Name:

Program:
Year:
Submission Date:

Instruction: Place your handwritten solutions on a piece of paper. Scan or capture your output in
portrait. Attach the file prior to submission.

Problem

Mr. and Mrs. Macariola, made the following donations during 2020:

Date Particulars
Feb 15 Car worth P400,000 to their legitimate son, Ghore Jr., on account of marriage dated
February 10, 2019. The car was mortgaged for P200,000, only 50% of the mortgage was
assumed by the donee.
Mar 30 To Mr. Macariola’s brother, his capital property worth P200,000 on account of marriage
3 months ago. They agreed that the donee shall pay the donor’s tax thereon.
Jun 1 To Charmaine (daughter of Mrs. Macariola by former marriage), Mrs. Macariola’s
paraphernal property worth P100,000 on account of marriage celebrated one year ago.
Oct 12 To Charmaine on account of the same marriage, conjugal car worth P400,000 with
P200,000 unpaid mortgage. Charmaine assumed 50% of the unpaid mortgage.
Oct 12 Parcel of land valued at P500,000 to their other two (2) sons on account of their
graduation. The land was co-owned by the couple and a friend, Clifford, who agreed to
donate the same. The share of Clifford in the property is valued at P100,000.

Determine the following:

a) The gift tax payable of Mr. Macariola as of March 30, 2018

b) The gift tax payable of Mrs. Macariola as of June 1, 2018
c) The gift taxes payable of Mr. and Mrs. Macariola on October 12, 2018
d) The gift tax due of Clifford