1122, 543 PM BAM 208 -P2 EXAMINATION BAM 208 - P2 EXAMINATION 1 punto Donations that do not conform to legal formal © Exempt from Donor's tax © Taxable under Donor's tax notwithstanding absence for formalities © Subject to Estate tax © Subject to income tax -elear ang pinili P donated P110,000 to her friend K who was getting married. Pgaveno 1 punto other gift during the calendar year. What is the donor's tax implication on P's donation? © P shall pay a 6% donor's tax on the P110,000 donation. © The P110,000 donation is exempt from donor's tax. © 410.000 portion of the donation is exempt being a danation In consideration of marriage. © THEP100,000 portion ofthe donation is exempt since given in consideration of marriage. I-clear ang pinili htpsitorrtimer comlapp a611122, 543 PM BAM 208 - 2 EXAMINATION When is the donation completed? 1 punto © Upon execution of the deed of donation ‘The moment the donor knows of the acceptance by the donee ‘The moment the donated property is delivered, either actually or constructively, to the donee © Upon payment of the donor's tax I-clear ang piniti All of the following, except one, are exempt from donor's tax 1 pun © Donation to the City of Davao for public purpose © Donation to the Development Academy of the Philippines © Donation to the Philippine National Red Cross © Donation directly given to the victims of the typhoon Yolanda I-clear ang pinili When the indebtedness is cancelled without any service rendered by the 1 punto debtor in favor of the creditor, the forgiveness of debt will result to: ©@ Taxable indirect donation © Taxable income CO Taxable estate. CE Distribution of dividend. I-clear ang pinili htpsitorrtimer comlapp 21611122, 543 PM BAM 208 - 2 EXAMINATION Which of these is subject to tax only on transfers of properties situated in 1 punto the Philippines? © Acitizen of Philippines residing in Hong Kong CO Acitizen of America residing in Korea © Acitizen of Japan residing in the Philippines. © A citizen of the Philippines residing in the Philippines. I-clear ang pinili For donations made on or after January 1, 2018, the donor's tax return shall. 1 punio be filed within: ©@ thirty (30) days after the date the gift is made or completed © six (6) months after the date the gift is made or completed © two (2) months after the date the gift is made or completed © One year after the date the gift is made or completed I-clear ang pinil Which is incorrect concerning donation? © Real property is transferred by donation only if made under a public instrument © No one can be forced to accept the generosity of another © Donation of intangible personal property should be in writing © Personal property amounting to more than P§,000 should be in writing -clear ang pinili htpsitorrtimer comlapp ane11122, 543 PM BAM 208 - 2 EXAMINATION Which of the following renunciations shall be subject to donor's tax |. 1 pun Renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute community after the dissolution of the marriage in favor of the heirs of the deceased spouse or any other person(s).; Il General renunciation by an heir, including the surviving spouse, of his or her share in the hereditary estate left by the decedent, Ill. General renunciation by an heir, including the surviving spouse, of his or her share in the hereditary estate left by the decedent categorically in favor of identified heir(s) to the exclusion or disadvantage of other co-heir(s). @ lonly © [and tll only O hilland i CO Land tl only -clear ang pinili The following are the requisites of a donation for purposes of the donor's 1 punto tax, except one: © Delivery of the subject matter or gift. © Capacity of the donee. © Donative intent © Capacity of the donor. I-clear ang pinili htpsitorrtimer comlapp ane11122, 543 PM BAM 208 - 2 EXAMINATION Arenounced his inheritance in the estate 1 put Renunciation is exempt from donor's tax Renunciation is void Renunciation is subject to estate tax OOO © Renunciation is subject to donor's tax I-clear ang pinili The spouses C and K wanted to donate a parcel of land to their daughter punto Mwho is getting married in December 2018. The parcel of land has a zonal valuation of P420,000. You are consulted as to how should they make the donation to save on donor's tax. What advice will you give them? @ THY should each donate « P108,000 portion ofthe value ofthe propery n 2018 then each should donate P105,000 in 2019. They should each donate a P100,000 portion of the value of the property in 2018, and another P100,000 each in 2019, Then, in 2018, Criselda should donate the remaining 20,000. spread the P400,000 equally for 2018, 2019, 2020 and 2021 They should spread the donation over a period of 5 years by the spouses donation © They should frst donate In 2017s portion ofthe property valued at P20.000 then © 00,000 each year from 2018 0 2022, -elear ang pinili htpsitorrtimer comlapp sie11122, 543 PM BAM 208 - 2 EXAMINATION Acceptance is essential for a valid donation to be subject to donor's tax, 1 punto except transfers CO by Filipino residents to non-resident aliens of business interest by the donor in favour of an stranger © forless than adequate consideration © intrust by the donor in favour of a beneficiary I-clear ang pinili When is the donation perfected? 