Donor's Tax

1. An act of liberality whereby one disposes gratuitously a thing or right in favor of another who
accepts it

a succession
b. occupation
c. donation
d. tradition

→ Answer: C

2. It is a tax imposed on the exercise of the donor's right during lifetime to transfer property to
others in the form of gift

a. Estate Tax b. Donor's Tax

c. Property Tax d. Income Tax

→ Answer: B

3. Which of the following statements is correct?

a. A transfer is gratuitous or without consideration and accordingly qualifies as a donation, if no

economic benefit measurable in money or money's worth flowed to the transferor from the
transferee
b A gratuitous transfer is always subject to donor's tax.
C. A donation on which the donor's tax was not paid is not a valid donation.
d. Title to the donated real property can be transferred to the donee in the Register of Deeds
even if the donor's tax on the donation had not been paid.
→ Answer: A

4.Which of the following constitutes "Gift" for Gift Tax purposes?

a. Transfer of property without consideration.
b. Sales, exchanges and other dispositions of property for a consideration to the extent that the
value of the property transferred exceeds the value in money or money's worth of the
consideration received therefore
c. Both a" and "b"
d. Neither 'a' nor "b"
→ Answer: C
5. Donor's tax is:
a. A property tax b. A personal tax
c. A business tax d. An excise tax
→ Answer: D

6: Donor's tax is a(n)

I. Excise tax
II. Direct Tax
III. Personal Tax
IV. Property tax a. I and II only

I and II only
→ Answer: A

7. Statement 1. A gift occurs when the donor surrenders control over property.
Statement 2 If the donor retains an unlimited power to revoke the gift, it is clear that gift has
occurred.

a. Only statement 1 is correct

→ Answer: A
The gift in statement 2 is a revocable gift, an incomplete gift, not subject to donor's tax

8. A gift that is incomplete because of reserved powers, becomes complete when either 1. the
donor renounces the power, or his right to exercise the reserved power ceases because of the
happening of some event or contingency or the fulfillment of some condition, other than
because of donor's death.
C Both I and II are correct

→ Answer: C

9. The common characteristic of transfer taxes is that the transfer of property:

a. Is onerous.
b.Takes effect during the lifetime of the transferor
c.Takes effect upon the death of the transferor
d. Is gratuitous.
→ Answer: D

10. A tax imposed on the gratuitous transfer of property between two or more persons who are
living at the time the transfer is made
a estate tax b. donor's tax
c. income Tax d. transfer tax
→ Answer: B
11. One of the following is not a distinction between donation inter vivos and donation mortis
causa.
a. Donation inter vivos takes effect during the lifetime of the grantor while donation mortis causa
takes effect after the death of the grantor.
b. Donation inter vivos is subject to donor's tax while donation mortis causa is subject to estate
tax
C. Donation inter vivos requires a public document while donation mortis causa may not require
a public document.
d. Donation inter vivos is valued at fair market value at the time the property is given while
donation mortis causa is valued at the fair market value at the time of the death of the grantor.
→ Answer: C

12. The following are the requisites of a donation for purposes of the donor's tax except one
a Capacity of the donor
b.Capacity of the donee
c.Delivery of the subject matter or gift
d. Donative intent
→ Answer: B

13. Statement 1: Donor's tax shall be levied, assessed, collected and paid upon the transfer of
property by any person, resident or non-resident, as a gift Statement 2 The donor's tax shall
apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and
whether the property is real or personal, tangible or intangible.

Both I and II are correct

→ Answer: C

14 Statement 1: Consideration means money or equal value or some goods or service capable
of being evaluated in money. Statement 2 Donative intent is required only in indirect gift.

a. Only I is correct
→ Answer: A
Donative intent is required only in direct gifts

15. Which of the following donations inter vivos may not require that it be in writing?
a. Donation of personal (movable) property, the value of which exceeds P5,000.
b. Donation of personal (movable) property, the value of which is P5,000
C Donation of real (immovable) property, the value of which is less than P5,000.
d Donation of real (immovable) property, the value of which exceeds P5,000.
→ Answer: B

16. Which of the following statements is correct?

a Donation of immovable property may be made orally or in writing
b If the value of the real property donated exceeds P5,000, the donation and the acceptance
shall be made in writing, otherwise, the donation shall be void
C An oral donation requires the simultaneous delivery of the thing or of the document
representing the right donated.
d. All of the above
→ Answer: C
Choices "a" and "b" are incorrect. Donation of immovable property shall be made in a
public document, regardless of amount.

