Season 2 Donors-Tax - CTT Donors PDF

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DONOR’S TAXMr. and Mrs. Alba gave the following donations:05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018.07/14/19 Exclusive property donated to Carla, legitimate daughter who got married June 1, 2018. Value– P500,000. (Exclusive of M...

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DONOR’S TAX Mr. and Mrs. Alba gave the following donations: 05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018. 07/14/19 Exclusive property donated to Carla, legitimate daughter who got married June 1, 2018. Value– P500,000. (Exclusive of Mr.Alba) 12/30/19 Community property donated to Carla. The dowry has a market value of P800,000 08/05/20 Community property donated to Dianne, P700,000 with an unpaid mortgage of P150,000 assumed by the donee. Exclusive property to ABC Corporation, cash of P200,000. (Exclusive of Mr. Alba) Community property worth P150,000 or Personal Protective Equipment (PPE) against Covid 19 to The Medical City Hospital, Mandaluyong City. 1. The gift tax payable of Mrs. Alba on the May 3 donation is A. P 3,000 C. P 800 E. None of the above D. None B. 5,600 2. The gift tax payable of Mr. Alba on the July 14 donation is A. P 21,800 C. P 30,000 E. None of the above B. 27,000 D. 6,400 3. The gift tax payable of Mrs. Alba on the December 30 donation is A. P 45,000 C. P 8,200 E. None of the above B. 21,000 D. 15,800 4. Donor’s tax payable by Mr. Alba on the December 30 donation is C. P 24,000 A. P 45,000 E. None of the above B. 21,000 D. 51,000 5. Donor’s tax payable on Mr. Alba on August 5, 2020 donation is A. P 45,000 C. P28,500 E. None of the above D. 13,500 B. 9,000 Problem Date of donation November 20, 2020 Donor’s TIN 122-672-007 RDO Code 056 Donor’s Name Juan San Jose San Andres, Sr Registered Address 21 Santos St., Bgy. Sagrado, San Pascual City ZIP Code 1002 Residence Address 21 Santos St., Bgy. Sagrado, San Pascual City Contact Number 0998 7653412 Email Address [email protected] Donee’s Name Juan San Miguel San Andres, Jr Donee’s TIN 897-403-652 Donated Property: A parcel of agricultural land situated in Bgy Sagrado, San Pascual City measuring 10,450 square meters with TCT No. 2012-5678902 and Tax Declaration No. 15-00851 with a fair market value of P836,000 and a zonal value of P200 per square meter.

The land is mortgaged with BDO in the amount of P200,000. The donee promised that he will assume the mortgage on the property. PREPARE BIR Form No. 1800. Compute DOCUMENTARY STAMP TAX using BIR FORM NO. 2000-OT....