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TAX00 – Donor Donor’s Tax Theories
1. Donations that do not conform to legal formalities are a. Taxable under under Donor’s tax notwithstanding notwithstanding absence for for formalities formalities b. Exempt from Donor’s tax c. Subject to Estate tax d. Subject to income tax 2. Acceptance is is essential for a valid donation donation to be subject to donor’s tax, except transfers transfers a. in trust by the donor in favour of a beneficiary b. of business interest by the donor in favour of an stranger c. for less than adequate consideration d. by Filipino residents to non-resident aliens 3. The donation donation of an immovable immovable property property shall be made made a. In writing c. Either A or B b. In a public instrument d. Orally 4. Using the preceding number, acceptance by the donee may be made a. In the same deed of donation c. Either A or B b. In a separate document d. Neither A nor B 5. The donation donation of a movable movable property may be made a. Orally b. In writing
c. Either A or B
d. Neither A nor
6. Using the preceding number, the donation and acceptance should be in writing if the value of the property donated is a. Less than P5,000 b. P5,000 or less c. P5,000 or more d. More than P5,000 7. A donation which takes takes effect upon the death of of the donor donor a. Donation mortis causa b. Partakes of the nature of a testamentary disposition c. Shall be governed by the law on succession d. A, B and C 8. A donation which is intended intended by the donor to take take effect during his lifetime lifetime a. Shall be subject to donor’s tax using the tax table for donation b. Shall be in writing if the value exceeds P5,000 c. Donation inter-vivos inter-vivos d. A, B and C Read Free Foron 30this Days Sign up to vote title
Master your semester with Scribd & The New York Times 9. Which is incorrect incorrect concerning concerning donation? donation?
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Special offer for students: Only $4.99/month. a. Real property is transferred by donation only if made under a public instrument
b. Donation of intangible personal property should be in writing
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12. All elements elements of donor’s donor’s tax must must always concur concur for the donation donation to be valid. Except Except a. Acceptance c. Capacity b. Delivery d. Intent 13. Donor’s tax rate is at a. 6% b. 30% 14. Donor’s tax applies to gifts a. In excess of P250,000 b. In excess of P200,000
c. 2 – 15% 15% d. 5% - 20% c. In excess of P100,000 d. All gifts
15. Dowries valued P10,000 made made on account of marriage by parents to their children is subject to a. Donor’s tax c. Estate tax b. Exemption d. Income tax 16. Donor’s tax should be paid by the? a. Donor b. Donee
c. Administrator d. Executor
17. This are considered considered void donations, donations, except a. Between husband and wife b. Made to public officer or his/her family on account of his/her office c. Any physician, physician, health officer, officer, priest who took took care or extended extended spiritual spiritual care care to the donor donor during last illness d. Donation to an unborn child 18. Jerwin, a surviving surviving spouse, spouse, renounced renounced his share in the conjugal partnership a. Renunciation is subject to d onor’s tax b. Renunciation is subject to estate tax c. Renunciation is exempt from donor’s tax d. Renunciation is void 19. Sonly renounced his inheritance in the estate a. Renunciation is subject to donor’s tax b. Renunciation is subject to estate tax c. Renunciation is exempt from donor’s tax d. Renunciation is void 20. Statement 1: Corporations are allowed to donate inter-vivos Statement 2: Corporations are allowed to donate mortis-causa a. Both are correct c. Only 1 is correct b. Both are incorrect d. Only 2 is correct 21. The following transfers transfers are taxable under donor’s tax, except? a. Transfers made by the donor donor to relieve himself of the burden of management of his propertie b. Transfers made by the donor donor to settle family family disputes disputes c. Transfers made by a parent to see his children children enjoy his Read properties while hethis still stilltitle lives Free Foron 30 Days Sign up to vote d. Transfers under under power of general general appointment appointment
Master your semester with Scribd & The New York Times Special offer for22. students: WhichOnly is incorrect? in$4.99/month. correct?