17. Which of the following statements regarding donation of an immovable property is correct?
a. The donation must be made in a public document specifying therein the property donated
b. The acceptance may be made in the same Deed of Donation or in a separate public
instrument, but it shall not take effect unless it is done during the lifetime of the donor.
C. If the acceptance is made in a separate instrument, the donor shall be notified thereof in an
authentic form, and this step shall be noted in both instruments
d. All of the above
→ Answer: D

18. For the donation to be considered valid, acceptance of the donation must be made
a.During the lifetime of the donor only
b During the lifetime of the donee only.
C During the lifetime of the donor and the donee.
d None of the choices.
→ Answer: C

19. When is the donation perfected?

a The moment the donor knows of the acceptance by the donee
b. The moment the thing donated is delivered, either actually or constructively, to the donee
c. Upon payment of the donor's tax
d.Upon execution of the deed of donation
→ Answer: A

20. Which of the following statements is correct?

a Donation is perfected not from the time of acceptance but from the time of knowledge of the
donor that the donee has accepted the donation.
B Acceptance must be made during the lifetime of the donor and of the donee
C Donations made to conceived and unborn children may be accepted by those persons who
would legally represent them if they were already born
d All of the above
→ Answer: D

21. Which is not true?

a. The donation is perfected only from the moment the donor knows of the acceptance by the
donee.
b Vitiated consent renders the donation voidable.
C Acceptance may be made after the lifetime of the donor.
d. The donee must accept the donation personally or through an authorized person, otherwise
the donation shall be void
→ Answer: C

22. Which of the following transactions is deemed a taxable gift?

a Condonation or remission of a debt
b. Sale of residential house and lot for less than adequate and full consideration in money or
money's worth
C Both (a) and (b)
d. Neither (a) nor (b)
→ Answer: A
"B" is a bona fide sale or valid sale, not a gift.

23. Who is not subject to the donor's tax?

a An individual making a donation.
b. A corporation making a donation.
C A partnership making a donation.
d An employer who pays premiums on the life insurance of its employee.
→ Answer: D
The employer-corporation shall treat the premium payment in letter "D" as operating
expenses, not a gift

24. Which of the following is false?

a. Donor's tax applies also to juridical persons
b.For purposes of donor's tax, second cousins are strangers to each other
c.Encumbrance on the property donated, if assumed by the donor is deductible for donor's tax
purposes
d As a rule, donation between husband and wife during the marriage is void
→ Answer: C
To be deductible, the encumbrance or obligation shall be assumed by the donee

25. Which of the following is subject to donor's tax?

a.Those made between persons who were guilty of adultery or concubinage at the time of the
donation
b. Those made to conceived and unborn children
c.Those made to a public officer by reason of his office.
d.Those made between husband and wife during their marriage
→ Answer: B

26. Statement 1: In all cases, void donations are not subject to donor's tax.
Statement 2: Every donation between the spouses during the marriage shall be void.
a. Only I is correct
→ Answer: A
Moderate gifts between husband and wife during family rejoicing or family mourning is a
valid gift, subject to donor's tax

27. Which of the following statements is correct?

a. Donation is perfected not from the time of acceptance but from the time of knowledge of the
donor that the donee has accepted the donation.
b. Acceptance must be made during the lifetime of the donor and of the donee
C Donations made to conceived and unborn children may be accepted by those persons who
would legally represent them if they were already bom
d. All of the above
→ Answer: D

28. A non-resident citizen donor is taxed on his donation of properties:

a Situated in the Philippines only.
b. Wherever situated.
C Situated outside the Philippines only
d. Situated in the Philippines only subject to the rule of reciprocity
→ Answer: B

29 Statement 1: Resident allen would be subject to donor's tax only on their donations of
property located in the Philippines.
Statement 2 A donation by a foreign corporation of its own shares of stock to resident
employees is not subject to gift tax but may be subjected to income tax

b Only the second statement is correct

→ Answer: B
Citizens and resident donors are taxable on their donation within and without the
Philippines

30. There is reciprocity, when the donor and the donated property is

Donor Property
a Non-resident alien Non-resident citizen
→ Answer: A

31. Which of the following is taxable only with respect to properties donated within the
Philippines?
a.Resident citizen
b. Non-resident citizen
c.Resident alien
d Non-resident alien
→ Answer: D

