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DONORS TAX: THEORY For the donation to be considered valid, acceptance of the donation must be made. a. during the lifetime of the donor only. b. during the lifetime of the donee only c. during the lifetime of the donor and the donee d. none of the choices First statement : Donors tax shall be levie...

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DONORS TAX: THEORY 1.

For the donation to be considered valid, acceptance of the donation must be made. a. b. c. d.

2.

First statement: Donors tax shall be levied, assessed collected and paid upon the transfer of property by any person , resident or nonresident as a gift. Second statement: For the purpose of donor’s tax, a stranger is a person who is not a relative by consanguinity in the collateral line within the fifth degree of relationship. a. b. c. d.

3.

5.

a.

A separate return shall be filed by each donor for each gift or donation made on different dates during the year reflecting therein any previous net gift made in the same calendar year.

b.

Only one return shall be filed for several gift or donations by a donor to the different donees on the same date.

c.

When a donors tax return was filed and it was found out by the BIR to have errors which gave rise to a deficiency donors tax, the donor cannot be required to pay the deficiency.

d.

The government is not legally bound by the agreement between the donor and the donee that the later shall pay the donors tax instead of the former.

First statement: In all cases, void donations are not subject to donors tax. Second statement: Every donation between the spouses during the marriage shall be void.

Fair market value at the time of death Fair market value in the hands of the donor before the time of donation Fair market value at the time of death of the donor Cost when the property was acquired

Which of the following is a stranger for donor’s tax purposed? a. b. c. d.

9.

February 9, 2009 February 14, 2009 February 19, 2009 March 20, 2009

When a property is donated in contemplation of death the basis of the tax shall be: a. b. c. d.

8.

both statements are true both statements are false First statement is true while second statement is false First statement is false while the second statement is true

Mr. John Samuelson, resident alien, donated a piece of jewelry to his son who got married on January 15, 2009. The piece of jewelry was mailed to his son on January 10, 2009 and was accepted on January 20, 2009. When is the last day to file the donors tax return? a. b. c. d.

7.

Legitimate Child Recognize Natural Child Adopted Child Stepchild

Which of the following statement is incorrect?

a. b. c. d. 6.

True, True False, False True, False False True

One of the following donees will not entitle the donor-parent to a P10,000 dowry exemption. a. b. c. d.

4.

during the lifetime of the donor only. during the lifetime of the donee only during the lifetime of the donor and the donee none of the choices

A child born out of wedlock of parents who are legally impeded to marry each other at the time the child is being conceived. The son of the donor’s first cousin The donor’s grandmother The donor’s spous

When the donee is a stranger the tax payable is: a. b. c. d.

30% of the gross gifts 30% of the net gifts based on the graduated tax rates based on the graduated tax rates or 30% of gross gifts whichever is higher

10. First statement: A donation on which the donor’s tax is net paid is a valid donation Second statement: Title to a tax –exempt donation of a real property cannot be transferred to the donee in the Register of Deeds unless the donor’s tax on the donation had been paid a.

True, True

b. c.

False, False True, False

d.

False, True

11. The donation of personal (movable) property may be made: I. Orally of the value is P5,000 or less requiring simultaneous delivery. II. In Writing if the value is more than P 5,000 a. b. c. d.

Both I and II are correct Both I and II are incorrect Only I is correct Only II is correct

12. The donation of movable property may be made: a. b. c. d.

Orally Writing Either A or B Neither A or B

13. Using the preceding number, the donation and acceptance should be in writing if the value of the property donated is: a. b. c. d.

Less than P 5,000 P5,000 or less P5,000 or more More than 5000

14. The donation of an immovable property shall be made a. b. c. d.

In writing In public instruments Either A or B Orally

15. Using the preceding number, acceptance by the donee may be made: a. b. c. d.

In same deed of donation In a separate document Either A or B Neither A or B

16. A. For the purpose of donor’s tax, second degree cousins are strangers to each other. B. Encumbrance of the property donated, if assumed by the donor is deductible for the donors tax purposes. a. b. c. d.

True, True True, False False, True False, False

17. A. As a rule, donation between husband and wife during marriage is void B. Donation can be made to conceived or unborn children a. b. c. d.

