Professional Documents
Culture Documents
AIR - Donor's Tax
AIR - Donor's Tax
1.
2.
3.
4.
a.
b.
True, True
True, False
c. False, True
d. False, False
8.
All of the following are exempt from gift tax under special
laws, except one:
a. Donation to the Integrated Bar of the Philippines
b. Donation to the Development Academy of the
Philippines
c. Donation to Philippine Institute of Certified Public
Accountants
d. Donation to International Rice Research Institute
9.
10.
11. Using the data in number, 3, the gift tax payable on the
October 9 gift of the husband is:
a. P 9,600
c. P 1,800
b. P 5,907
d. P 3,600
5.
6.
7.
Page 1 of 5
DONORS TAX
14. The husband and the wife gave the following gift of
conjugal property, January 20, 2010 Land valued at
P180,000. Donee is a brother of the wife and the gift is
on account of marriage of the brother held on January
10, 2008. The total donors tax due on the gift is
a. P 1,600
c. P28,600
b. P 27,000
d. P54,000
15. Donations of properties, with fair market values:
Land in Indonesia
P 1,000,000
Land and Building in the Philippines
1,500,000
Shares of stock of a domestic corporation
500,000
Shares of stock of a foreign corporation
400,000
Receivable from a friend (residing in the same
country as that of donor)
50,000
There was a transfer inter vivos (to take
Effect during the lifetime of the
transferor) of property in the country of
the transferor. Consideration received
P 90,000; Fair Market Value of the
property at the time of transfer was
200,000
Cancellation of indebtedness of a resident
of the country where the transferor
resides, as an act of liberality
20,000
Gross gift if the donor was a citizen or resident of the
Philippines?
a. P2,080,000
c. P3,580,000
b. P2,580,000
d. P3,510,000
16. Estate tax as distinguished from donors tax
a. Payment is made as the return is filed.
b. Notice is not needed.
c. There is optional valuation date.
d. Exemption per tax table is P200,000
17. Exempt from donors taxation are gifts made
a. For the use of the barangay
b. In consideration of marriage
c. To a school which is a stock corporation
d. To a for-profit government corporation
18. Which is not true about donation between spouses?
a. Husband and wife cannot donate any conjugal or
community property without the consent of the other
b. Husband and wife may make a joint donation of
conjugal or community property
c. In a joint donation of conjugal or community
property, each spouse shall be considered a
separate donor of his or her interest in the property
d. When a spouse makes moderate donations for
charity or on occasions of family rejoicing or family
distress, the consent of the other spouse is needed.
19. Statement 1: In order that the donation of an immovable
property may be valid, it must be made in public
instrument specifying therein the property donated.
Statement 2: General renunciation of the heir, including
the surviving spouse, of his or her share in the hereditary
estate left by the decedent is not subject to donors tax.
a. Both statements are false
b. 1st statement is false while 2nd statement is true
c. 1st statement is true while 2nd statement is false
d. Both statements are true
Page 2 of 5
DONORS TAX
4/6/11
Mr. Crisante
Separate
175,000
Gemma,
his mother
5/7/11
Mr. and Mrs. Conjugal
500,000 Timmy,
daughter,
on
account
of
marriage
on
June 1, 2010
9/9/11 Mrs. Crisante
Separate 200,000 Timmy,
daughter, on
account of
Marriage
26. The donors tax and payable due on the January 5, 2011
donation is
a. Exempt
c. P45,000
b. P 1,000
d. P 800
27. The donors tax due and payable of Mr. Crisante on May
7, 2011
a. P 10,700
c. P26, 500
b. P 3,600
d. P 25,700
28. The September 9, 2011 donations donors tax due is
a. P 2,000
c. P11,600
b. P 8,000
d. Exempt
29. At the testimonial dinner for new CPAs, Christian was
requested to sing the theme song of the movie Ghost.
Mae was so delighted that she feels she is falling in love
with Christian, so she decided to cancel Christians
indebtedness to her. As a result,
a. Christian
realized
a
taxable
income
as
compensation for services.
b. If Christian accepts the cancellation, he will pay
donors tax.
c. Christian received a gift from Mae and therefore not
part of his taxable income.
d. The amount of indebtedness cancelled is partly
taxable, and partly exempt.
30. For donors tax purposes, who of the following is not
considered as a stranger?
a. Son of a first cousin
b. Wife of the brother
c. First cousin
d. Father of the wife
31. Mr. Earl Montera, single, a Filipino citizen and a religious
leader, is a cancer patient with remaining 3 months to
live during the calendar year. His only asset is composed
of cash amounting to P 5,000,000. Prior to his death, he
asks you whether he would transfer his property through
donation (donors tax) or fact of death (estate tax) to his
brother.
You presented to him the donors tax rate applicable for
P 5,000,000 is 12% and the estate tax rate applicable for
P 5,000,000 is 15%. Accordingly, he noted that his
preference is to pay the tax through donation because it
has lesser transfer taxes. Is Mr. Montera correct?
a. Yes, because the tax savings would be P 150,000.
b. No, because whether donors tax or estate tax is to
be paid, the amount of related transfer tax is the
same.
c. Yes, because he is still alive.
d. No, because the estate tax is cheaper by P 49,000.
32. 1st Statement: Dowries made on account of family
celebration, on or before its celebration, or within one
year thereafter, by parent to each of their legitimate,
True, True
c. False, True
b.
False, False
d. True, False
b.
c.
d.
35. The donors tax due on the June 9, 2012 donation is:
a.
b.
c.
d.
36. The donors tax due on the December 25, 2012 for Mr. &
Mrs. are:
a.
b.
c.
d.
Page 3 of 5
DONORS TAX
37. The donors tax due on the December 25, 2012 for their
Kumpare is:
a.
P 90, 000
c. P 0
b.
P 6, 000
d. P 30, 000
a.
P 84,000
b.
P 92,000
c. P 450,000
d. P 480,000
P 131,000
c. P47,000
b.
P 524,000
d. P124,000
PROBLEMS
Problem1. During the calendar year, Mr. Masagana paid a
total donors tax amounting to P38,000 to his legitimate
children on account of marriage. On his first donation during
the year, he paid a donors tax amounting to P13,600.
a. The amount of gross gift made on the first donation
_________________
b. The amount of gross gift made on the second donation
_________________
Problem 2. Mr. Haiko Kuri, a Malaysian residing in Cebu,
made the following gifts for the year:
Page 4 of 5
DONORS TAX
b.
April 26:
To U, an acknowledged natural
child on account of Us forthcoming marriage on January
14, 2015, P 7,000.
c. May 26:
To V, a legitimate daughter on
account of Vs marriage celebrated on June 14, 2013, P
8,000.
d. July 26:
To T, on account of Ts graduation
on January 14, 2014, P 100,000.
e. October 26:
To U, additional gift on account of
Us marriage on January 14, 2015, P 93,000.
f. December 26:
To V, additional gift on account of
Vs marriage on June 14, 2013, P 92,000.
Determine the donors tax due on each donation.
Page 5 of 5