Scribd Logo
Upload

Welcome to Scribd!

  • 787 views

    Accountancy Department: Taxation Quizzer (Transfer and Business Tax)

    Uploaded by

    Kenneth Bryan Tegerero Tegio
    The document contains a 12 question quiz on taxation topics including transfer taxes, donations, and estate taxes. Question 1 asks about the tax consequences of donating property to a 2nd cousin. Question 2 asks which types of transfers are subject to transfer taxes like donor's and estate tax. Question 3 asks about the status of a donation from a husband to his ill wife for cancer treatment. The remaining questions cover additional taxation topics tested on the quiz.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Accountancy Department: Taxation Quizzer (Transfer and Business Tax)

    Uploaded by

    Kenneth Bryan Tegerero Tegio
    787 views2 pages
    The document contains a 12 question quiz on taxation topics including transfer taxes, donations, and estate taxes. Question 1 asks about the tax consequences of donating property to a 2nd cousin. Question 2 asks which types of transfers are subject to transfer taxes like donor's and estate tax. Question 3 asks about the status of a donation from a husband to his ill wife for cancer treatment. The remaining questions cover additional taxation topics tested on the quiz.

    Original Description:

    Taxation Quizzer

    Original Title

    Taxation Quizzer

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains a 12 question quiz on taxation topics including transfer taxes, donations, and estate taxes. Question 1 asks about the tax consequences of donating property to a 2nd cousin. Question 2 asks which types of transfers are subject to transfer taxes like donor's and estate tax. Question 3 asks about the status of a donation from a husband to his ill wife for cancer treatment. The remaining questions cover additional taxation topics tested on the quiz.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    787 views2 pages

    Accountancy Department: Taxation Quizzer (Transfer and Business Tax)

    Uploaded by

    Kenneth Bryan Tegerero Tegio
    The document contains a 12 question quiz on taxation topics including transfer taxes, donations, and estate taxes. Question 1 asks about the tax consequences of donating property to a 2nd cousin. Question 2 asks which types of transfers are subject to transfer taxes like donor's and estate tax. Question 3 asks about the status of a donation from a husband to his ill wife for cancer treatment. The remaining questions cover additional taxation topics tested on the quiz.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Accountancy Department

    Taxation Quizzer (Transfer and Business Tax)


    1. Mr. Lee donated a real property worth P100,000 to a family relative, Sara
    Lee, who happens to be his 2nd cousin. He comes to you now to determine
    the applicable tax consequence of his donation. As his client, what would
    you tell Mr. Lee?
    a. Being a relative, Mr. Lee is subject to the schedular tax rate.
    b. Being a 2nd cousin, Mr. Lee is subject to the 30% fixed rate.
    c. Being a stranger, Mr. Lee is subject to the 30% fixed rate.
    d. None of the above
    2. Transfer taxes, like donors and estate tax, is a tax imposed on ones right to
    make
    i. Inter-vivos transfers
    ii.
    Mortis Causa transfers
    iii.
    Onerous transfers
    iv.
    Casual transfers
    a. i only
    b. i and ii only
    c. i, ii, and iii only
    d. all of the above
    3. Mang Inasar donated to his ailing wife a sum of money on account of her
    cancer therapy. The amount is considered moderate. What is the status of
    the donation made between the husband and wife?
    a. The donation is valid because it is moderate and made on occasion of
    family distress.
    b. The donation is void for being made not under family rejoicing.
    c. The donation is valid because it will be classified as donation mortis
    causa.
    d. The donation is void under void-for-vagueness doctrine.
    4. A deed of donation made in foreign country without following the requisites
    mentioned under Philippine laws when valid there as such shall likewise be
    valid here following the doctrine of
    a. Lex loci celebrationis
    b. Lex loci nationali
    c. Praeter intentionem
    d. Jus soli
    5. Mr. Ben sold properties for insufficient consideration. What potential tax
    consequences might arise from the pertinent transaction?
    a. Business tax only
    b. Business tax and transfer tax
    c. Business tax, income tax, and transfer tax
    d. Business tax, income tax, donors tax
    6. Mr. Ben Inc. sold properties for insufficient consideration. What potential tax
    consequences might arise from the pertinent transaction?
    a. Business tax only
    b. Business tax and donors tax
    c. Business tax, income tax, and estate tax
    TIER 1 TAX PRACTICE

    Page 1 of 2

    K.T. TEGIO

    d. Business tax, income tax, and donors tax


    7. The following forms part of judicial expenses, except
    a. Attorneys fee
    b. Accountants fee
    c. Appraisers fee
    d. Probate costs
    8. In computing for vanishing deductions, which of the following is incorrect?
    a. Initial value is the higher between FMV at the date of transfer or date of
    death
    b. Initial basis is the initial value less by any indebtedness assumed
    c. Final basis is the initial basis less ordinary deductions
    d. Vanishing deduction is the final basis multiplied by the applicable
    vanishing rate
    9. A married B. Months later B died. Because of so much depression, weeks
    later, A died as well leaving a family home worth P1, 500,000. For purposes
    of determining deductions of As gross estate, how much will the estate of A
    be able to claim as regards family home deduction?
    a. 1,000,000
    b. 1,500,000
    c. 750,000
    d. 375,000
    10.
    a.
    b.
    c.
    d.

    Which is an excise tax?


    Property tax
    Personal tax
    Income tax
    None of the above

    11.
    A, failed to pay his tax consequences. What is the nature of the tax
    liability?
    a. Civil
    b. Penal
    c. Political
    d. Nugatory
    12.
    Which of the following do not diminish the hereditary estate of the
    decedent?
    a. Judicial expenses
    b. Medical expense
    c. Transfer for public use
    d. Funeral expense

    End

    TIER 1 TAX PRACTICE

    Page 2 of 2

    K.T. TEGIO

    You might also like