Professional Documents
Culture Documents
1.
21. C
41. A
61. D
2.
22. D
42. D
62. D
3.
23. C
43. C
63. C
4.
24. D
44. D
64. C
5.
25. A
45. A
65. B
6.
26. C
46. D
66. C
7.
27. D
47. C
67. C
8.
28. B
48. D
68. C
9.
29. C
49. C
69. C
10. C
30. D
50. C
70. C
11.
31. D
51. B
71. B
12.
32. D
52. A
72. D
13.
33. C
53. C
73. D
14.
34. C
54. D
74. C
15.
35. A
55. B
75. A
16.
36. B
56. C
76. C
17.
37. D
57. D
77. D
18.
38. C
58. C
78. A
19.
39. C
59. C
79. A
20.
40. B
60. B
80. D
81. D
82. C
32.
Answer: D
53
Capital property
Community property (500,000/2)
Gross gift
33
.
P100,000
250,000
350,000
Answer: C
Paraphernal property
Community property (500,000/2)
Gross gift
34
.
35
.
36
.
P300,000
250,000
550,000
Answer: C
Answer: B
To Ara
Alice
120,000
75,00
0
250,00
0
200,00
0
125,00
0
770,000
Aiko
Assunta
Naga City
Gross gift
Less: Exemptions/Deductions
On Ara
Assunta (75,000 x 50%)
Naga City
10,000
37,500
125,000
Net gift
38
Answer:
172,50
0
597,50
0
P
450,000
250,000
200,000
Answer:
40
.
Answer:
2,000
Gross gift
Less: Exemption
P 500,000
.
54
Net gift
Rate of tax (stranger)
Gift tax due
41
.
Answer:
500,000
30%
150,000
Gross gift
Less: Exemption
Net gift
Rate (stranger)
Gift tax
42
.
Answer:
P 700,000
_______
700,000
30%
210,000
P 40,000
- .
40,000
On P40,000
Exempt
Jewelries
Rate of tax (stranger)
Gift tax
43
.
Answer:
P 25,000
30%
7,500
Market value
Less: Selling price
Deemed gift
Rate of tax
Gift tax due
44
.
Answer:
45
.
Answer:
P 250,000
100,000
150,000
30%
45,000
P200,00
0
.
200,00
0
Less: Exemptions
Net gift
Tax on P200,000
P 2,000
P
50,000
30%
15,00
Rate (stranger)
Gift tax
55
0
Tax on donation to first cousin
Tax on donation to fiancee
2,000
15,00
0
17,00
0
Answer:
P
200,000
_______
200,000
Less: Exemption
Net gift
On P200,000
51
.
Answer:
2,000
Gross gift
P
100,000
10,000
90,000
200,000
290,000
Less: Exemption
Net gift
Add: Net gift, August 15
Total net gifts
On P 200,000
90,000 x 4%
Gift tax due
Less: Tax paid, August 15
Gift tax due
52
.
P 2,000
3,600
5,600
2,000
3,600
Answer: A
Gross gift
P
185,000
.
185,000
30%
55,500
Less: Exemption
Net gift
Rate (stranger)
Gift tax
53
.
Answer:
Gross gift
P
170,000
_______
170,000
Less: Exemption
Net gift
On P 100,000
70,000 x 2%
54
.
Answer:
Exempt
P 1,400
Gross gift
P
30,000
.
Less: Exemption
56
Net gift
Add: Net gift, July 15
Total net gift
30,000
170,000
200,000
On P 200,000
Less: Tax paid, July 15
Gift tax due
55
.
P 2,000
1,400
600
Answer: B
Mr. Cruz
P 190,000
3
570,000
.
570,000
Mrs.
Cruz
P 190,000
3
570,000
.
570,000
P 14,000
4,200
18,200
P 14,000
4,200
18,200
P150,000
10,000
140,000
570,000
710,000
P150,000
10,000
140,000
570,000
710,000
Tax on P 500,000
210,000 x 6%
Tax on total
Less: Tax paid, July 16, 2008
Gift tax due
14,000
12,600
26,600
18,200
8,400
14,000
12,600
26,600
18,200
8,400
16,800
Answer:
57
.
Answer:
above)
58
.
Answer: C
Amount of exemption allowed by law
Less: Exemption claimed on January 30
Allowed exemption on March 7
59
.
Answer: C
57
P 10,000
7,500
2,500
Gross gift
Less: Exemptions
Net gift
Add: Net gift, March 7 (25,000 - 2,500)
Total
P 80,000
.
80,000
22,500
102,500
Tax on P100,000
2,500 x 2%
60
.
Answer:
Exempt
P 50
Gross gift
P
100,000
.
