TAXATION FLASHCARD

Front

A donation is complete when: The donor has knowledge of the acceptance of the donee. The thing donated is delivered. Upon payment of the door's tax. Upon execution of the deed of donation.

Back

The thing donated is delivered.

Front

What is the required formality by law for Julius's donation of a car valued at P300,000 to be valid?

Back

be in a written instrument

Front

Which of the following is exempt from donor's tax if the donated property is located abroad? resident citizen, resident alien, non-resident citizen, non-resident alien

Back

non-resident alien

Front

Which of the following is not considered within the Philippines? Shares of stocks issued by a foreign corporation where 75% of its business is located in the Philippines., Franchise exercised in the Philippines., Shares of stocks issued by a domestic corporation., Bonds issued by a foreign corporation with business situs in the Philippines.

Back

Shares of stocks issued by a foreign corporation where 75% of its business is located in the Philippines.

Front

X donated to Y a property worth P600,000 on January 2, 2025. How much is the statutory exempt donation?

Back

P250,000

Front

Donations between husband and wife during marriage are generally void. Encumbrances on the property donated, if assumed by the donor, are allowed as deductions against gross gift. (PHILCPA) True; False, True; True, False; True, False; False

Back

True; False

Front

(PHILCPA) Reciprocity applies when the donor and the property donated is a: Non-resident alien - Tangible, Non-resident alien - Intangible, Non-resident citizen - Tangible, Non-resident citizen Intangible

Back

Non-resident alien - Intangible

Front

Jose donated a vacant lot held as capital asset to his brother-in-law. The assessed value and zonal value of the land were P750,000 and P1,000,000 respectively. The land had an unpaid mortgage of P200,000, which was not assumed by the donee and an unpaid realty tax of P10,000 which was assumed by the donee. The donation is subject to

Back

donor's tax only of P44,400

Front

One of the following is not a distinction between donation inter vivos and donation mortis causa: Donation inter vivos takes effect during the lifetime of the grantor while donation mortis causa takes effect after the death of the grantor. Donation inter vivos is subject to donor's tax while donation mortis causa is subject to estate tax. Donation inter vivos requires a public document while donation mortis causa may not require a public document. Donation inter vivos is valued at fair market value at the time the property is given while donation mortis causa is valued at the fair market value at the time of the death of the grantor.

Back

Donation inter vivos requires a public document while donation mortis causa may not require a public document.

Front

Donations made by the donor beginning January 1, 2018 shall be subject to 6% donor's tax rate in excess of P250,000. Donations made by either individual or corporate taxpayers beginning January 2018 shall be subject to 6% donor's tax rate in excess of P250,000 exempt gifts. What is the correct assessment of these statements?

Back

Both statements are correct.