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The taxable income of c who itemizes deductions if

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182. The taxable income of C who itemizes deductions (if applicable) isA. P498,775B. P452,750C. P472,475D. P311,100
183. The taxable income of B if he avails (1)OSD and (2) itemized deductions (ifapplicable)
B. P385,200; P575,000C. P390,000; P603,500D. P378,000; P587,000SITUATION 48(DONOR’S TAX, CAPITAL GAINS TAX)Mr. And Mrs. MWP had the following conjugal transfers during the year 2018:• January 26 Donated a parcel of land to their son, on account of their marriage.Their son’s wedding is on July 31, 2018. The fair market value of the land at thetime of donation was P500,000. The fair market value of the land at the time ofmarriage was P550,000. The donated property subject to P100,000 mortgage which wasassumed by their son.• October 29 Donated P300,000 to the sister of Mr.MWP who was diagnosed with cancer.They donated the amount for the medication of Mr. MWP’s sister.• December 20 Sold 300,000 shares of stocks from ABC Corporation to their daughterfor P300,000. The book value per shares as per latest audited financial statement ofABC Corporation is P1.50 per share. The shares of stocks were acquired two years agofor P200,000184. How much is the donor’s tax still due of Mr.MWP on the January 26 transfer?
185. How much is the donor’s tax due of Mrs.MWP on the October 29 transfer
186. How much is the capital gains tax due of Mr. MWP on the December 20 transfer?A. P7,500B. P15,000C. P22,500D. P41,250
187. How much is the donor’s tax still due of Mr.MWP on the December 20 transfer?
SITUATION 49 (ESTATE TAXATION)The estate of Juan, resident citizen decedent, married, who died on April 1, 2021were as follows:House and lot (Family Home)P14,000,000The lot was acquired at a cost of P3M, five years ago, beforemarriage, while the house was constructed on March 1, 2021, duringmarriage, at a cost of P10M from partnership funds. The lot hada FMV of P4M after construction of the houseVacation house in Batanes inherited on February 14, 2020,during marriage, then with a fair market value of P1,300,0002,500,000Other properties acquired during marriage6,000,000Property in Davao, received as gift during marriage froma friend on January 12, 2020 (the applicable donor’s taxwas not paid by the donor)2,300,000Rental income on the property in Davao up to the time of death1,200,000Benefits received under RA 4917300,000Funeral expenses420,000Judicial expenses800,000Casualty losses incurred on Dec. 10, 2021600,000Claims against the estate1,600,000Medical expenses4,000,000

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Term
Summer
Professor
Jane Smith
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