32. If a donor is a non-resident alien and the rule of reciprocity applies, which of the following
properties will not form part of his gross gift?
a Real properties in the Philippines
b. Tangible personal properties within the Philippines
c.Intangible personal properties within the Philippines
d. All of the choices
→ Answer: C

Next three (3) questions are based on the following

Juliet, a Filipina made the following donations
a. To Nick, a land worth P450,000 in Manila
b To Rosalee, jewelry worth P100,000 in Japan
C To Adalind, PLDT shares amounting to P150,000
d To Renard, a building in Italy P1,600,000 mortgaged for P 50,000 assumed by the done
e.To Drew, land in Davao worth P300,000.
f. P300.000 cash, PNB New York to Hank
g.P200,000 receivable 50% condoned by Juliet 9

She has also transferred the following properties

Selling Price FMV
Car, Makati 200,000 P300,000
Car, Malaysia 300,000 200,000
Rest house, Tagaytay 1,000,000 2,000,000
Rest house, Malaysia 1,500,000 2,500,000

33. How much is the gross gift?

a P5,200,000
b. P4,200,000
c. P4,100,000
d. P3,200,000
→ Answer: C

34.If she is a non-resident Alien, her gross gift is:

a P3,200,000
b.P1,200,000
c. P1,100,000
d. P850,000
→ Answer: C

35. If she is a non-resident alien, and there is reciprocity law, her gross gift is
a. P850,000
b.P950,000
CP1,050,000
d P700,000
→Answer: A

The sale of rest house in Tagaytay was for insufficient consideration However, such sale
is subject to CGT (capital asset + real property + Philippines), not donor's tax.
The sale of rest house in Malaysia was for insufficient consideration. However, such sale
is not subject to CGT because the property is located abroad, hence, subject to donor's
tax

36. Statement 1: Regardless of the relationship to the donee, donations made by the donor are
subject to the scheduler rates of 2% to 15%, if such donation was made prior to the effectivity of
the TRAIN Law
Statement 2 A relative by consanguinity in the collateral line within the fourth degree of
relationship is not a stranger
Only the second statement is correct
→Answer: B
Statement is wrong. Prior to 2018 only donations made to a relative is subject to
scheduler rates Donations to strangers are subject to 30% tax on net gifts

37. For donations made prior to 2018, where the donee or beneficiary is a stranger, the tax
payable by the donor shall be
a 30% of the gross gifts
b 30% of the net gifts
c.Based on the graduated rales with the first P100,000 net gift exempt or 30 %
d. Based on the graduated rates with the first P 100,000 net gitt exemptor 30% of the net gifts
whichever is higher.
→Answer: B
38 Statement 1 Regardless of the relationship to the donee, donations made by the donor
beginning January 1, 2018 shall be subject to 6% donor's tax rate in excess of P250.000
exempt gifts

Statement 2: Donations made by or in favor of juridical persons beginning January 1, 2018 shall
be subject to 6% donor's lax rate in excess of P250,000 exempt gifts
a Only the first statement is correct b. Only the second statement is correct
c.Both statements are correct. d Both statements are incorrect.
→Answer: C

39 For donor's tax purposes, one of the following is a stranger

a. Brother or Sister
b. Spouse
c. Uncle
d. Son in law
→Answer: D

40 Donations made to an adopted child by common donation shall be considered as donations

made to a relative.

Statement 2 For donor's tax purposes, the children of the first cousin of the donor are
considered strangers
a. Statements 1 & 2 are false
b.Statement 1 is true but statement 2 is false
c.Statement 1 is false but statement 2 is true
d.Statements 1 and 2 are true
→ Answer: C

41. Statement 1: Donations made to a legally adopted child shall be considered as donations
made to a relative

Statement 2 For donor's tax purposes, the children of the first cousin of the donor are
considered strangers
a Only the first statement is correct
b. Only the second statement is correct.
C Both statements are correct.
d. Both statements are incorrect.
→Answer: C

42 When an indebtedness is cancelled without any service rendered by the debtor in favor of
the creditor, the forgiveness of debt will result to
a taxable income
b. distribution of dividend
c taxable donation
d taxable estate
→Answer: C