100,000
49,000
149,000
Less: Exemption
Net gift
Add: Net gift, July 15 (P 50,000 1,000)
Total net gift
Tax on P 100,000
49,000 x 2%
61
.
Answer:
Exempt
P
980
To Suwail
P
125,000
200,000
125,000
150,000
600,000
City of Baguio
Sumakwel
Ysmael
Gross gift
Less: Exemptions
To Suwail
P
10,000
200,000
City of Baguio
Net gift
On P 200,000
190,000 x 4%
Gift tax
62
.
P 2,000
7,600
9,600
Answer: D
Gross gift
P150,00
0
10,00
0
140,00
0
Less: Exemptions
Net gift
Tax on P 100,000
40,000 x 2%
63
.
210,000
390,000
Exempt
P
800
Answer: C
Net gift
P
175,000
140,00
58
0
315,00
0
P 2,000
4,600
6,600
800
5,800
Answer: C
Gross conjugal (P500,000/2)
P250,00
0
10,00
0
240,00
0
Less: Exemptions
Net gift
Add: Prior net gifts
Net gift, Jan. 5
P140,00
0
175,00
0
April 6
Total
Tax on P500,000
55,000 x 6%
Tax on total
Less: Taxes previously paid
Jan. 5
800
April 6
5,800
Gift tax due
65
.
Answer:
315,00
0
555,00
0
P 14,000
3,300
17,300
P
6,600
10,700
Gross gift
P200,00
0
.
200,00
0
240,00
0
440,00
0
Less: Exemptions
Net gift
Add: Net gift, May 7 (250,000 10,000)
Total
Tax on P 200,000
240,000 x 4%
Tax on total
Less: Tax paid, May 7
P 2,000
9,600
11,600
59
P 200,000
P
2,000
1,600
40,000 x 4%
Gift tax due
66
.
Answer:
3,600
8,000
To Panganay (200,000/2) x
P
50,000
100,00
0
150,00
0
Bunso (200,000/2)
Gross gift
Less: Exemptions
To Panganay
Bunso
P10,000
10,000
20,00
0
130,00
0
Net gift
Tax on P100,000
30,000 x 2%
Exempt
P 600
P 50,000
30%
15,000
67
.
Answer:
68
.
Answer: C
600
15,000
15,600
To Nevada
P
710,000
10,00
0
700,00
0
Less: Exemptions
Net gift
Tax on P 500,000
200,000 x 6%
Gift tax on Nevada
P14,000
12,000
26,000
To Navera
P
120,000
20,00
0
100,00
0
30%
30,00
0
Less: Deductions
Net gift
Rate of tax (stranger)
Gift tax on Navera
60
Tax on Nevada
P
26,000
30,00
0
56,00
0
Tax on Navera
Total
Less: Tax credit
U.S. tax paid
Limit (700/800 x 56,000)
Allowed (lower)
P15,000
49,000
15,00
0
41,00
0
Answer:
Gross gift
P150,00
0
.
150,00
0
Less: Exemptions
Net gift
Tax on P100,000
50,000 x 2%
70
.
Exempt
P 1,000
Answer: C
Cash gift (P 50,000 x 3)
Rate (strangers)
Gift tax
71
.
Answer:
P 150,000
30%
45,00
0
Gross gift
P
120,000
10,00
0
110,00
0
Less: Exemptions
Net gift
Tax on P 100,000
10,000 x 2%
72
.
Answer:
Exempt
P 200
Gross gift
P
60,000
10,000
50,000
Less: Exemption
Net gift
Tax on P50,000
73
.
Answer:
Exempt
61
Gross gift
P
60,000
10,000
50,000
50,000
100,000
Less: Exemption
Net gift
Add: Net gift, 1st quarter
Total net gift
Tax on P100,000
74
.
Answer:
Exempt
Gross gift
P
60,000
10,000
50,000
Less: Exemption
Net gift
Add: Prior net gifts
1st quarter
2nd quarter
Total net gift
P 50,000
50,000
Tax on P100,000
50,000 x 2%
75
.
Exempt
P 1,000
Answer: A
Net gift, Philippines
400,00
0
600,0
00
1,000,000
100,000
150,000
Answer:
P44,000
26,400
17,600
P200,00
0
150,000
50,000
Tax on P200,000
2,00
0
8,00
0
10,00
0
200,000 x 4%
Gift tax
Less: Tax credit
Tax paid in U.S.
Limit (15/40 x 10,000)
4,000
3,750
62
200,000
400,000
Allowed (lower)
P
3,750
Tax paid in Japan
3,500
Limit (5/40 x 10,000)
1,250
Allowed (lower)
1,250
Total credits, 1st limitation
5,000
2nd limitation (20/40 x 10,000)
5,000
Allowed (lower)
Gift tax due after tax credit
63
5,00
0
5,00
0