Which is a similarity between donor's and estate taxation?Select one:a.Amount of exemptionsb.Rates of tax usedc.Effectivity of the transfer of propertyd.Basis of valuation

Distinguish between donor’s tax and estate tax

Which of the renunciations shall not be subject to donor's tax?Select one:a.General renunciation by an heir, including the surviving spouse, of his/her share in the hereditary estate left by the decedent.b.Renunciation by an heir, including the surviving spouse, of his/her share in the hereditary estate left by the decedent categorically in favor of identified heir/s to the exclusion or disadvantage of the other co-heirsc.Renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute community after the dissolution of the marriage in favor of the heirs of the deceased spouse or any other person/sd.None of the choices

The property tax on a house is an amount determined by the local government based on a percentage of which of the following?Land value and bank feesBank interest and insurance feeBuilding and land valueBuilding value and interest rate charged

What is one major similarity between property tax and sales tax?A.Both are types of regressive taxes.B.Both are based on gross income.C.Both are types of tax assessment.D.Both are based on taxable income.

Which properties or transfers are NOT exempted from estate tax under a special law?Select one:a.Grants and donations to the Intramuros administrationb.The merger of the usufruct in the owner of the naked titlec.The transmission from the first heir, legatee, or done in favor of another beneficiary in accordance with the desire of the predecessord.The transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissary