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Mr . Tan was the President of a highly profitable corporation which was engage in the marketing of Mercedes Benz. When Mr . Tan's daughter
Mr Tan was the President of a highly profitable corporation which was
engage in the marketing of Mercedes Benz. When Mr Tan's daughter got
married to the son of a senator the corporation gave the newly wedded
couple a brand new Mercedes Benz worth P and entered the
wedding gift in its books as an advertising expense.
statement: The Mercedes Benz is not taxable income to the couple
because it is truly a wedding gift, but they should pay gift tax.
Donation, Met Gitt and Donor's Jax
statement: The donor corporation should pay the donor's tax and deduct
it from its gross income.
a Both statements are correct.
b Both statements are wrong.
c statement correct, statement wrong.
d statement wrong, statement correct.
Which of the following examples is not subject to donor's tax?
a A Filipino citizen donated a parcel of land located in the United States to
b a nonresident alien.
b On June Aaron made a gift of P to his daughter on
account of her marriage celebrated on May
c Mr Ramos gives his wife a diamond ring worth P as a birthday
gift.
d Adel and Baby are the only heirs of Celso. Adel renounce his share of
inheritance in favor of Baby.
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