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Determine gross gift

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Reference no: EM132938783

Question - A made the following donations.

To B, a land worth P450,000 in Cubao, Quezon City

To C, jewelry worth P100,000 in Hongkong.

To D, Jollibee shares amounting to P150,000.

To E, a condo unit in Hongkong, P1,600,000, mortgaged for P50,000 assumed by the donee.

To F, land in Davao, P300,000.

P300,000 cash to G in Hongkong.

He also transferred the following properties:

 

Selling Price

FMV

Car, Phil.

P 200,000

P 300,000

Car, Hongkong

300,000

200,000

Residential land, Phil.

1,000,000

2,000,000

Required -

1. If he is a nonresident citizen determine his gross gift?

2. If he is a non-resident Japanese, and with reciprocity, determine his gross gift?

Reference no: EM132938783

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