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

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

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

Lisa, the decedent, owns a property amounting to Php 750, 000 at the time of her death. The said property was sold at Php 350, 000 by Lisa during her lifetime to Enrique. Nevertheless, its fair market value was  Php 600, 000. It was agreed that the transfer of ownership will be done after Lisa’s death.  For estate tax purposes, how much should be included in the gross estate of Lisa?Select one:a.Php 600, 000 b.Php 250, 000 c.Php 750, 000 d.Php 400, 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

For every item that Greaza sells, she will get a commission of 10%. She sold an item worth Php223,000. How much did she earn?