Donor's tax Flashcards
When is donor’s tax return filed
30 days after the gift has been made with no extension allowed
True or false:
For the purposes of donor’s tax, husband and wife are not separate taxpayers
False
True or false:
Donor’s tax applies to both natural and juridical persons
True
True or false:
If the specific renunciation of an heir (wife) in the share in the hereditary estate did not result to disadvantage to other heirs such as when there is only one remaining heir will be subject to donor’s tax
False
True or false:
Donation of a foreign corporation of its own shares of stock in favor of a resident employee is not subject to donor’s tax because it should be assumed that such were given to the resident employee in consideration of his services to the corporation - the same shall constitute taxable compensation to the recipient
True
True or false:
Gifts to government are excluded from gross gift
True. If the property is a registrable property the person must still file a return declaring zero tax
True or false:
TPU is included in gross gift
True
True or false
Net gifts are gifts net of deductions but before the PHP250k exemption
True
True or false:
Sale or transfer of real property located in PH for an insufficient consideration is subject to Donor’s tax
False. Subject to donor’s tax only if located abroad
True or false:
The situs of a PH bank abroad e.g PNB Bank, New York is within PH
False. It should be without PH
True or false:
The donor’s tax of an NRA with reciprocity law excludes all intangible properties whether within or without
True
True or false:
Donor’s tax is computed based on a cumulative basis for the calendar year
True
True or false:
A donation embodied in a will is subject to donor’s tax
False, subject to estate tax
True or false:
A donation made out of a conjugal property to the parent of one of the spouses is accounted for separately
True. Husband and wife are separate taxpayers
