Practice question
Does the basic donor's-tax property scope include intangible personal property?
- No; only physical coins may be gifts for tax purposes.
- Yes; the Code expressly includes intangible as well as tangible property, with applicable qualifications.
- No; shares and other intangible interests are categorically excluded.
- Yes; every intangible worldwide is taxable for every donor without exception.
- No; gifts must always consist of buildings.
Legal references
- NIRC Sections84-85,98 and104, read with TRAIN amendments: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA10963, TRAIN, estate and donor tax amendments including Sections99-100: https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html
Answer this question in flashcards to review your response and continue practicing.