WorksheetsTransfer Tax - Donor's Tax
Total questions: 25
Worksheet time: 25mins
Donor’s Tax is a tax on a donation or gift and is imposed on the onerous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
True
False
Maybe
There are two types of donation namely; Donation Inter-vivos and Donation Mortis-causa. The latter is a type of donation that take effect during the lifetime of the donor and thus, subject to donor’s tax. The former type is subject to estate tax.
True
False
Maybe
National Internal revenue Code (NIRC) or RA 8424, as amended, is the law governing the donor’s taxation in the Philippines
True
False, should be TRAIN law
False, should e CREATE law
Donor’s tax is an ad valorem tax and also an excise tax.
True
False
The donor’s tax shall not apply unless and until there is a competed gift. It is completed by the delivery, either actually or constructively, of the donated property to the donee.
True
False
1. Donation Mortis causa: refers to gifts made during lifetime of donor but is intended by donor to take effect upon his death. This property transfer partakes the nature of testamentary disposition and is governed by law on succession; hence this property is subject to estate tax.
true
false
Requisites of Valid Donation are:
1. Donative intent of donor.
2. Capacity or authority of donee
3. Delivery of donated property
4. Acceptance of Donee
5. Donation is in prescribed forms
true
false
To be a valid Donation; for personal property- if value of property is equal or more than P 5,000 then donation and acceptance must be in writing; otherwise, the donation and acceptance may be made orally.
true
false
Donor's tax is not a property tax and collected by LGUs.
true
false
. Except in cases where the Commissioner otherwise permits, the return shall be filed and the tax paid to an authorized agent bank, the Revenue District Officer, Revenue Collection Officer or duly authorized Treasurer of the city or municipality where the donor was domiciled at the time of the transfer, or if there be no legal residence in the Philippines, with the Office of the Commissioner.
true
false
BIR Form 2550 is used for Donor’s Tax Return.
true
false
A, an American Citizen living in JAPAN, donated a property located in ITALY worth 10M in year 2018 to B. Who is liable to pay donor' s tax?
A
B
BIR
Govt of Italy
None of the above
X, donated 1M to Y in 2018. Y is X's best friend since high school. What is the donor's tax due?
54,000
300,000 (stranger)
45,000
44,000 (relative)
None of the above
Under TRAIN law, Dowries or gift on account of marriage and before celebration of marriage or within one year thereafter by parents to each of their legitimate, recognized natural or adopted children is exempted up to the extent of first P 10,000.
True
False
Who is subject to reciprocity?
RC
NRC
RA
None of the above
Mr. A donated a property worth Php 200,000 to Mahal on February 20, 2022. The deadline for filing the donor's tax return is:
March 21, 2022
March 20, 2022
March 22, 2022
August 22, 2022
Which of the following statement is true?
Donor's tax is the laibility of the donee
Donation on account of marriage is not taxable if the marriage did not actually take place
Title to the property cannot be transferred in the name of the donee if the donor's tax is not paid
Agreement between the donor and the donee that the latter shall pay the donor's tax is binding on the BIR
The donor donated his property to the donee upon learning that the former is now dying of lung cancer. the donor immediately paid the donor's tax
The donation is an inter vivos donation. Hence, donor had complied with his legal obligations
The donation is mortis causa subject to estate tax. However, the donor's tax paid is already valid having been made in good faith.
The donation is subject to estate tax. The donor must claim refund of the tax that he had erroneously paid
The donation is subject to estate tax. However, the donor's tax paid can be claimed as tax credit.
If the donor and the donee come to an agreement that the latter shall assume the payment of donor's tax
The BIR should proceed against the donor in case of failure of the donee to pay the dono'r tax
The BIR should proceed against the donee in case of non-payment of donor's tax by the donee
The BIR can proceed either against the donor of the donee in case of non-payment of donor's tax
The BIR can proceed neither against the donor nor the donee in case of non -payment of donor's tax
Madam Bilasa, a spinster, gave a gift worth Php 300,000 to her brother, Bulaan on March 20, 2019; another Php 300,000 to her sister, Boladas on July 20, 2019 and Php 300,000 to her younger sister, Balasa on November 20, 2020:
Question: How much is the taxable gift on March 20, 2019 donation?
(a)
Madam Bilasa, a spinster, gave a gift worth Php 300,000 to her brother, Bulaan on March 20, 2019; another Php 300,000 to her sister, Boladas on July 20, 2019 and Php 300,000 to her younger sister, Balasa on November 20, 2020:
Question: How much is the tax due on July 20, 2019 donation?
(a)
Madam Bilasa, a spinster, gave a gift worth Php 300,000 to her brother, Bulaan on March 20, 2019; another Php 300,000 to her sister, Boladas on July 20, 2019 and Php 300,000 to her younger sister, Balasa on November 20, 2020:
Question: How much is the taxable gift on November 20, 2019 donation?
(a)
Mr. & Mrs Pano, donated the following community properties (unless otherwise specified)
April 12 - To Wilda, on account of marriage. the property with a fair market value of Php 800,000 is located in Naga City; to Acuna, Mr. Pano's sister, his exclusive property in US valued at Php 150,000. Donor's tax paid in US - Php 7,000.00
July 7 - To Sigue, son, property in Manila worth Php 180,000.00.
Question: How much is the donor's tax still due of Mr. Pano on Jul 7 donation?
(a)
Mr. & Mrs Pano, donated the following community properties (unless otherwise specified)
April 12 - To Wilda, on account of marriage. the property with a fair market value of Php 800,000 is located in Naga City; to Acuna, Mr. Pano's sister, his exclusive property in US valued at Php 150,000. Donor's tax paid in US - Php 7,000.00
July 7 - To Sigue, son, property in Manila worth Php 180,000.00.
Question: How much is the donor's tax still due of Mr. Pano on Apr donation?
(a)
On June 12, 2018, Mr & Mrs Cruz, donated Php 120,000 in cash from their conjugal assets to each of their three children. For purpose of computing the donor's tax, they should file:
A joint return for a total donation in 2018 of Php 360,000
Three returns for a Php 20,000 donation to each child
Two separate returns for Php 20,000 by each spouse
Two separate returns for a donation of Php 180,000 by each spouse
