Tax2 Midterm Exam-Sent
Tax2 Midterm Exam-Sent
Tax2 Midterm Exam-Sent
b. Must be in writing
c. Maybe in private document
d. Must be in public document
8. One of the following is a valid donation
a. Oral donation of a cellular phone worth P4,5000
b. Oral donation of a passenger jeepney worth P150,000
c. A parcel of land worth P5,000 in private document
d. A parcel of land worth P500,000 in a private document
9. Which of the following constitutes a taxable gift?
a. Creditors gratuitous discharge of a debtors obligation
b. One day rent- free use of anothers property
c. A gratuitous transfer by an incompetent
d. An agreement to make a future transfer which is not supported by a
consideration
10.AVANCENA donated a share of stocks of BAES Corporation to BONAOBRA on
April 20, 2015 with a right to revoke it. The donor delivered the property April
25, 2015. On June 20, 2015 AVANCENA relinquished the right to revoke. Ten
days after, the donor died. For purpose of donors tax, the gross gift should
be bases on the value of the shares on
a. April 20, 2015
c. June 20,2015
b. April 25,2015
d. June 30, 2015
11.BUCARILE wrote a letter to CATUSALEM on December 31, 2014 donating her
car worth P350, 000. The letter was received by the latter on January 7, 2015
who accepted the donation. The letter of acceptance was received only by
Warren on January 15, 2015. The donors tax was not paid until May 22,
2016. The donation was consummated on
a. December 31, 20114
c. January 7, 2015
b. January 15, 2015
d. May 22, 2016
12.On August 18, 2015 GLADYS loaned to her sister ANDREA P200, 000 at an
interest of 12% per annum payable one (1) year thereafter. One month
before the debt become due, Marthas husband died. Consequently, GLADYS
informed her sister that she is condoning the loan including the interest. How
much is the value of the donation made by Elizabeth to Martha?
a. P200, 000
c. P220,000
b. P224,000
d. None
13.Which of the following examples is not taxable
a. A Filipino citizen donated a parcel of land located in the United States to B,
nonresident alien.
b. On June 12, 2015, A made a gift of P200 ,000 to his daughter on account
of her marriage celebrated may 21, 2014.
c. MR.DELEGENCIA, a multi-millionaire, gives his wife a diamond ring worth
P120, 000 as birthday gift.
c. Statement 2 only
d. Neither statements
IV.
c. Statements 1, 2, and 3
d.
Statements 2 and 3
II.
III.
IV.
c.
Statements 2 and 3
d. Statements 1 and 2
c. P1,350
d. Exempt
of the following except one are exempt from donors tax. Which is it?
Donation to the Philippine Red Cross.
Donation to the Development Academy of the Philippines.
Donation directly given to the victims of the eruption of Mount Bulusan.
Donation to the City of Davao for public purpose.
32.A non-stock, non-profit school always had cash flow problems, resulting in
failure to recruit well trained administrative personnel to effectively manage
the school. In 2015, DON LEON donated P100 million pesos to the school,
provided the money shall be used solely for paying the salaries, wages and
benefits of administrative personnel. The donation represents less than 10 %
of DON LEONs taxable income for the year. Is he subject to donors taxes?
a. No, since the donation is actually, directly, and exclusively used for
educational purposes.
b. Yes, because the donation is to be wholly used for administrative
purposes.
c. Yes, since he did not obtain the requisite NGO certification before he
made the donation.
d. No. because the donation does not exceed 10 % of his taxable income for
2015.
33.There is reciprocity when the donor and the donated propertyDonor
Property
a. Nonresident alien
Intangibles
b. Nonresident citizen
Immovable
c. Nonresident alien
Tangible personal
d. Resident alien
Any kind of property
34.Which of the following statements is false?
a. Donors tax applies also to juridical persons.
b. For purposes of donors tax, second cousins are strangers to each other.
c. Encumbrance on the property donated, if assumed by the donor is
deductible for donors tax purposes.
d. As a rule, donation between husband and wife during the marriage is void.
35.Which of the following is not a factor in the determination of taxable gifts?
a. Identification of transfers included in gross gift
b. Application of exempt transfers
c. Subtraction of allowed deductions,
d. Multiplying net gift by the applicable rates.
36.Given the following statements:
I.
II.
III.
IV.
The donors tax payable on the present donation includes the previous
donations made during the current year.
It is not proper to add the prior net gifts during the current year
because the taxes paid on the donations will just be credited from the
donors tax computed.
The tax rate on the tax table for donors tax is relatively lower than the
tax rates in the tax table for estate tax.
The highest tax rate on donors tax is higher than the highest tax rate
on estate tax.
c.
Child
by
natural
d. Grand auntie
Within
Within
Within
Within
42.The donors tax return should set forth the following, except;
a. Each gift made during the calendar year which is to be included in
computing net gifts
b. The deductions claimed and allowable
c. The name of the donee
d. All of the above
43.Surcharge of 25% to donors tax shall not be imposed if the following are
present, except
a.
b.
c.
d.
44.What is the interest rate per annum that shall be imposed on the basic
unpaid amount of tax from the date prescribed for the payment?
a.
b.
c.
d.
50%
25%
20%
12%
5%-20%
5%-32%
2%-15%
5%-30%
P
P
P
P
600,000
400,000
900,000
100,000
II. In case of revocation of the donation, the donors tax paid to the
government may refund to the donor.
Which of the following statement/s is/are correct?
a. Statement 1 only
b. Both statements
c. Statement 2 only
d. Neither statements
50.In order that a donation will be valid, the following elements must be present,
except:
a.
b.
c.
d.