CHAPTER 13 IDENTIFICATION & T/F

Question 1

refers to the amount derived after deducting allowable exemptions from the gross gift.

Answer 1

Net Gift

Question 2

is exempt from donor’s tax on donation received for disaster related supplies under RA 10121.

Answer 2

National Disaster Risk Reduction and Management Council (NDRRMC)

Question 3

is the government agency that received a donated vehicle from the US Embassy which was deemed exempt from donor’s tax.

Answer 3

DFA

Question 4

is the law that repealed the provision on exemption of dowries or marriage gifts from Donor’s tax.

Answer 4

TRAIN Law

Question 5

TRUE OR FALSE

net gift is the basis for computing the donor’s tax

Answer 5

True

Question 6

TRUE OR FALSE

Donations made to political subdivisions of the government are subject to donor’s tax

Answer 6

False

Question 7

TRUE OR FALSE

The donation of a 3000sq.m. lot to San Juan City by Mr. Tan is partially exempt from Donor’s tax

Answer 7

False

Question 8

TRUE OR FALSE

Donations made to NDRRMC for relief and recovery operations are exempt from donor’s tax.

Answer 8

True

Question 9

TRUE OR FALSE

the TRAIN Law maintained the exemption of gift made on account of marriage up to P10,00.

Answer 9

False