43. If an individual performs services for a creditor who in consideration thereof cancels the
debt, the cancellation of indebtedness may amount to a
a. Gift
b. Capital contribution
c. Donation inter vivos
d Payment of income
→Answer: D

44. Which of the following renunciations shall be subject to donor's tax

I. 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(s).
II. General renunciation by an heir, including the surviving spouse, of his or her share in the
hereditary estate left by the decedent.
III. General renunciation by an heir, including the surviving spouse, of his or her share in the
hereditary estate left by the decedent categorically in favor of identified heir(s) to the
exclusion or disadvantage of other co-heir(s).
c. I and Ill only
→Answer: C
GUIDE
RENUNCIATION OF INHERITANCE
● Taxable only if it was made expressly in favor of an heir, to the exclusion or
disadvantage of another heir. Otherwise, non-taxable gift
RENUNCIATION OF SHARE IN THE COMMON PROPERTY
● Always treated as taxable donation

45. Which of the following events is not subject to donor's tax?

A. Filipino citizen donated a parcel of land located in the United States to B, non resident alien
b A resident alien made a gift of P200,000 to his daughter on account marriage
C A non-resident citizen gives his girlfriend a diamond ring worth P100,000 as a birthday gift
d. A and B are the only heirs of C. A renounces his share of inheritance in favor of B
→Answer: D

46A gift that is incomplete because of reserved powers, becomes complete when:
I. The donor renounces the power
II. The right of the donor to exercise the reserved power ceases because of the happening
of some event or contingency or the fulfillment of some condition, other than because of
the donor's death
a I and I are correct
→Answer: A
47. If the gift is made in properties, it shall be appraised at its
a.Fair market value as of the time the donor's tax return is filed
b Fair market value as of the time of donation
c.Historical cost at the time the donated property was acquired
d. Value in the hands of the donor.
→Answer: B

48 Every donation or grant of gratuitous advantage, direct and indirect, between the spouses
during the marriage, shall be void, except
a.Moderate gifts which the spouses may give each other on the occasion of any family rejoicing
b Donation mortis causa
C.Donation propter nuptias which are given before the manage
d All the choices are correct exceptions.
→Answer: D

49 A tax minimization scheme which is done by spreading the gift over numerous calendar
years to avail of lower tax liability
a. Spread-out method
b Donation of life insurance
C Splitting of gift
d. Vaid donation
→Answer: C

50 The spouses Ana and Pedro wanted to donate a parcel of land to their son Loma who is
getting married in December, 2016. The parcel of land has a zonal valuation of P420,000.00
What is the most efficient mode of donating the property?
a. The spouses should first donate in 2016 a portion of the property valued at P20,000 then
spread the P400,000 equally for 2017, 2018, 2019 and 2020
b. Spread the donation over a period of 5 years by the spouses donating R100.000 each
year from 2016 to 2020
c. The spouses should each donate a P110.000 portion of the value of the property in 2016
then each should donate P100,000 in 2017
d. The spouses should each donate a P100,000 portion of the value of the property 2016,
and another P100,000 each in 2017. Then, in 2018, Pedro should donate remaining
P20,000
→Answer: C
SPLITTING OF GIFT-GUIDE:
BEFORE TRAIN LAW
● Applicable only if the donor and the donee are relatives Not applicable to
strangers

UPON EFFECTIVITY OF TRAIN LAW

 ● Applicable regardless of the relationship of the donor and the done because the 1
P250,000 donation is exempt Splitting the gift therefore eliminate payment of tax
or result to a lower tax due

51. Jay sold his car to Jana for P200,000 Jay's car costs P500,000, and had a fair me value of
P400,000 at the time of sale. What is the tax consequence of the sale?
a There is a taxable gift of P300,000
b There is a taxable gift of P200,000
C The transfer is for insufficient consideration, hence, not subject to donor's tax
d. The transfer involved a personal property, hence, not subject to donor's tax
→Answer: B

52 Statement 1 Where a property that has been subjected to the final capital gains tax
transferred for less than an adequate and full consideration in money or money's worth the
amount by which the fair market value of the property at the time of transfer exceed the actual
consideration shall be deemed gift and shall be included in the computation of gifts made during
the calendar year.

