Transfer Taxation - Hard Mode

Question 1

What are the exclusive properties under the Conjugal Partnership of Gains?

Answer 1

1. That which is bought to the marriage as his or her own.
2. That which each acquires during the marriage by gratuitous title.
3. That which is acquired by rights or redemption or by exchange with property belonging to only one of the spouses.
4. That which is purchased with the exclusive money of the wife or of the husband.

Question 2

What are other properties are referred to as Conjugal?

Answer 2

Property acquired by onerous title during the marriage.

Property obtained by labor, industry, or work or profession of the spouses

Fruits or income due or derived during the marriage coming from common fund.

Share in the hidden treasure discovered during marriage.

Property acquired by occupation such as hunting or fishing by spouses.

Question 3

What are the common deductions whether under ACoP or CPG?

Answer 3

1. The support of the spouses, their common children and legitimate children of either spouse.
2. All debts and obligations contracted during marriage by the designated administrator - spouse for the benefit of the conjugal partnership, or both spouses, or by one of them with the consent of the other.
3. Debts and obligations contracted by either spouse without the consent of the other to the extent that the family may have benefited.
4. All taxes, liens, charges and expenses including major and minor repairs upon conjugal property.
5. All taxes for mere preservation, made during the marriage, upon the separate property of either spouse.
6. Expenses to enable either spouse to commence or complete a professional, vocational, or other activity for self-improvement.
7. Debts before marriage of either spouse in so far as they have redounded to the benefit of the family.
8. The value of what is donated or promised by both spouses in favor of their common legitimate children for the exclusive purpose of commencing or completing a professional or vocational course or activity for self-improvement.
9. Expenses of litigation between spouses, unless the suit is found to be groundless.