1 punto © Upon execution of the deed of donation ‘The moment the thing donated is delivered, either actually or constructively, to the donee © The moment the donor knows of the acceptance by the donee © Upon payment of the donor's tax -elear ang pinili Which is not a characteristic of transfer tax? 1 punto O Privilege tax O Direct tax @ Local tax O National tax I-clear ang pinili htpsitorrtimer comlapp ene11122, 543 PM BAM 208 - 2 EXAMINATION Which of the following donations inter vivos may not require that it be in punio writing? © Donation of real (immovable) property, the value of which exceeds P5,000. © Donation of personal (movable) property, the value of which exceeds PS,000. © Donation of personal (movable) property, the value of which is P5,000. © Donation of real (immovable) property, the value of which is less than P5,000. I-clear ang pinili For donations made prior to 2018, where the donee or beneficiary isa 1 punto stranger, the tax payable by the donor shall be: @ 30% of the net gifts. Based on the graduated rates with the first P 100,000 net gift exempt or 30% Based on the graduated rates with the first P 100,000 net gift exempt or 30% of the net gifts whichever is higher Oo © 30% of the gross gifts. oO I-elear ang pinil htpsitorrtimer comlapp me11122, 543 PM BAM 208 - 2 EXAMINATION Which of the following is not included in gross gift? 1 punto The portion of the donation representing dowry exemption Transfers to non-profit non-stock charitable institution ‘The portion of the fair value of a property transferred adequately paid for in transfer for less than an adequate consideration o@®oOo°0 Donation to the government for public use I-clear ang pinili All of the following except one are exempt from gift tax under special laws 1 pur © Donation to Philippine Institute of Certified Public Accountants © Donation to International Rice Research Institute © Donation to Development Academy of the Philippines © Donation to Integrated Bar of the Philippines I-clear ang pinili A tax minimization scheme which is done by spreading the gift over 1 punto numerous calendar years to avail of lower tax liability © Void donation © Spread-out method ©® Splitting of © Donation of life insurance I-clear ang pinil htpsitorrtimer comlapp ane11122, 543 PM BAM 208 - 2 EXAMINATION A surviving spouse, renounced his share in the conjugal partnership 1 pun © Renunciation is exempt from donor's tax © Renunciation is void © Renunciation is subject to donor's tax © Renunciation is subject to estate tax I-clear ang pinili D died and was survived by his wife and two (2) children, F and G. After 1 punte getting married her share in the conjugal property, the surviving spouse renounce her share in the hereditary estate in favor of F to the exclusion of, G. Was the renunciation subject to donor's tax? © No, because the renunciation was considered a general renunciation. Yes, because the renunciation as made categorically in favor of identified heir to the exclusion or disadvantage of the other co-heirs, hereditary estate. Yes, because, as a rule, renunciation of share in the hereditary estate is always CO No because, os a rule the surviving spouse cannot renounce her share in the © subject to donor's tx -elear ang pinili htpsitorrtimer comlapp one11122, 543 PM BAM 208 - 2 EXAMINATION Donor's tax is: 1 punto O Aproperty tax © Apersonal tax @ Anexcise tax © Abusiness tax I-clear ang pinili Motivated by love, Mr M donated a car to his brother, Mr. N and Mr. O, the 1 punto naked title of Mr. P and usufruct to Mr.Q for one year. Is the transfer of the car, naked title to Mr. P and usufruct to Mr. O a valid donation? © Nezthe donation is not valid because itis specifically provided in the Civil Code that such donation is not allowed. Yes, the transfer of the naked title to P and usufruct to 0 is valid donation, provided all the donees are living at the time of donation. Yes, the donation is valid provided that Mr. N agrees to the donation of usufruct to Mr. © No, the donation is not valid because the right (usufruct) cannot be donated, Oa I-clear ang pinili htpsitorrtimer comlapp sone11122, 543 PM BAM 208 - 2 EXAMINATION J sold his car to $ for