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Donations of non-resident aliens involving properties located abroad to residents of the Philipp
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24. Which of the following following is not included in gross gross gift? a. Transfers to non-profit non-stock non-stock charitable charitable institution institution b. The portion of the fair value of a property transferred transferred adequately paid for in transfer transfer for less less tha adequate consideration c. The portion of the donation donation representing representing dowry exemption exemption d. Donation to the government for public use 25. Donation to the following entities is exempt from Donor’s taxation, except a. Accredited national national professional professional organization organization of certified certified public accountant (PICPA) (PICPA) b. Integrated Bar of the Philippines c. International Rice Research Institute d. Ramon Magsaysay Award Foundation
26. I. Dowries or gifts made on account of family celebration, on or before its celebration, or within one thereafter, by parents to each of their legitimate, recognized natural or adopted children, to the exten the first P10,000 shall be exempt from the donor’s tax
II. Donations in favour of an educational and or charitable, religious, cultural or social welfare corporation, institution, accredited non – government government organization, trust or philanthropic organizat research institution or organization organization provided that no amount of said gifts shall be used by the donee administration purposes purposes shall be exempt from donor’s tax a. True, true b. True, False c. False, True d. False, False
27. A. If the value value of the movable property property donated is is P5,000 or more the donation donation and the acceptance be made in writing, otherwise the donation shall be void B. Regardless of the value of the immovable property donated, the donation and the acceptance sha made in writing, otherwise the donation shall be void. a. True, True b. True, False c. False, True d. False, False
28. I. The gift is perfected from the moment the donor effects the delivery either actually or constructiv the property donated II. Donor’s tax is a property tax imposed on the property transferred by the way of gift inter -vivos a. True, True b. True, False c. False, True d. False, False
29. I. Where property is transferred during lifetime for less than adequate and full consideration in mon money’s worth, then the amount by which the value of the property exceeded the value of the consideration shall for the purpose of the donor’s tax, be deemed a gift II. Gifts of conjugal property made by both spouses shall be considered as having been made one by the husband and the other half by the wife and is taxable ½ to each donor spouse a. True, True b. True, False c. False, True d. False, False
30. I. For purpose of the donor’s tax, second degree cousins are strangers to each other. II. Encumbrance on the property donated, if assumed by the donor is deductible for donor’s tax purposes. a. True, True b. True, False c. False, True d. title False, False Read Free Foron 30this Days Sign up to vote
Master your semester with Scribd & The New York Times Useful Not useful 31. I. As a rule, donation between husband and wife during the marriage is void. Special offer for students: Only $4.99/month. II. Donation can be made to conceived or unborn children.
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c. False, True
d. False, False
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34. 1st Statement – A A legally adopted child is entitled to all the rights and obligations provided provided by law to legitimate children, and therefore, donation to him shall not be considered as donation made to stran 2nd Statement – Donation Donation made between business organization and those made between an individu and a business organization shall be considered as donation made to a stranger a. Both statements are correct c. Only the first statement is correct b. Both statements are incorrect d. Only the second statement is correct
35. 1st Statement – Any Any contributions in cash or in kind to any candidate, political party or coalition of p for campaign purposes, shall be governed by the Election Code, as amended 2nd Statement – Any Any provision of law to the contrary notwithstanding, notwithstanding, any contribution in cash or to any candidate or political party or coalition of parties for campaign purposes duly reported to the COMELEC shall not be subject to the payment of any gift tax a. Both statements are correct c. Only the first statement is correct b. Both statements are incorrect d. Only the second statement is correct 36. The donor’s tax is a a. Property tax on the property transferred b. Personal tax on the person who transferred the property c. Tax imposed imposed on the transfer transfer of property property by way way of gift inter inter vivos d. Tax imposed imposed on the transfer transfer of property property by way way of gift mortis causa
37. 1st Statement – The The donor’s tax shall not apply unless and and until there is a completed completed gift. nd 2 Statement – The The law in force at the time of the perfection/completion perfection/completion of the donation shall gove the imposition of the donor’s tax a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct 38. When is the donation perfected? perfected? a. The moment the donor knows knows of the acceptance by the donee b. The moment the donated property property is delivered, delivered, either actually actually or constructively, constructively, to the the donee c. Upon payment of the donor’s tax d. Upon execution of the deed of donation 39. When is the donation completed? completed? a. The moment the donor knows knows of the acceptance by the donee b. The moment the donated property property is delivered, delivered, either actually actually or constructively, constructively, to the the donee c. Upon payment of the donor’s tax d. Upon execution of the deed of donation 40. A gift that is incomplete incomplete because of of reserved powers, powers, becomes complete when when either: I – the the donor renounces the power; or II – the the right to exercise the reserved power ceases because of the happening of some event or contingency or the fulfillment of some condition, other than because of the donor’s death a. True in both both I and II c. True in I only b. Not true in both I and II d. True in II only
