Mr. and Mrs. Pi gave the following gifts of conjugal property on July 15, 2021. To Barangay Delm, a parcel of land valued at P 1,500,000 To Sancio, a charitable institution, cash of P 500,000 To Mama Mi, mother of Mrs. Pi, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. Pi? How much is the donor’s tax due of Mrs. Pi?

Mr. and Mrs. Pi gave the following gifts of conjugal property on July 15, 2021. To Barangay Delm, a parcel of land valued at P 1,500,000 To Sancio, a charitable institution, cash of P 500,000 To Mama Mi, mother of Mrs. Pi, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. Pi? How much is the donor’s tax due of Mrs. Pi?

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter13: Estate Taxes

Section: Chapter Questions

Problem 1CTD

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Mr. and Mrs. Vega gave the following gifts of conjugal property on July 15, 2021. To Barangay South, a parcel of land valued at P 1,500,000 To Delmont, a charitable institution, cash of P 500,000 To Mama Mia, mother of Mrs. Vega, her exclusive property worth P 750,000. At the time of donation, the property was mortgage for P 300,000 which was assumed by Mama Mia. How much is the donor’s tax due of Mr. dela Cruz? How much is the donor’s tax due of Mrs. Dela Cruz?
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