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    Business and Transfer Taxes

    Uploaded by

    ClariceIra Garcia
    The document contains 10 multiple choice questions testing knowledge of estate tax, gift tax, succession, and donations in the Philippines. It addresses topics like determining the gross estate of a non-resident alien, estate tax credits, calculating estate tax due including increments, gift tax payable amounts on different donations, and calculating donor's tax due from married couples on donations of conjugal and separate property.

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    © All Rights Reserved
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    Business and Transfer Taxes

    Uploaded by

    ClariceIra Garcia
    216 views4 pages
    The document contains 10 multiple choice questions testing knowledge of estate tax, gift tax, succession, and donations in the Philippines. It addresses topics like determining the gross estate of a non-resident alien, estate tax credits, calculating estate tax due including increments, gift tax payable amounts on different donations, and calculating donor's tax due from married couples on donations of conjugal and separate property.

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    test bank

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    The document contains 10 multiple choice questions testing knowledge of estate tax, gift tax, succession, and donations in the Philippines. It addresses topics like determining the gross estate of a non-resident alien, estate tax credits, calculating estate tax due including increments, gift tax payable amounts on different donations, and calculating donor's tax due from married couples on donations of conjugal and separate property.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    216 views4 pages

    Business and Transfer Taxes

    Uploaded by

    ClariceIra Garcia
    The document contains 10 multiple choice questions testing knowledge of estate tax, gift tax, succession, and donations in the Philippines. It addresses topics like determining the gross estate of a non-resident alien, estate tax credits, calculating estate tax due including increments, gift tax payable amounts on different donations, and calculating donor's tax due from married couples on donations of conjugal and separate property.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    1.

    An act whereby a person is permitted with the formalities prescribed by law,


    to control to a certain degree the disposition of his estate, to take effect after
    his death.

    A. will C. legitime
    B. Succession D. device

    ANSWER: A
    2. The person whose property is transmitted through succession, whether or not
    he left a will.

    A. successor C. legatee
    B. heir D. decedent

    ANSWER: D
    3. Which of the following statement is wrong? A distinction between a donation inter
    vivos and a donation mortis causa is:

    A. The 8rst take effect during the lifetime of the grantor while the second
    takes effect after the death of the grantor.

    B. The 8rst is subject to the donor’s tax while the second is subject to the
    estate tax.

    C. The 8rst always requires a public document while the second may not
    require a public document.

    D. The 8rst is valued at fair market value at the time the property is given
    while the second is valued at fair market value at the time of the death of the
    grantor.

    ANSWER: C
    4. The reciprocity clause in the donor’s tax law applies to a:

    A. Non-resident citizen C. Resident citizen


    B. Resident alien D. Non-resident alien

    ANSWER: D
    5. Liwayway died leaving the following properties:
    a. House and lot in the Philippines (mortgaged for P300,000) 1,250,000
    b. Condominium unit in Hongkong 1,000,000
    c. Car in Philippines 70,000
    d. Car in Hongkong 60,000
    e. Franchise exercised in the Philippines 300,000
    f. Franchise exercised in New York, USA 25,000
    g. Domestic shares, certi8cate kept in New York, USA 55,000
    h. Foreign shares, 90% of business in the Philippines 60,000
    i. Foreign shares, 30% of business in the Philippines, with business
    situs in the Philippines. 15,000
    j. Foreign shares, 60% of business in the Philippines 75,000

    The gross estate if the decedent was a non-resident alien (no reciprocity)

    A. 2,910,000 C. 1,825,000
    B. 1,750,000 D. 1,320,000

    ANSWER: B

    6. The estate tax credit for foreign estate tax paid is:

    A. P9,000
    B. P8,500
    C. P8,000
    D. P7,000

    ANSWER: C

    7. Papa Tai died on January 3, 2013. The estate tax due and payable of P25,000 was
    paid on January 3, 2015.

    The estate tax due, including increments, if any

    A. 38,750 C. 34,375
    B. 36,250 D. 33,750

    ANSWER: A
    8. 02-14-12 Azucena, legitimate daughter on account of marriage last December
    31, 2010 P190,000.
    06-01-12 Brusco, brother on account of marriage scheduled December 31, 2011
    P160,000.

    10-13-12 Carizosa, legitimate daughter, on account of marriage on November


    12, 2011 P180,000

    05-15-13 Dalmacio, father, on account of marriage, land with a fair market value
    of P1,000,000 but mortgage for P100,000 which was assumed by the donee.

    The gift tax payable on February 14, 2012

    A. 190,000 C. 2,000
    B. 1,800 D. 200,000

    ANSWER: B

    9. Mr. and Mrs. Alavado gave the following donations:


    May 3, 2013 -Conjugal property valued at P300,000 donated to Barumbado,
    legitimate son who got married January 1, 2013.

    July 14, 2013 -Capital property donated to Carlota, legitimate daughter who
    got married June 1, 2013. Value –P500,000.

    Dec. 30, 2013 -Conjugal property donated to Carlota. The dowry has fair
    market value of P800,000

    The gift tax due of Mr. Alavado on July 14, 2013.

    A. 21,800 C. 12,600
    B. 21,000 D. 6,400

    ANSWER: B
    10. Mr. and Mrs. Albano gave the following donations:
    July 1, 2013 Community property was donated to Balaoing, sister of Mr.
    Albano. The fair market value is P650,000.

    Sept. 25, 2013 Cash of P300,000 to Cuarto, son of Mrs. From her teen-age
    boyfriend .

    Nov.10, 2013 Cash of P250,000 was donated to Balaoing.

    The donor’s tax due on Mr. and Mrs. Albano on July 1, 2013

    A. 7,000;7,000 C.97,500;7,000
    B. 7,000;97,500 D. 97,500;97,500

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