Donors Tax - Theory - DONORS TAX THEORY 1 For the dona±on...

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DONORS TAX: THEORY 1. 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 2. First statement : Donors tax shall be levied, assessed collected and paid upon the transfer of property by any person , resident or non-resident 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. True, True b. False, False c. True, False d. False True 3. One of the following donees will not entitle the donor-parent to a P10,000 dowry exemption. 4. Which of the following statement is incorrect? 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.
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  • Fall '16
  • Eduardo Valdez
  • Donation, donors tax

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