On February 14, 2020, Mr

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On February 14, 2020, Mr. and Mrs. Mar Egalo donated residential land to their daughter on account of her wedding to be celebrated on June 12, 2020. The FMV of the land at the time of donation was Php 1.2M with an unpaid mortgage of Php 300,000 to be assumed by their daughter. The FMV of the land at the time of marriage was Php 1.3M.

 

On July 30, 2020, they donated Php 500,000 to the sister of Mr. Egalo who was diagnosed with COVID19.

The donated amount was used for the medication of Mr. Egalo's sister.

 

On August 31, 2020, they sold 400,000 shares of VGS Corporation to their only son for Php 400,000. The book value per share as per latest audited financial statement of VGS Corporation is Php 2.00 per share. The shares of stocks were acquired three years ago for Php 100,000.

 

1.      How much is the donor's tax still due of Mr. Egalo on the February 14, 2020 transfer?

2.      How much is the donor's tax due of Mrs. Egalo on the July 30, 2020 transfer?

3.      How much is the capital gains tax due of Mr. Egalo on the August 31, 2020 transfer?

4.      How much is the donor's tax still due of Mr. Egalo on the August 31, 2020 transfer?