Taxation Straight Problem No. 9: A Donor’s Tax to Last

Ngayon, nilapitan ka nina Anton at Andrea. Gusto nilang malaman sa iyo kung meron ba talagang tax sa mga regalo na binibigay sa kanila, lalo pa’t napakaespesyal ng araw na ito para sa kanilang dalawa. As usual, todo kilig-kilig ka pa habang nagsasalita sila. How would you account for the gifts given to Anton and Andeng on their wedding? Solve the problem using all the concepts you learned in Taxation:


Regarding the wedding of Anton and Andrea which was celebrated last June 19, 2017, the following had made the following donations:

  1. Tony Noble, a brand new car to Anton, given to the latter last May 15, 2017 on account of their marriage. Standard price for the particular vehicle was P1,682,000. The car was registered under the name of Tony Noble.
  2. Tony Noble also decided to donate a very valuable painting of Picasso which he owns with his wife. Independent appraisers pegged the amount to P1,592,000. This was given to the couple last August 11, 2018.
  3. Andrea’s mother, a tract of land in Batangas, also on account of her daughter’s marriage last April 6, 2016. This was valued at P2,100,000.
  4. The board of directors of Celba Corp. had decided to give the couple appliances worth P30,000 to help them in their married life.
  5. Manang, Andrea’s grandmother, donated cash worth P344,000 to Andrea.
  6. Fort decided to donate his another house in Marikina City, with the stipulation that 10% of the fair value is to be donated to Hospicio de San Jose. Fair market value was P1,040,000, and mortgage assumed by the donee is P330,000.
  7. Andrea’s friend also gave the couple a piece of gold bar for a total consideration of P533,000. This was valued at P948,000 at the time of the wedding.

Requirement:

  1. Determine the donor’s tax to be paid by the donors.
  2. Classify if these properties are exclusive or community property. Follow this format:
 EXCLUSIVE COMMUNITY
PROPERTY ANTON ANDENG TONDENG
Brand new car
Picasso’s painting
Tract of land
Appliances
Cash donation
House in Marikina
Gold bar
TOTAL                          –                         –                             –

Taxation Problem prepared by: TweetNewscaster


Featured Image Credit: TonDeng Wedding.

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