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Mr. Andres purchased a piece of land in 2001 for P500,000 when it was worth 450,000. He transferred the property when it was worth 1,000,000. Subsequently, Mr. Andres died when the property was worth 1,200,000.
a. Assuming the donation is a donation mortis causa, what is the value to subjected to donors tax?
b. Assuming the donation is a donation inter vivos, what is the value to subjected to donors tax?
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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?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…Zixin donated a piece of land to his best friend, Zaleki. The land had an assessed value of P1,000,000 and zonal value of P800,000 at the time of donation. It was also encumbered with an unpaid mortgage of P300,000 which was assumed by the donee. In addition, the donee agreed to pay the applicable donor's tax of P210,000. For donor's tax purposes, how much was the total deductions?
- Dan receives a duplex as a gift from his uncle. The uncle's basis for the duplex and land is $110,000. At the time of the gift, the land and building have FMVS of $64,000 and $96,000, respectively. No gift tax is paid by Dan's uncle at the time of the gift. Read the requirements. Requirement a. To determine gain, what is Dan'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, Dan's (the donee's) basis for the land is Requirement b. To determine gain, what is Dan'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, Dan'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 determining a loss becauseFor 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.Juan Carlos donated his property to his son while he is still alive. It is part of the condition of the donation that ownership over property shall be transferred to the son when Juan Carlos dies. The transfer of ownership is- Donation inter vivos subject to donor's tax Donation mortis causa subject to estate tax Donation mortis causa subject to donor's tax Donation inter vivos subject to estate tax
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