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Introduction To Transfer Tax

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Anna Liza Selauso
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13 views

Introduction To Transfer Tax

Uploaded by

Anna Liza Selauso
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ILLUSTRATION 1

Assume a property with a fair value of P50,000 with a tax basis of P10,000 is sold for merely P30,000.

What are the taxes should imposed on the transaction?

ILLUSTRATION 2
Allison has P10 million properties which earn 10% or P1million yearly income. Desiring to make his 5
children become financially independent, he divided his entire properties to them. Each child receive
P2million properties. Each children earns roughly P200,000 on the donated properties

ILLUSTRATION 3
A resident alien who has P10mllion properties in the Philippines and P40million properties in Japan
died in an airplane crash in Malaysia.

ILLUSTRATION 4
While in Korea a non-resident Filipino donated his car in Japan worth P5 million to his American best
friend.

ILLUSTRATION 5
Mr. Mario, an American residing In the Philippines, donated a car in Mexico to a friend and a
motorbike in the Philippines to his brother in America.

ILLUSTRATION 6
Juan a non-resident Filipino Citizen, died leaving a building in the United States and an agricultural
land in the Philippines for his heirs.

ILLUSTRATION 7
Mr. Konouman, a Japanese citizen residing in Japan, donated a parcel of land in Japan to a resident
Filipino friend. He also donated his 3 storey building to his Japanese sister in the Philippines .

ILLUSTRATION 8
Mr. Ti Wong, a Chinese citizen residing in Hong Kong, died living a building in Hong Kong and a car in
the Philippines.

ILLUSTRATION 9
Mr. Shino, a Japanese citizen, donated the following properties in the Philippines
1. Car
2. Cash in Bank
3. Shares of stocks of a domestic corporation.

Under the Japanese laws, non-resident Filipino are exempt on transfers of intangible properties in
Japan.

ILLUSTRATION 10
Assuming the same data in the same problem, except that Mr. Shino died leaving those properties in
the Philippines. The Japanese government to dot tax intangible properties on non-resident Filipinos
thereon to estate tax.

ILLUSTRATION 11
Mr. Park, a Korean citizen residing in the Philippines, died leaving 5million cash, 3million interest in
business and a 10million condo unit in the Philippines. Under Korean laws, Filipino non-resident
therein are exempt from transfer taxation.

ILLUSTRATION 12
Don Juanico has a hotel and a commercial building as his only properties. He promised to donate the
hotel to son, Juan and a building to son, Juanito. He was able to donate the hotel to Juan when the
same was worth P40million. While finalizing the deed of donation of the building for Juanito, Don
Juanico met an accident and died

The hotel and the building has a fair value of P45million and P50M at the date of death of Don Juanico
A year after his death, the properties has fair value of P48M and 52M respectively.

ILLUSTRATION 13

On his death bed Don Pedro made a written donation saying “ death in imminent upon me. I would
like to ensure that Pablo will have my sports car as his legacy. For this, I am donating my car to him.”

IILLUSTRATION 14

Rhad has distributed a significant part of his properties worth P500M to his children. In the deed of
donation, he cited excessive income tax in his intent to save as income tax as reason of his donation.

ILLUSTRATION 15

During his lifetime, Don Juan transferred a property to his favorite granddaughter, Karen. Don Juan
allowed Karen to obtain possession of the property but under condition that ownership will not
transfer until his death.

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