Mang Kiko transferred a property with a fair value of P1,000,000

For items 3-4. Mang Kiko transferred a property with a fair value of P1,000,000. Title to the property was stipulated to be transferred immediately. Subsequently, Mang Kiko died. The property was worth P800,000 at the date of his death.

3. Which of the following is CORRECT?
a. The property is subject to donor’s tax at P1,000,000.
b. The property is subject to donor’s tax at P800,000.
c. The property is subject to estate tax at P800,000.
d. The property is subject to estate tax at P1,000,000.

4. Assuming instead that legal title to the property was reserved by Mang Kiko until death, which is CORRECT?
a. The property is subject to donor’s tax at P1,000,000.
b. The property is subject to donor’s tax at P800,000.
c. The property is subject to estate tax at P800,000.
d. The property is subject to estate tax at P1,000,000.

-25-


Buy plagiarism free, original and professional custom paper online now at a cheaper price. Submit your order proudly with us



Essay Hope