Practice question
Which event is the basic subject of donor's tax, as distinct from taxing the donee's later investment earnings?
- Every later salary earned independently by the donee.
- Only the donor's unrelated business expenses.
- A transfer of property by gift under the statutory framework.
- Every future sale made by anyone in the donee's family.
- Only the price of printing a gift card.
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.