Jonathan donated a vacant lot held as capital asset to his brother in law. The assessed value and zonal value of the land were P900,000 and P1,200,000 respectively. The land had unpaid mortgage of P300,000 which was not assumed by the done and an unpaid realty tax of P20,000 which was assumed by the done. Requirement: Calculate the donors due.

Jonathan donated a vacant lot held as capital asset to his brother in law. The assessed value and zonal value of the land were P900,000 and P1,200,000 respectively. The land had unpaid mortgage of P300,000 which was not assumed by the done and an unpaid realty tax of P20,000 which was assumed by the done. Requirement: Calculate the donors due.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 47P

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Xanthippe donated a vacant lot held as capital asset to his brother-in-law. The assessed value and zonal value of the land were P750,000 and P1,000,000, respectively. The land had an unpaid mortgage of P200,000 which was not assumed by the donee and an unpaid realty tax of P10,000 which was assumed by the donee. How much is the donor’s tax?
For items 3-4. Mang Kiko transferred a property with a fair value of P1,000,000. Title to the property was stipulated to be transferred immediately. Subsequently, Mang Kiko died. The property was worth P800,000 at the date of his death. 3. Which of the following is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000. 4. Assuming instead that legal title to the property was reserved by Mang Kiko until death, which is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000.
Dave receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $190,000. At the time of the gift, the land and building have fair market values (FMVs) of $51,000 and $119,000, respectively. No gift tax is paid by Dave's uncle at the time of the gift. Read the requirements. Requirement a. To determine gain, what is Dave's basis for the land? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) To determine gain, Dave's (the donee's) basis for the land is Requirement b. To determine gain, what is Dave's basis for the building? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) To determine gain, Dave's (the donee's) basis for the building is Requirement c. Will the basis of the land and building be the same as in Parts a and b for purposes of determining a loss? the basis of the land and building the same as in Parts a and b for purposes of…
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