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Vat 3

Mr. and Mrs. K made several donations of conjugal property and funds in 2014 to their children and other relatives for occasions like birthdays, marriages, and graduations. The donations included land, houses, jewelry and cash totaling over P4 million. The question asks to determine the tax due on each donation.

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50 views

Vat 3

Mr. and Mrs. K made several donations of conjugal property and funds in 2014 to their children and other relatives for occasions like birthdays, marriages, and graduations. The donations included land, houses, jewelry and cash totaling over P4 million. The question asks to determine the tax due on each donation.

Uploaded by

Allen Kate
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem 5. Mr. And Mrs.

K, made the following donations of conjugal funds and properties in


2014 (unless stated otherwise), as follows:

a. February 14: To L, a legitimate son, a piece of land with a FMV of P400,000 on


account of L's graduation from college Answer:

b. May 14. To M, a legitimate daughter on account of M's marriage to be celebrated on


December 25, 2014, house and lot with FMV of P1,000.000 Answer:

c. June 14: To N, brother of Mrs. K, P200,000 Answer:

d. September 14: To O, the efficient and beautiful secretary of Mr. K for taking care of
Mr. K while Mrs. K is vacationing in USA, jewelry worth P300,000. Answer:

e. October 14: To P, the honest and good looking driver of Mrs. K who accompanied
Mrs. K on her trip to and from USA, a diamond ring worth P500,000 Answer:

f. December 14: To Q, the daughter of 0 on account of Q's birthday, pieces of jewelry


inherited by Mr. K during marriage, with a FMV of P400,000 Answer:

g. December 25: To R, a legitimate son, a residential house and lot with FMV of
P1,200,000 but subject to the condition that R would assume the mortgage
indebtedness in the amount of P400,000 Answer:

Determine the donor's tax due on each donation

Problem 6. Mr. A, a Filipino citizen made the following gifts to his children for calendar year
2014:

Phil. USA Canada Australia

Net gift P350,000 P300,000 P250,000 P100,000


Donor's tax paid 15,000 P15,000 P5,000

Required: Compute the donor’s to still due after tax credit.

Answer:
28. A VAT taxpayer purchased the following machineries for the second quarter of 2018
(VAT not included): 
Life Cost
Asset April 10 4 P    800,000
1 years
Asset April 20 5     1,000,000
2 years
Asset May 14 3       600,000
3 years
Asset May 20 2       400,000
4 years
Asset June 10 3       600,000
5 years
Asset June 15 6     1,200,000
6 years

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