Statement 2: A donation inter-vivos by the husband and the wife jointly during the marriage is a
donation of each spouse to the extent of one-half that will require separate computations for two
donor's taxes, under whichever property relationship exists between the spouses
Statement 1 is false but statement 2 is true
→Answer: C
GUIDE-INSUFFICIENT CONSIDERATION
SALE OF MOVABLE OR PERSONAL PROPERTY
● Where donor's tax had been paid- not to be included anymore in the
determination of gross estate upon death.
● Not yet subjected to donor's tax to be included in the determination of gross
estate upon death..

SALE OF REAL PROPERTY

● Capital Asset located in the Philippines - 6% CGT only. However, upon death of
the seller, any excess of FMV at the time of death over consideration received at
the time of transfer shall be included in the gross estate of the decedent
● Capital Assets located abroad subject to donor's tax (excess FMV over over
proceeds) Ordinary Asset-Donor's tax

DONATION
Personal or Real property (regardless of classification)-subject to donor's tax

53. Pedro, an individual, sold to his friend Ana, his residential lot with a market value of
R1,000,000 for P600,000. Pedro's cost in the lot is P100,000 Ana is financially capable of
buying the lot. What tax should be imposed and collected from Pedro as a result of the
transaction?
a. Capital gains tax
b. Donor's Tax
C. Real property Tax
d. Capital gains tax and Donor's Tax
→Answer: A
The real property sold is classified as capital asset located in the Philippines. The
applicable tax is CGT Refer to the guide presented in the preceding paragraph.

54. Pedro, an individual, donated to his friend Ana, his residential lot with a market value of
P1.000.000. Pedro's cost in the lot is P100,000 Ana is financially capable of buying the lot. What
tax should be imposed and collected from Pedro as a result of the transaction?
a Capital gains tax
b Donor's Tax
c. Real property Tax
d Capital gains tax and Donor's Tax
→Answer: B

55. In 2017, Caroline donated P110,000.00 to her friend Vicky who was getting married Caroline
gave no other gift during the calendar year. What is the donor's tax implication of Caroline's
donation?
a The P100,000 portion of the donation is exempt since given in consideration of marriage.
b. A 10,000 portion of the donation is exempt being a donation in consideration of marriage
C. Caroline shall pay a 30% donor's tax on the P110,000 donation.
d The donation is exempt under the revised donor's tax rate (TRAIN Law).
→ Answer: C

56. Assume the donation in the preceding number was made in 2018 calendar year, what is the
donor's tax implication on Caroline's donation?
a The P100,000 portion of the donation is exempt since given in consideration of marriage
b AP10,000 portion of the donation is exempt being a donation in consideration of marriage
C Caroline shall pay a 30% donor's tax on the P110,000 donation.
d The donation is exempt under the revised donor's tax rate (TRAIN Law).
→ Answer: D

57. Mr.Putis, a Russian national residing in Ukraine. He donated some properties located in the
Philippines and curious as to what can be deduct in arriving at his net gifts subject to donor's
tax. Which of the following cannot be claimed as deduction?
a.Gifts made to or for the use of the National Government
b. Gifts in favor of an educational institution
c.Both "a" and "b
d Neither 'a' nor "b"
→ Answer: D
58 One of the following is an incorrect statement regarding dowry (for donations made prior to
2018)
a.The donor must be the natural or adopting parent of the child
b.The donee must be a legitimate, recognized natural or legally adopted child of the b donor
c.The dowry or gift on account of marriage must be given 1 year before the celebration of the
marriage
d. The exemption allowed is to the extent of the first P10,000
→ Answer: C
Shall be before marriage or one year after marriage. The interval between the date of
marriage and donation is relevant only if the donation was made after marriage

59. One of the following is not an exempt gift or a deduction from the gross gift of a non resident
allen donor.
a. Dowries or gifts made on account of marriage
b. Gifts made to or for the use of the National Government or to any of its political
subdivision
c. Gifts in favor of an educational and/or charitable, religious, cultural or social welfare
corporation institution accredited non-government organization, trust or philanthropic
organization or research institution or organization
d. Encumbrance on the property donated, if assumed by the donee.
→ Answer: A

60. A married couple donated in 2016 a conjugal property to their son who is getting married.
Which of the following statements is incorrect in connection with the donation?
a. The husband is the proper claimant of the dowry, being head of the family
b. The husband and wife shall file two separate donor's tax returns
c. The husband and the wife can claim P10,000 dowry each.
d. The gross gift of the husband shall be one-half of the value of the donated conjugal
property.
→ Answer: A
For donor's tax purposes, spouses are treated as separate taxpayers. Consequently,
both of them are entitled to dowry for donations made on account of marriage prior to the
effectivity of the TRAIN Law