Master your semesterrenunciatio with Scribd 41. Which of the following renunciations ns shall be subject to donor’s Read Free Foron 30this Days Signtax? up to vote title Renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute – Renunciation & The NewIcommunity York after Times Useful Not useful deceased spouse or any the dissolution of the marriage in favor of the heirs of the Special offer for students: Only $4.99/month. person/s
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II General renunciation by an heir, including the surviving spouse, of his/her share in the heredita
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2nd – The The law in force at the time of the completion of the donation shall govern the imposition of donor’s tax a. Both statements are correct c. Only the first statement is correct b. Both statements are incorrect d. Only the second statement is correct 43. The following following donations donations were made by Don Lopot Lopot during the the taxable year: year: Donation to TESDA- priority project P900,000 Revocable donation of car to his son 800,000 Inadequate consideration of real property sold to his friend 700,000 Donation to his wife 300,000 Donation to his unborn grandchild 200,000 How much is the amount of donation subject to donor’s tax? a. P2,000,000 b. P1,800,000 c. P900,000
d. P200,000
44. How much is the amount of gift subject to donor’s tax if X, a Filpino citizen, made a general renunciation of his P2,000,000 inheritance in favor of his siblings and the inheritance was taken from conjugal property of the parents? a. P -0b. P500,000 c. P1,000,000 d. P2,000,000 45. Ma, Ru, Nong and Daw are brothers and sisters. Their parents died leaving a total gross estate of P11,000,000. Ma, being very rich, renounced his inheritance in favor of Daw. How is the donor’s tax to be paid by Ma? a. P -0b. P 159,700
c. P 167,600
d. P 254,000
46. How much is the amount of the net gifts of each donor of a conjugal real property donation (costin P2,000,000 but with fair market value of P3,500,000 at the time of donation) if such gift is given on account of the donor’s child’s marriage within a year but with attached mortgage loan amounting to P1,000,000 assumed by the child? a. P1,250,000 b. P1,240,000 c. P500,000 d. P490,000 47. A resident alien, alien, made the following gifts, during during the year: Wedding gift to her son given during the celebration held in the Philippines A car given to her daughter daughter here in the Philippines
P500,000 500,000
For the above gifts, the total Philippine donor’s tax would be a. P43,400 b. P44,000 c. P270,000
d. P300,000
48. Mr. and Mrs. Asiong Salonga, spouses and citizens of the Philippines donated to their legitimate dau on account of marriage the following properties at fair market values: Vacation house (conjugal property) property) in Hong Hong Kong P500,000 Car in the Philippines (conjugal (conjugal property) 240,000 Jewelry (exclusive (exclusive property of of Mrs. Salonga) Salonga) 20,000 The donation was made within one year of their daughter’s marriage. What would be the donor’s Master your semester with Scribd Mr. and Mrs. Salonga? Read Free Foron 30this Days Sign up to vote title a. P8,400 and P9,200, respectively r espectively & The New York Times Useful Not useful b. P4,800 and P9,600, respectively r espectively Special offer for students: Only $4.99/month. c. P5,200 and P9,200, respectively r espectively
d. P5,600 and P8,800, respectively r espectively
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51. Mr. A, a resident alien gave a diamond ring worth P200,000 P200,000 to his wife on account of their anniversa How much is the taxable donation? a. P200,000 b. P100,000 c. P50,000 d. P-0-
52. How much should be the net taxable gift for a wedding gift of P110,000 to a son given by the reside alien on the wedding day. a. P 120,000 b. P110,000 c. P100,000 d. P-0-
Mrs. Catherine Castro donated the following gifts to her recognized natural daughter on account of mar to be held on January 5, 200B: Date of Donation December 29, 200A January 1, 200B 200B
Donated Property Cash House and Lot
53. How much is the donor’s tax in year 200B? a. P None b. P6,000
FMV of Donation P 6,000 300,000 c.
P5,600
d. P5,840
54. For a net gift of P 150, 000 to a younger sister, the donor’s tax is a. P45,000 b. P30,000 c. P1,000
d. Exempt
55. How much is the donor’s tax for a P 200, 000 donation made to the Filipino donor’s 2 nd cousin? a. P-0b. P2,000 c. P30,000 d. P60,000
Vangie, a widow, has three (3) sons: Jimmy, 27 years old, Joseph, 25 years old; and James, 23 years August 15, 200A, she donated two (2) lots, each with FMV of P 150, 000, one (1) each to her her sons Jimm Joseph. On November November 15, 200A, 200A, she gave cash cash of P 150, 150, 000 to her her son James as dowry dowry on account of forthcoming marriage on December 22, 200A. 56. The donor’s donor’s tax due for the donation made on August 15, 200A is a. Exempt b. P5,200 c. P6,000
d. P12,000
57. The donor’s donor’s tax due for for the donation made on November November 15, 15, 200A is a. P11,600 b. P6,000 c. P9,600
d. P5,600
58. If Mr. B, a non-resident Filipino, donated P 100, 000 each to his son and daughter-in-law, how much the donor’s tax? a. P-0b. P10,000 c. P30,000 d. P60,000
59. San Miguel Corporation donated the following properties to its sister-company, Ginebra San Migue Land P5,000,000 Investment in stocks 2,000,000 Cash 1,000,000 ` How much is the donor’s tax? a. P-0b. P764,000 c. P404,000 d. P2,400,000
60. During the calendar year, Mr. Masagana paid a total donor’s tax amounting to P 38, 000 to his two Master your semester with Scribd legitimate children on account of marriage. On his first donation the year, hetitle paid adonor’s t Read Free Foron 30this Days Sign during up to vote amounting to P 13, 600. & The New York Times Useful Not useful Cancel anytime.
Special offer for students: Only $4.99/month. The amount of of gross gifts gifts made on the first and and second donation donation would be
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Second Donation
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