The document contains questions about donor's taxation in the Philippines. It tests understanding of when donor's tax applies, exemptions from donor's tax, rules regarding written acceptance of gifts, and calculations of donor's tax due for various scenarios involving gifts to family members.
The document contains questions about donor's taxation in the Philippines. It tests understanding of when donor's tax applies, exemptions from donor's tax, rules regarding written acceptance of gifts, and calculations of donor's tax due for various scenarios involving gifts to family members.
The document contains questions about donor's taxation in the Philippines. It tests understanding of when donor's tax applies, exemptions from donor's tax, rules regarding written acceptance of gifts, and calculations of donor's tax due for various scenarios involving gifts to family members.
The document contains questions about donor's taxation in the Philippines. It tests understanding of when donor's tax applies, exemptions from donor's tax, rules regarding written acceptance of gifts, and calculations of donor's tax due for various scenarios involving gifts to family members.
1. A. The gift is perfected from the moment the donor effects the delivery either actually or constructively of the property donated B. Donor’s tax is a property tax imposed on the property transferred by way of gift inter-vivos. a. True, true b. True, false c. False, true d. False, false
2. A. Donations in favour of an educational and/ or charitable, religious, cultural or social welfare corporation, institution, accredited non-government organization, trust or philanthropic organization or research institution or organization provided that no amount of said gifts shall be used by the donee for administration purposes shall be exempt from donor’s tax.
B. 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. False, false
3. A. Where real property is transferred during lifetime for less than adequate and full consideration in money or 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. B. Gifts of conjugal property made by both spouses shall be considered as having been made one-half 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
4. A. If the value of the movable property donated is P 5,000 or more the donation and the acceptance shall 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 shall be made in writing; otherwise the donation shall be void. a. True, true b. True, false c. False, true d. False, false
6. The donation of a movable property may be made
a. Orally b. In writing c. Either A or B d. Neither A nor B
7. Using the preceding number, the donation and acceptance should be in writing if the value of the property donated is a. less than 5,000 b. 5,000 or less c. 5,000 or more d. More than 5,000
8. A. Donation which takes effect upon the death of the donor
a. Donation mortis causa c. Shall be governed by the law on succession b. Partakes of the nature of a testamentary disposition d. A,B and C
9. A donation which is intended by the donor to take effect during his lifetime a. Shall be subject to donor’s tax using the tax table for donation c. Donation inter-vivos b. Shall be in writing if the value exceeds 5,000 d. A,B and C
10. The donation of an immovable property shall be made
a. in writing b. In a public instrument c. Either A or B d. Orally
11. using the preceding number, acceptance by the donee may be made a. in the same deed of donation b. In a separate document c. Either A or B d. Orally
12. A. As a rule, donation between husband and wife during the marriage is void B. Donation can be made to conceived or unborn children
a. True, true b. True, false c. False, true d. False, false
13. H made a donation of property with a FMV of P 1,000,000 to his legitimate daughter I and to J on December 25, 2018 on account of I’s marriage to J celebrated on February 14, 2017. Determine the donor’s tax due
14. Mr. And Mrs. K, made the following donations of conjugal funds and properties in 2018 (unless stated otherwise), as follows: /etd a. February 14: To L, a legitimate son, a piece of land with a FMV of P400,000 on account of L’s graduation from college b. May 14: To M, a legitimate daughter on account of M’s marriage to be celebrated on December 25, 2014, house and lot with FMV of P1,000,000. c. June 14: To N, brother of Mrs. K, P200,000 d. September 14: To O, the efficient and beautiful secretary of Mr. K for taking care of Mr. K while Mrs. K is vacationing in USA, jewelry worth P300,000 e. October 14: To P, the honest and good looking driver of Mrs. K who accompanied Mrs. K on her trip to and from USA, a diamond ring worth P500,000 f. December 14: To Q, the daughter of O on account of Q’s birthday, pieces of jewelry inherited by Mr. K during marriage, with a FMV of P400,000 g. December 25: To R, a legitimate son, a residential house and lot with FMV of P1,200,000 but subject to the condition that R would assume the mortgage indebtedness in the amount of P400,000
Determine the donor’s tax due on each donation
16. S, made the following donations in 2018:
a. February 14: To T, a legitimate son on account of T’s graduation-Php 150,000 b. April 14: To U, an acknowledge natural child on account of U’s forthcoming marriage on January 14, 2019- Php 7,000 c. May 14: To V, a legitimate daughter on account of V’s marriage celebrated on June 14, 2017- Php 8,000 d. July 14: To T, on account of T’s marriage on January 14, 2018- Php 100,000 e. October 14: To U, additional gift on account of U’s marriage on January 14, 2019- Php 93,000 f. December 14: To V, additional gift on account of V’s marriage on June 14, 2017- Php 92,000
Determine the donor’s tax due on each donation.
17. W, a resident citizen made the following donations in 2018
a. Feb 14: To X, a legitimate son, on account of X’s marriage celebrated on Dec 14, 2016, P180,000 b. June 14: To Y, a legitimate daughter, on account of Y’s marriage on June 14, 2017, P200,000 c. October 14: To Z, a legitimate daughter, on account of Z’s marriage on July 14, 2016, a residential land in USA with a FMV of P400,000 (Mr. W paid P25,000 to the US government as donor’s tax)
Determine the donor’s tax due after tax credit
18. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2018: Phil USA Canada Australia Net gift P350,000 P300,000 P250,000 P100,000 Donor’s tax paid 15,000 10,000 5,000
Required: Compute the donor’s tax still due after tax credit
Statement: A Legally Adopted Child Who Is Not A Relative by Consanguinity of The 2 Statement: The Relatives by Consanguinity of The Wife Are Strangers As Far As Donor
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