FA Donor's (Tax 2) Flashcards
Donor’s tax is imposed upon the perfection of the donation
false; it is upon completion
Conditional donation shall be subject to donor’s tax upon the fulfillment of the condition
true
General renunciation of the conjugal share of the surviving spouse shall be exempted from donor’s tax.
false; it is taxable.
2 types of property a spouse might wiave: (a) conjugal/common property (b) inheritance
if inheritance, apply rule on heirs
if conjugal,
general: waive share
specific: waive share for a specific person
An apartment for rent when subsequently sold by the owner for less than adequate consideration shall be subject to donor’s tax to the extent of the excess of the FMV of the said real property over the actual consideration
TRUE!
apartment for rent is an ordinary asset since it is made in the course of business. so if it will be donated, it will be subject to donor’s tax. ang dili ma subject are only capital assets.
sec 100 provides “other than REAL PROPERTY…if transfer for less tahn adequate or full consideration, then the amount FMV exceeded the value of the consideration…be deemed a agift & shall be included in computing the amoutn of gifts made during the calendar year”
in order to be exempt from donor’s tax, a purely compensation income earner should give a notice of donation to the BIR for any donation worth at least 50k to a duly accredited qualified-donee institutiion
false: NIRC provides that a notice of donation by a donor engaged in business not a purely compensation income earner
Donor’s Tax Reeturn shall be filed w/in 30 days from the date the gift is made to the BIR having JD over the place where the real property is located
false
the AAB or RDO where the donor is domiciled
Donor’s Tax is equivalent to 6% of the property’s zonal value or FMV determined by the local assessor, whichever is higher, less the allowable deduction, when donated by a Corporation
true;
sec. 98 99 of NIRC mentions only persons it’s RC & NRC
sec. 22 defines persons as to include “corporation”
Assuming no other transaction, a donation of a conjugal property made by a H&W shall be subject to a deduction of 250k in one calendar year
false
each can avail of the 250k exemption
Donation made by a NRA in the Philippines shall be subject to a 250k deduction for every donation made
false; accumulation theory or cumulative basis theory posits that the 250k deduction is for the entire calendar year
A donation made to a LGU will be exempt from donor’s tax even if more than 30% of the amount donated is used for administrative purposes
true:
LGU has no limit compared to the 30% limit on RC-SCRAPE (religious, charitable, social, cultural, research, accredited NGO, philantropic org, and educational)