P200,000. Jose's car cost P500,000 and hada fair | punto value of P400,000 at the time of sale. What was the consequence of the sale? © The transfer was for insufficient consideration, hence, not subject to donor's tax. O There was a taxable give of 300,000 © The transfer involved a personal property, hence, not subject to donor's tax. ©@ There was a taxable gift of P200,000. |-clear ang pinili The donor's tax is a 1 punto © Personal tax on the person who transferred the property © Tax imposed on the transfer of property by way of gift mortis causa CO Property tax on the property transferred © Tax imposed on the transfer of property by way of gift inter vivos I-clear ang pinili Taguro, a resident of Dagupan City donated to Eugene a property in Laoag 1 punto City. The donor's tax is P40,000. The deed of donation was signed in the residence of Eugene in Baguio City. The donor's tax return must be filed in: Dagupan City Laoag City Quezon City COO © Baguio City I-clear ang pinili htpsitorr-timer comlapp mnne11122, 543 PM BAM 208 - 2 EXAMINATION Which of the following donation may be exempt? 1 punto © Denation of non-resident alien of intangible properties located inthe Pillppines to a non-resident alien Donation of a resident alien of its properties located abroad to a non-resident alien Donation of a intangible properties located in the Philippines by resident aliens Donation of a non-resident alien of real properties located in the Philippines to a resident alien oo°o I-clear ang pinili Who is the taxpayer in donor tax? 1 punto © Donor © beneficiary © Tustee © Donee I-clear ang pinili Which properties does the reciprocity exemption cover? 1 punto © Intangible personal property located in the Philippines © Tangible and intangible properties located in the Philippines © Tangible and intangible properties located abroad CE Intangible personal property located abroad -clear ang pinili htpsitorrtimer comlapp vane11122, 543 PM BAM 208 - 2 EXAMINATION All elements of donor's tax must always concur for the donation to be 1 punto valid. Except © intent © Delivery O Acceptance O Capacity -clear ang pinili When the donee or beneficiary is a relative or a stranger, the tax payable 1 punto by the donor shall be: © Six percent (6%) of the total net gifts. CO Forty percent (40%) of the net gifts. © Thirty percent (30%) of the gross gifts. © Thirty percent (30%) of the net gifts in excess of P100,000, I-clear ang pinili htpsitorrtimer comlapp rane11122, 543 PM BAM 208 - 2 EXAMINATION Unless the Commissioner otherwise permits, the donor's tax return shall 1 punie be filed and the tax paid to the: I. Authorized agent bank (AAB) under the jurisdiction of the RDO where the donor is domiciled at the time of the transfer; ll. Revenue District Officer or Revenue Collection of Officer having jurisdiction over the place where the donor is domiciled at the time of the transfer.; Ill. Office of the Commissioner if the donor has no legal residence in the Philippines; lV. Philippine Embassy or Consulate in the country where the donor is domiciled at the time of the transfer or directly to the office of the Commissioner, in the case of gifts made by a nonresident. One year after the date the gift is made or completed two (2) months after the date the gift is made or completed thirty (30) days after the date the gift is made or completed OoO0@°0 six (6) months after the date the gift is made or completed I-clear ang pinili Donor's tax is a (n)|. Excise tax; Il. Direct Tax; Ill. Personal Tax; IV. Property 1 punio tax © hiland iv only O tlttand tv only ©@ Landi only O Aland tll only I-clear ang pinili htpsitorrtimer comlapp vane11122, 543 PM BAM 208 - 2 EXAMINATION When the donor has no legal residence in the Philippines, the donor's tax | punto return shall be filed with the: © Office of the Commissioner. © Aathorized agent bank. © Revenue collection officer where the done is domiciled. © Revenue district officer where the donor is domiciled. I-clear ang pinili The government enforces the transfer of property by donation and 1 punto succession. By exercising theses privileges, the transferor must have to be taxed. What theory does the statement describe? © Tax recoupment theory ©@ Benefit received theory CO ability to pay theory © Taxevasion theory -elear ang pinili Donor's tax credit is not allowed to a donor who is a’ 1 punto Non-resident alien Resident alien Non-resident citizen O00 © Resident citizen I-clear ang pinili htpsitorr-timer comlapp ssn61122, 543 PM BAM 208 -P2 EXAMINATION Bumatik ‘Susunod I-clear ang form Huwag isumite kailanman ang nga password s2 pamamragitan ng Gogle Forms. Sinawa ang form na ito sa Phinma Education. Lulat ang Pag-abusc Google Forms htpsitorrtimer comlapp 166