61. Who of the following cannot claim P10,000 exemption on gifts given on account of
marriage?
a. resident citizen
b. resident alien
c. nonresident citizen
d. nonresident alien
→Answer: D

62. One of the following is not an exempt gift or a deduction from the gross gift of a non resident
alien donor.
 a. Dowries or gifts on account of marriage
b. Gifts made to or for the use of the National Government or to any political subdivision
c. Gifts in lavor of an educational and/or chantable, religious, cultural or social welfare
corporation institution, accredited non-government organization, trust or philanthropic
organization or research institution or organization
d. Encumbrance on the property donated, if assumed by the donee
→Answer: A

63. Which of the following is not a deduction from the gross gifts?
a. Unpaid mortgage on the donated property assumed by the donee
b. Unpaid real estate tax on the property donated assumed by the donee
c. Diminution on the donated property specifically provided by the donor
d. Unpaid donor's tax on the donated property assumed by the donee
→Answer: D
For estate tax and income tax purposes, estate tax is not a deduction from the gross
estate and income tax is not a deduction from the gross income (except for income tax
abroad by RCS and DCs opting to treat the income tax as part of OPEX). Apply the
same rule in donation inter-vivos Donors tax is not a deduction from the gross gifts.

64. All of the following except one are exempt from gift tax under special laws
a. Donation to integrated Bar of the Philippines
b. Donation to Development Academy of the Philippines.
c. Donation to Philippine Institute of Certified Public Accountants
d. Donation to International Rice Research Institute
→Answer: C

65. All of the following, except one, are exempt from donor's tax
a. Donation to the Philippine National Red Cross
b. Donation to the Development Academy of the Philippines
c. Donation directly given to the victims of the typhoon Yolanda
d. Donation to the City of Davao for public purpose
→Answer: C
If the donation was not coursed through the government or to a charitable institution,
such donation shall be subject to donor's tax.

66. In 2017, Ronald gave a property with a fair market value of P2,000,000, with unpaid
mortgage of P200,000 to be paid by him, to his son Daniel and Daniel's bride Emily, on account
of their marriage 15 months ago.

The allowable deduction is:

a. P10,000
b. P20,000
c. P40,000
d. P0
→ Answer: D
The mortgage non-deductible because it was not assumed by any of the donees

67: The donor's tax payable based on the above problem is:
a. P300,000
b. P344,000
c. P1,000,000
d. P0
→ Answer: B

68. The donors tax payable based on the above problem assuming 2018 taxable year is

a. P300,000
b. P344,000
c. P105,000
d. P120,000
→Answer: C
Use the following data for the next eight (8) questions
Mr and Mrs. Mapagbigay, made the following donations during 2017
● Jan 25:
To Oliver, their legitimate son, on account of marriage last January 20, 2016, car worth
P400,000, with P200,000 unpaid mortgage, % was assumed by the donee

● May 31:
To John, brother of Mr. Mapagbigay, his capital property worth P200,000 on account of
marriage 6 months ago with a condition that the donee will pay the donor's tax thereon

● July 15:
To Felicity, daughter of Mrs. Mapagbigay by former marriage, on account of her manage
12 months ago, Mrs. Queen's paraphernal property worth P100,000

● Aug 20
Conjugal car of the couple worth P400,000, with P200,000 unpaid mortgage, %
assumed by Felicity and P500,000 worth of land to their four sons on account of their
graduator 20% of which was owned by their closest friend Roy, who agreed to donate his
share through a public document.

69. The gift tax payable of Mr. Mapagbigay as of May 31, 2017 is:
a. P8,000
b. P7,000
c. P7,200
d. P6,000
→Answer: B

70. The gift tax payable of Mr. Mapagbigay as of May 31 assuming taxable year of 2018 is
a. 8,000
 b. P7,000
c. P7,200
d. P6,000
→Answer: D

71. The gift tax payable of Mrs. Mapagbigay as of July 15, 2017 is
a. P3,600
b. P2,600
c. P2,800
d. P4,000
→Answer: B

72. The gift tax payable of Mrs. Mapagbigay as of July 15 assuming taxable year of 2018 is
a. P1,000
 b. 2,600
c. P15,000
d. PO
→Answer: D