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Taxation 101

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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?

Business Taxes (correct)

Documentary Taxes

Income Tax

Transfer 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?

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

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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Description

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!