Who is NOT subject to the donor's tax?Select one:a.An individual making a donationb.A person making a donation subject to revocationc.A partnership making a donationd.A corporation making a donationClear my choice

Distinguish between donor’s tax and estate tax

Which of the renunciations shall not be subject to donor's tax?Select one:a.General renunciation by an heir, including the surviving spouse, of his/her share in the hereditary estate left by the decedent.b.Renunciation by an heir, including the surviving spouse, of his/her share in the hereditary estate left by the decedent categorically in favor of identified heir/s to the exclusion or disadvantage of the other co-heirsc.Renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute community after the dissolution of the marriage in favor of the heirs of the deceased spouse or any other person/sd.None of the choices

Select the correct answer.Decide if the clause in capital letters is DEPENDENT or INDEPENDENT.Make your donation to WHATEVER CHARITY CAN USE IT BEST. A. A dependent clause B. An independent clause

On which situation does the designation of the beneficiary is considered irrelevant in determining whether or not the proceeds from life insurance should be included as part of the gross estate of the decedent?Select one:a.When the designation is irrevocableb.When the designation is revocablec.When the beneficiary is the decedent himselfd.When the beneficiary is a third personClear my choiceQuestion 22Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich properties or transfers are not exempt from estate tax under a special law?Select one:a.The transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryb.The transmission from the first heir, legatee, or done in favor of another beneficiary in accordance with the desire of the predecessorc.Grants and donations to the Intramuros administrationd.The merger of the usufruct in the owner of the naked titleClear my choiceQuestion 23Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is/are TRUE?I. An individual subject to execise tax is also subject to value-added tax.II. An individual subject to value-added tax is also subject to percentage tax.Select one:a.II onlyb.Both statements are incorrectc.I and IId.I only Clear my choiceQuestion 24Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?Select one:a.Expenses, losses, indebtedness, and taxesb.Property previously taxedc.Share of surviving spouse in the net conjugal estated.Standard deductionClear my choiceQuestion 25Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following acquisitions or transfers of properties is deemed taxable under estate taxation?Select one:a.All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutionsb.Transmission from the first heir or done in favor of another beneficiary in accordance with the desire of the predecessorc.Transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryd.The merger of u usufruct in the owner of the naked titleClear my choiceQuestion 26Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not an example of good or properties?a.patentb.Doctor`s visitsc.trademarkd.copyrightClear my choiceQuestion 27Not yet answeredMarked out of 1.00Flag questionTipsQuestion textLetty is a restaurant owner. What business tax is due on his business?Select one:a.Caterer's taxb.Value added taxc.Common carrier's taxd.Broker's taxClear my choiceQuestion 28Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDon Bodgie, a Filipino decedent, left the following properties:   I. Car, Manila  -- Php 275, 000   II. House and lot, Manila – Php 3, 500, 000   III. Shares of stocks, Chicago, USA – Php 125, 000   IV. Accounts receivable, insolvent debtor – Php 100, 000   V. Accounts receivable, with situs in the USA – Php 150, 000   VI. Amount received by heirs from decedent’s employer under R.A. 4917 – Php 200, 000What is the taxable gross estate?Select one:a.Php 4, 150, 000b.Php 4, 350, 000 c.Php 4, 150, 000 d.Php 3, 900, 000 Clear my choiceQuestion 29Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt is the transfer, use or consumption not in the course of business of goods or properties originally intended for sale or for use in the course of businessa.Transactions Deemed Saleb.Consultative Sellingc.Insight Sellingd.Social SellingClear my choiceQuestion 30Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT a requisite for casualty losses to be allowed as deduction from gross estate?Select one:a.Not fully compensated for by insurance and not claimed as deduction in the decedent's income tax returnb.Must be incurred during the settlement of the estate but not later than the last day as required by the law for the payment of estate tax duec.Must be arising from fire, storms, shipwreck or other casualties or from robbery, theft or embezzlementd.Fully compensated for by insurance and claimed as deduction in the decedent's income tax return

A person who earns $50,000 per year donates $2,000 to charity. As a result, the state only taxes $48,000 of that person's income.This is an example of a _____.A.tax creditB.tax deductionC.tax dependentD.tax assessment