Mr. Aguirre, a citizen and resident of the Philippines, made donations on January 9, 2001, as follows:To Wiggy, a legitimate son, on account of marriage to be celebrated on February 27, 2001, property in the US (on which a US donor’s tax of Php 1, 200 was paid), with a fair market value of Php 55, 000To Wiggy, cash in the Philippines of Php 50, 000.How much is the donor’s tax credit for donor’s tax paid in the US? Select one:a.Php 1, 000b. Php 0 c.Php 500 d.Php 600

Mr. Linao donated the following properties:To Lyka, a legitimate daughter, on account of marriage, land with a fair market value of Php 200, 000 but subject to a mortgage of Php 25, 000 which is paid by Mr. Linao.To Santino, a legitimate son, on account of marriage, cash of Php 50, 000.How much are the net gifts made?Select one:a.Php 225, 000b.Php 250, 000 c.Php 215, 000 d.Php 230, 000

Mr. and Mrs. Garcia, citizens and residents of the Philippines, made the following donations:June 5, 2001   To Mario, a legitimate son, on account of marriage,                            Php 230, 000                           To Nieva, a legitimate daughter, property with mortgage of                                 Php 2, 000 which was assumed by Nieva, with fair market                                  value of Php 10, 000.Oct. 7, 2001    To Dennis, a legitimate son of Mrs. Garcia by a prior                           Marriage, given on account of marriage, Php 40, 000April 3, 2002  To Our Lady of Fatima Parish, Php 50, 000                            To Merle, a family friend, Php 20, 000How much is the donor’s tax of Mr. Garcia from the April donations?Select one:a.Php 400b.Php 6, 000c.Php 10, 000 d.Php 3, 000

Which of the following is NOT true if a donor is a non-resident, not a citizen of the Philippines?Select one:a.Property located in the Philippines but donated to a done abroad will pay the donor's taxb.Property located abroad, but donated to a citizen of the Philippines will not pay the donor's taxc.Property outside the Philippines donated on account of marriage to a resident of the Philippines has a deduction of Php 10, 000d.Property in the Philippines with a value of Php 150, 000, donated to a citizen of the Philippines, will pay the donor's taxClear my choice

To Ruth, a legitimate daughter, on account of marriage, land with a fair market value of Php 500,000 but subject to a mortgage of Php 100,000 which was paid by Mr. Eglon.To Boaz, a legitimate son, on account of marriage, cash of Php 100,000.Compute for the taxable net gift.a.P 557,000.00b.P 556,000.00c.P555,000.00d.P656,000.00

The executor of a married decedent provided the following data about his estate:I. Properties within the Philippines, Php 1, 250, 000II. Properties outside the Philippines, Php 2, 500, 000III. Actual funeral expenses in the Philippines, Php 45, 000IV. Actual funeral expenses outside the Philippines, Php 30, 000 Assuming that the decedent was a citizen or resident of the Philippines, How much is the deductible funeral expenses?Select one:a.Php 100, 000b.Php 75, 000 c.Php 45, 000 d.Php 187, 500