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Donors Tax Quiz

The document contains 10 problems involving calculations of donor's tax for various gifts and donations made in the Philippines. The gifts and donations include transfers of property, cash, and other assets to donees like family members, friends, organizations and governments, with some gifts having conditions or joint ownership aspects. The problems require determining the taxable amount for each gift subject to donor's tax, based on the fair market value, conditions of the gift, and relationship of the donor and donee.

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1K views3 pages

Donors Tax Quiz

The document contains 10 problems involving calculations of donor's tax for various gifts and donations made in the Philippines. The gifts and donations include transfers of property, cash, and other assets to donees like family members, friends, organizations and governments, with some gifts having conditions or joint ownership aspects. The problems require determining the taxable amount for each gift subject to donor's tax, based on the fair market value, conditions of the gift, and relationship of the donor and donee.

Uploaded by

Precious Diamond Dee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Problem 1

The following donations were made by Don Lopot during the taxable year:

Donation to TESDA – priority project 900,000

Revocable donation of car to his son 800,000

Inadequate consideration of real property sold to his friend 700,000

Donation to his wife 300,000

Donation to his unborn child 200,000

How much is the amount of donation subject to donor’s tax?

Problem 2

How much is the amount of gift subject to donor’s tax if X, a Filipino citizen, made a general renunciation
of his P2,000,000 inheritance in favour of his siblings and the inheritance was taken from the conjugal
property of their parents?

Problem 3

Ma, Ru, Nong and Daw are brothers and sisters. Their parents died leaving a total gross estate of
P11,000,000. Ma, being very rich, renounced his inheritance in favour of Daw.

How much is the donor’s tax to be paid by Ma?

Problem 4

How much is the amount of the net gifts of each donor of a conjugal real property donation (costing
P2,000,000 but with fair market value of P3,500,000 at the time of donation) if such gifts is given on
account of the donors’ child’s marriage within a year but with attached mortgage loan amounting to
P1,000,000 assumed by the child?

Problem 5

A resident alien, made the following gifts, during the year:

Wedding gift to her son given during the celebration held in the Philippines 500,000

A car given to her daughter here in the Philippines 500,000

For the above gifts, the total Philippine donor’s tax would be?

Problem 6

Mr. and Mrs. Asiong Salonga, spouses and citizens of the Philippines, donated to their legitimate
daughter on account of marriage the following properties at fair market values:

Vacation house (conjugal property) in Hongkong 500,000

Car in the Philippines (conjugal property) 240,000


Jewelry (exclusive property of Mrs. Salonga) 20,000

Total 760,000

The donation was made within one year of their daughter’s marriage. What would be the donor’s tax of
Mr. and Mrs. Salonga respectively?

Problem 7

Mr. A and Miss B are sweathearts. If A gave to B, P250,000 worth of diamond ring, how much is the
amount subject to donor’s tax?

Problem 8

Rom and Mea are not married but living together as husband and wife. On account of Mea’s love to
Rom, she gave him a house and lot with a fair value of P10,000,000. The house, however, is subject to a
mortgage loan of P2,000,000. How much is the donor’s tax?

Problem 9

Mr A, a resident alien, gave a diamond ring worth P200,000 to his wife on account of their anniversary.
How much is the taxable donations?

Problem 10

Don and Dona Posamin, Filipino citizens, made conjugal donations during the year as follows:

2015:

December 30 To their son on account of marriage, P300,000.

To their daughter-in-law on account of marriage, P100,000

2016:

January 1 To Liberal Party (exclusive money of Don), P500,000

To Philippine Government, P1,000,000.

To Chinese Government, P200,000.

March 31 To their nephew on account of graduation, P50,000.

To their godson on account of marriage, P100,000.

To their church, P200,000

June 30 To their daughter, real property, P1,000,000 subject to suspensive condition of passing
the CPA exam. Their daughter intends to take the exam on 2017.

To thei sonm house and lot on account of marriage last year December 30, 20015,
P2,000,000 subject to a mortgage of P400,000 assumed by their son.

October 30 To each other, P1,000,000 car from Dona to Don and P2,000,000 worth of jewelries
from Don and Dona on account of marriage anniversary.
December 30 To Ramon Magsaysay Foundation, P500,000

To their son, P500,000

To their daughter-in-law, P100,000

To their daughter, P500,000

Compute the amount of donor’s tax due of Don and Dona on:

1. December 30, 2015.

2. January 1, 2016.

3. March 31, 2016.

4. June 30, 2016.

5. October 30, 2016.

6. December 30, 2016.

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