This study source was downloaded by 100000790839690 from CourseHero com on 05 14 2023 02 54 04 GMT 05 00 https www coursehero com file 79966751 Donors Tax True or Falsedocx DONOR S TAXTrue or False If the statement is False what makes the statement false 1 Donative intent is still necessary when the donation is on account of a burden which is less than value of the thing given False 2 Donation is an act of liberality whereby a person disposes gratuitously or a thing or right in favor or another who accept it true3 The person who disposes of the thing right is called the donee while the one who accepts it is donor false4 A donation may be inter vivos but mortis causa in substance true5 The acceptance of an immovable property may be made in the same deed of donation or in a separate public document but it shall not take effect unless it is done during the lifetime of the donor true6 Donor s tax is a tax imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer True7 Donor s tax supplements the estate tax and compensates for the loss of income tax true8 All persons who may contract and dispose of their property may make a donation true9 No person may give or receive by way of donation more than he may give or receive by will true10 Donations made between persons who were guilty of adultery or concubinage at the time of donation are void true11 When there is no reciprocity the transfer of intangible personal property located in the Philippines of a non resident alien donor is not subject to tax false This study source was downloaded by 100000790839690 from CourseHero com on 05 14 2023 02 54 04 GMT 05 00 https www coursehero com file 79966751 Donors Tax True or Falsedocx Powered by TCPDF www tcpdf org 12 The gross gift of a resident citizen a non resident citizen or a resident alien donor shall include all hisproperty wherever situated 13 Where a personal property classified as capital assets is transferred for less than adequate and full consideration in money or money s worth fair market value less consideration is deemed a gift FALSE ORDINARY14 If the donor was a non resident alien only his property located in the Philippines shall form part of his gross gift TRUE15 The inclusion of intangible personal property located in the Philippines in the gross gift of a non resident alien donor is subject to reciprocity TRUE16 Intangible personal property shall not be included in the gross gift if the laws of the foreign country of which the donor was a resident at the time of donation do not allow a similar exception from transfer taxes or death taxes of every character in respect of intangible personal property owned by citizens of the Philippines not residing in that foreign country TRUE17 If the gift is made in property the fair market value thereof at the time of the gift shall be consideredthe amount of the gift FALSE TIME OF ACCEPTANCE18 If the gift consists of real property the fair market value shall be whichever is the higher amount between the fair market value as determined by the Commissioner or the fair market value as shown in the schedule of values fixed by the Provincial and City Assessors TRUE19 When there is reciprocity the transfer of intangibles personal property located in the Philippines of anon resident alien donor is subject tax false20 So that the reciprocity rule may apply the non resident alien must be a resident and citizen of one particular foreign country at the time of donation Illegitimate TRUE