| Chapter 16 — Introduction to Donor’s Tax CHAPTER 16 INTRODUCTION TO DONoR’s TAX Chapter Overview and Objective: After this chapter, readers are expected te Comprehend the essential requisites and formal requisites of donation Appreciate the rationale and purpose of donor’s taxation Understand the types of donor’s and their tax rules Understand the treatment of donation of common properties Understand the rules on renunciation of inheritance Understand the treatment of donations with joint or several donees .__Master the list of exempt donations and the donor's tax format Sake DONATION Donation is the gratuitous transfer of property from one living person (donor) to another (donee). ESSENTIAL REQUISITES OF DONATION 1. Capacity of the donor The donor must be legally competent to make a donation. A donation made by a minor, an insane, or by one under hypnotic spells, force or intimidation is unenforceable. The donor's capacity shall be determined as of the time of making of the donation (Art. 737, Civil Code). 2, Intention to donate ‘The donation must be intentional or voluntary. There is fo such thing as an implied donation. 3. Donative act or delivery — Coe ee oval contract and is completed by {hie delivery) of the property to be donated. lonee a 4 Acceptance sy the aon led to acept the generosity of another, The donee has the prerogative, to accept or Tele tin a on acceptance of the donee perfects the contract of donation. The donation acceptance ‘ed when the donor knows of the acceptance of the is deemed perfected w! Donation of REAL property donee. eccrived form G -writhg % public 5- Dongtion 1% 19 eee 599 syalve is > §.000 Donation of PERSONAL property ~ donation 2occeptonce, oral/writtenne 109 : ex afgns MOUS! 99UOP hy slap ou oH ayy MEENIVEL 243 Jpup, 0} wopewop se S220 sean volgs on 9 TR seeder ane STR! 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