donated the following properties: Land in Los Angeles, California, USA – P250,000 Land and building in Jolo, Sulu – P1 75,000 Car registered in the State of California, USA – P225,000 Jewelries in the Philippines – P45,000 Shares of stock in a corporation based in USA – P60,000 Accounts receivable, debtor is in the Philippines – P25,000 How much is the gross gift if Annie is (a) resident citizen; (b) non-resident alien without reciprocity; and (c) non-resident alien with reciprocity?

PROBLEM 2 Dimaganti, single, donated the following properties on September 21, 2020: Value P100,000 200,000 1,500,000 20,000 75,000 300,000 50,000 100,000 70,000

Property Cash Jewelries House & lot Cash Lot Car Cash Cash Motorcycle

Donee Dimalupig, brother, on account of marriage. Trexy, girlfriend residing in Japan. Parents, silver wedding anniversary gift. PICPA Brgy. Matinios, for use as site of barangay hall Ugang, brother, donation is revocable. International Rice Research Institute Matatag, father of the father of his mother Nico, niece, donation is embodied in the wil l.

Requirements: a. How much is the gross gift? b. How much is the donor’s tax?

PROBLEM 3 Wright, an American citizen residing in New York, USA donated the following: January 18

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February 20 -

August 5

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To Mang Doming, his Filipino friend in New York City, property situated in the Philippines worth P325,000. To his legitimate daughter, Simmang, a resident of the Philippines, on account of her marriage to a Filipino boyfriend, a resthouse in Quezon Province valued at P1,600,000 but with a cost of P1,200,000. To an accredited non-government organization, 200 square meters of land valued at P250 per square meter. To his brother, Diony, a naturalized Filipino citizen, residing in Iloilo City, car worth P600,000.

How much is the donor’s tax payable on January 18, February 20 and August 5? PROBLEM 4 Django, resident citizen, made the following donations on May 6 of the current year: P175,000 To his sister, Diana, property situated in Los Angeles, California, USA. The donor’s tax paid in US is P20,000. 225,000 To Barbara, his girlfriend in the Philippines. 50,000 To International Rice Research Institute. How much is the donor’s tax due after tax credit?...