What is donation? What are the elements of donation? Define/Explain each. When is a donation perfected or completed? What are the formalities required in donation? What is donor's tax? What are the characteristics of donor's tax? What is the composition of gross gifts? What is the tax rate for donor's tax? Who shall file the donor's tax return? What donations are tax exempt? What are the bases in the valuation of gross gifts? What does net gift mean? What is the proper treatment for transactions involving transfer of property other than real property referred to in Section 24 (D) for less than adequate and full consideration? What are the exemptions/exclusions from gross gifts? What entities are considered exempted from Donor's Tax under special laws? Is waiver/renunciation of an heir on his/her share from the inheritance subject to a Donor's Tax