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Mr. Rodolfo Felix made the following gifts on December 14, 2018. Mr Felix's TIN is 143-345-678-000. His registered address IS 18 R. Papa Street, Sampaloc, Manila (Zip Code 1008). His telephone number is 02-734-39-89 Sampaloc is under RDO 32. a. P250,000 cash to Timo, TIN 143-770-553-003, his acknowledge natural son on account of marriage celebrated on January 2, 2018. b. Residential house and lot in Sampaloc, Manila (300 sq. m.) with fair market value per BIR of P 2,500,000 (TCT No. 123456) to the same donee. Fair market value per Tax Declaration was P 3,000,000 (TD No. 134990). Unpaid mortgage of P500,000, the donor imposed upon the donee the obligation to pay the mortgage liability which the latter did. Previous to December 14, 2018, he donated the following: April 15, 2018: Sold is residential house and lot (500 sq. m, with TCT No. 111012) to his brother for P 1500000 The fair market value per BIR of the residential house and lot at the time of sale was P 2000000 Fair market value per Tax Declaration was P 1500000 Tax Declaration No. 143441), June 20, 2018: Sold personal car to Boy, his friend, for P500,000, value of the car at the time of sale was P900,000 July 15, 2018: P300,000 campaign contribution to a close friend who plans to run for an elective office Nov. 20, 2018: P800,000 cash donation to a legitimate daughter and P500,000 cash donation to a corporation he controls Dec. 10, 2018: P320,000 cash donation to the Hospicio de San Jose, a charitable institution, Prepare a Donor's Tax Return Correction for OPT Problem 3 letter C. Sorry guys, and thanks for the correction c. Assuming it is a franchise of radio and television and its gross revenue is P10,100,000, how much would be the business tax? still allowed for 3% OPT (P10,100,000,x3%)= 303,000 The following years will already be subject to VAT regardless of the gross receipt. Assuming the BI-ALNO Franchise have a gross receipt of P9,000,000 for the succeeding year the business tax would be computed as (9Mx12%)=1,080,000 as per BIR Radio and television broadcasting companies whose annual gross receipts of the preceding year do not exceed Php10,000,000 and did not opt to register as VAT taxpayer