PROBLEM 10-5 Shares of stocks — Ramirez Corp (1.05 + 1,03/2 x 5,000 Shares of stocks - Curameng Corp (4,000) x 2.23) Receivables aud interest (25,000 + 3,000) House and fot (440,000 +1,300,000) Interest in partnership Gross gift EXERCISE 11-3 Resident orcitizan* 4. House, Manila 1,500,000 Land, Canada *800),000 Car, Philippines 350,000 Jewelries, Canada 80,000 Domestic shares 125,000 Foreiga shares _250,000 Gross gift P3,105,000 * Resident citizen, resident alien and nonresi NRA (with ‘eciprocity) Pi,500,000 350,000 P 350,000 35,000 625,000 $,200 9,000 28,000 1,949,000 790,000 3,832,200 NRA (ro reciprocity) PI500,000 350,000 125.000 BL275,000Bank deposit, Manila soo Franchige exercised in Philippines. 20.000 ‘toes. domestic eerporaion 72,000 ‘Sioes,indonesin Corp, 85% businss nthe Pie 120,000 ‘toes, freigrcorgration, with busines sits in the Pils 50000 Interest, prteship established in Philipines 100.000 Gross gi 422,000 Land, Lucena City P1s0.000 Passage jcemney 215.000 Shares of stoek- ded (P10S104) 2 1000 o4soo ‘Shares of stoek- aot wadad (P50 500) 25,000 Gross st Bescsng Bigay cannot validly doate m etre community property without the eonsan: of is spouse because be doesnot soely own the rope. A community property sa co-owaeship af the spots each of hrs owning one-half (1/2) fits vale 4 The donation of P100,600 is nt exable ineame Yo Diko Rap because the cause ofthe nation iste pe tiberaiy of Miss Moy Pages. ‘The P'100,000 i admin nt sujet to donor's xx boro # was wed or cmpign purposes by th donc ‘The sharcs of sock ae cessed as inanyble persons! property oxtsid he Pipes because the issuing erporatien, which ‘is alap the donor, i foreign corporation. Therefore he dontion is ot aubjet to donor's tax he Philipps However, if alas 45% ofthe busines of Tourist Corporation i ost inthe Philippines or the shares donate hve acguired ‘business tus the Philippines, th doadon may be rtd nthe Philipines, sujet to the aon eiprociy, No Itt taxable compensation income Me. Manay Gat which ie subjet income tax ®