3 Questions
What type of tax is imposed on the right to make onerous transfer in the normal conduct of business?
Business Taxes
What is the difference between Estate Tax and Donor's Tax?
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
What is the definition of Passive Income?
Taxes on the right to earn income from sources other than compensation or business activities
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.
Test your knowledge on different types of taxes with this informative quiz! From income tax to business taxes and transfer tax, learn about the various taxes that individuals and businesses are required to pay. With questions covering topics such as compensation, passive income, VAT, and estate tax, this quiz will challenge your understanding of taxation. Sharpen your skills and improve your financial literacy by taking this quiz today!
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