CHAPTER 1 Flashcards
What are the modes of acquiring ownership?
- Occupation
- Intellectual Creation
- Donation
- Succession
- Prescription
Embraces everything which is or may be the subject of ownership. The term includes not only ownership and possession but also the right of use and enjoyment for lawful purposes.
Property
The person in whom the ownership, dominion or title of property is vested.
Owner
The exclusive right of possessing, enjoying and disposing of a property.
Ownership
When ownership is acquired through this, the property seized it without aknown owner. For example, a person’s job is fishing or hunting.
Occupation
The composer owns his musical compositions whilethe author owns his literary, legal, historical, scientific or other work.
Intellectual Creation
An act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.
Donation
A mode of acquisition by virtue of which the property, rightsand obligations to the extent of the value of the inheritance, of a person aretransmitted through his death to another.
Succession
One acquires ownership and other real rights through the lapse oftime in the manner and under the conditions laid down by law. In the same way,rights and actions are lost by this. The first is referred to as ‘acquisitive’prescription and the second as ‘extinctive’ prescription
Prescription
What are the two transfer taxes under Philippine law?
- Estate Tax
- Donor’s Tax
It is levied on the transmission of property from prior decedent to his heirs.
Estate taxes
T or F
Estate encompasses the totality of assets and liabilities a decedent owns at the time of his death.
T
It is imposed as ownership of the property passes from the donor to the donee. As when a parcel of land is given gratuitously and accepted in a public instrument.
Donor’s tax
Taxes imposed upon the gratuitous disposition of private property.
Transfer Taxes
T or F
Transfer taxes is said to be gratuitous when there is no consideration for the transfer.
T
What are Estate and Donor’s Taxes classified as?
Excise taxes.
What do Estate and Donor’s Taxes affect?
The right of a person to transfer his property during his lifetime or upon his death.
T or F
*It is onerous when a consideration is received.
*Onerous transfers such as sale, barter, or exchange are subject to business taxes.
True
A transfer where there is no burden imposed on or consideration required from the recipient.
Gratuitous Transfer Of Property
Two of the Five modes of acquiring ownership as enumerated in the Civil Code are:
Succession and Donation
