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Should Mr. Castillo agree to sell the land to Mr. Ayala in 2012 for P20
million, subject to the condition as stated in the Deed of Sale that the buyer shall
assume the capital gains tax thereon, how much is the income tax due on the
transaction and when must the tax return be filed and the tax be paid by the
taxpayer? Explain your answer. (10%)
III. State the conditions for allowing the following as deductions from the
gross estate of a citizen or resident alien for the purpose of imposing estate tax:
Is the hospital subject to tax on its income? If it is, at what rate? (10%)
VII. In the settlement of the estate of Mr. Barbera who died intestate, his
wife renounced her inheritance and her share of the conjugal property in favor of
their children. The BIR determined that there was a taxable gift and thus assessed
Mrs. Barbera as a donor.
VIII. Mr. Mayuga donated his residential house and lot to his son and duly
paid the donor's tax. In the Deed of Donation, Mr. Mayuga expressly reserved for
himself the usufruct over the property for as long as he lived. Will the house and
lot form part of Mr. Mayuga's estate? (5%)
IX. Mr. E and Ms. F are both employees of AAA Corp. They got married
on February 14, 2011. On December 29, 2011, the couple gave birth to triplets. On
June 25, 2013, they had twins. What were the personal exemptions/deductions
which Mr. E and Ms. F could claim in the following taxable years:
a) For 2010;(5%)
b) For 2011;(5%)
Explain. (10%)
XI. Bonus: Jake's mom has four (4) children. Their names are May, June,
July and who is the 4th? (10%)