Business taxation

Which of the following natures of donor's tax is imposed by the government?

• Flat-rate tax
• Annual tax
• Ad valorem
• National tax

Which of the following is deductible against the gross estate?

• Bank loans acquired for the medication of the decedent
• Income tax of the decedent before death
• Sole obligation of the surviving spouse
• Real property tax of the separate estate of the surviving spouse

Which of the following is included in the net taxable estate?

• Family home in excess of P10,000,000
• Separate property of the surviving spouse
• Medical expense
• Judicial expense

Which of the following rates is used in computing estate tax?

• 0
• 0.05
• 0.06
• 0.12

Which of the following is the maximum allowable deductible amount of family home?

• 6% of the gross estate
• P500,000
• P5,000,000
• P10,000,000

Which of the following is the duration in filling the estate tax return?

• Within thirty (30) days from the date of death
• Within six (6) months from the date of death
• Within one (1) year from the date of death
• Within two (2) years from the date of death

Which of the following states that supporting documents must be presented for all the items of deductions?

• Substantiation rule
• Matching principle
• No double classification' rule
• Default presumption

Which of the following is an essential requisite of donation described by the legal competence of the donor in donation?

• Capacity of the donor
• Intention to donate
• Delivery of the subject matter
• Acceptance by the donee

Which of the following means that business taxes secure and enforce compliance for the pleasure of foing business?

• Consumption tax
• Indirect tax
• Privilege tax
• Income tax

Whichh of the following is a consumptiontax imposed at every stage of the distribution process on the sale, barter, exchange, or lease of goods or properties?

• Value-added tax
• Percentage tax
• Excise tax
• Income tax