My Daily news
BUSINESS AND TRANSFER TAXATION 5th Copy (BY: VALENCIA & ROXAS)SUGGESTED ANSWERS Phase 6: DONOR'S TAX
1 ) False вЂ“ there is no concern in gift.
2 . Bogus вЂ“ throughout the lifetime of the donor.
5. False вЂ“ It is enough that the appropriately representative of the incapacitated donee to receive thedonation. 5. The case
6. False вЂ“ Real property gift must be place in writing no matter value. six. True
almost 8. False вЂ“ The value of given personal property must exceed P5, 000. being unfaithful. True
14. False вЂ“ not products. 1
2 . False вЂ“ constitutes gross income.
1 . True
installment payments on your False вЂ“ If resident alien gives, he will probably be subject to donor's tax in the Philippines intended for hisproperties inside and outside the Philippines 3. True
6. False вЂ“ only one-half of the reveal is contributed.
7. Bogus вЂ“ only if the present is due to marriage.
8. False вЂ“ only the initial P100, 500 is exempt.
9. Phony вЂ“ might be subject to business tax such as VAT, customized duties, or excise tax. 10. Phony - If the donee is actually a stranger, the tax level is thirty percent. 11. True
12. Phony - excise tax вЂ“ transfer of property using gift inter vivos.
1 . Zero, because the renunciation is actually a general renunciation.
2 . P30, 000 or perhaps 30% of P100, 1000. A third relation is a unfamiliar person for donor's tax purposes. 3. The total amount of donor's tax is definitely P62, 1000, computed the following: Son Daughter-in-lawRelative - P200, 000 (See schedular tax table)P2, 000Stranger (P200, 1000 x 30%)P60, 000Note: Daughter-in-law is included as a relative pertaining to donor's tax purposes. 4. Zero. Charitable contributions between couple are gap and not susceptible to donor's tax. 5. Actually zero. Donations among a man and a woman living together because husband and wife are voidand not really subject to donor's tax. (Art 87, Family Code)