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Questions and Answers
What type of tax is imposed on the right to make onerous transfer in the normal conduct of business?
What type of tax is imposed on the right to make onerous transfer in the normal conduct of business?
- Business Taxes (correct)
- Documentary Taxes
- Income Tax
- Transfer Tax
What is the difference between Estate Tax and Donor's Tax?
What is the difference between Estate Tax and Donor's Tax?
- Estate Tax is imposed on the transfer of property while the donor is still alive while Donor's Tax is imposed on the transfer of property upon death
- Estate Tax is imposed on the transfer of property upon death while Donor's Tax is imposed on the transfer of property while the donor is still alive (correct)
- Estate Tax is imposed on the transfer of real property while Donor's Tax is imposed on the transfer of personal property
- Estate Tax is imposed on the transfer of personal property while Donor's Tax is imposed on the transfer of real property
What is the definition of Passive Income?
What is the definition of Passive Income?
- Taxes on the right to earn income from sources other than compensation or business activities (correct)
- Taxes on the right to earn income from compensation
- Taxes on the right to make gratuitous transfer of one's property to other person
- Taxes on the right to enter into a transaction described in the document needed to be filed in any govt office
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Study Notes
Types of Taxes
- Documentary Stamp Tax (DST) is imposed on the right to make onerous transfer in the normal conduct of business.
Estate Tax vs Donor's Tax
- Estate Tax is a tax on the right of the deceased person to pass on their property to their heirs.
- Donor's Tax is a tax on the transfer of property by a living person, usually in the form of gifts.
Passive Income
- Passive Income refers to income earned without actively working for it, such as rent, royalties, dividends, and interest.
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