True, True True, False False, True False, False

18. A donation which takes upon the death of the donor a. b. c. d.

Donation mortis causa Partakes of the nature of a testamentary disposition Shall be governed by the law on succession A, B and C

19. A donation which is intended by the donor to take effect during his lifetime a. b. c. d.

Shall be subject to donor’s tax using the tax table for donation Shall be in writing if the value exceeds P 5,000 Donation inter vivos A, B and C

20. A. gift is perfected from the moment the donor effects the delivery either actual or constructively of the property donated. B. Donors 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

BUSINESS LAW & TAXATION EASY ROUND 1.

Which of the following individuals shall not be subject to the income tax under Section 24 (A)? a. Individual citizen of the Philippines residing therein; b. Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; c. Individual alien who is a resident of the Philippines; d. Individual alien who is not a resident of the Philippines.

2.

Which of the following income is not from a related trade, business or activity of a domestic proprietary educational institution? a. Income from rent of available office spaces in one of the school buildings b. Income from the hospital where medical graduates are trained for residency c. Income from the canteen situated within the school campus d. Income from bookstore situated within the school campus

3.

How much is the annual community tax for individuals? a. P 25 b. P 20

D

A

D

P 10 P5

4.

Under this system there is a merger of all the properties of the husband and the wife owned by them at the time of the celebration of the marriage, or those acquired thereafter. a. Conjugal partnership of gains b. Absolute community of properties c. Complete separation of properties d. None of the choices

5.

Which is not an essential characteristic of tax? a. Limited as to amount b. Proportionate in character c. Payable in money d. Regular payment

6.

A contract of sale is not a a. Principal contract b. Nominate contract

B

A

D

c. d.

Consensual contract Real contract

7.

“I promise to pay P or his order the sum of P 10,000.00 30 days after the death of X.” This is an instrument payable: a. At a determinable future time b. On Demand c. Upon the fulfillment of a condition d. At an indefinite time, hence, non-negotiable

8.

A corporation acquires juridical personality a. Upon the filing of the articles of incorporation b. Upon the filing of the by-laws c. Upon the issuance of the certificate of incorporation d. Within 30 days from receipt of notice of the issuance of the certificate of incorporation

9.

It is the right of the mortgagor to redeem the property that was mortgaged after it was sold. a. Equity of redemption c. Right of subrogation b. Right of redemption d. Right of pre-emption

A

C

B

B

c. d.

10. A with violence in her eyes intimidated her husband B to sell his exclusive property to her. The contract of sale is Rescissible Unenforceable Voidable Void

AVERAGE ROUND 1.

Which of the above will be subject to a 25% civil penalty of the tax or of the deficiency tax? a. Willful neglect to file the return within the period prescribed by the Tax Code or rules and regulations b. A false or fraudulent return is willfully made c. A person who is not VAT-registered issues an invoice or receipt showing his TIN, followed by the word "VAT" d. Failure to file any return and pay the tax due thereon as required under the provisions of the Tax Code or rules and regulations on the date prescribed

2.

Which of the following statements is INCORRECT? a. The amount of “de minimis” benefits conforming to the ceiling prescribed in the Tax Code shall not be considered in determining the P30,000 ceiling of “other benefits” included in the exempt 13th month and other benefits; b. If the employer pays more than the ceiling prescribed for “de minimis” benefits, the excess shall be taxable to the employee receiving the benefits only if such excess is beyond the P30,000 ceiling. c. Any amount given by the employer as benefits to its employees, whether classified as de minimis or fringe benefits, shall constitute as deduction upon such employer; d. Representation and transportation allowance which are fixed in amounts and regularly received by the employees as part of their monthly compensation shall be treated as taxable fringe benefits if received by managerial and supervisory employees.

3.

Jose Josue qualified as head of a household for 2007 tax purposes. Mr. Josue’s 2008 gross income was P200,000 inclusive of P10,000 short term capital gain. Mr. Josue had a long-term loss of P8,000 in 2008. What amount of this capital loss could Mr. Josue deduct in 2008? a. Zero c. P4,000 b. P3,000 d. P8,000

D

D

C...