1. (Estate Tax) Mr. Zeke Yeager, testator, appointed Mr.

Erwin Taichou as the

executor of the estate. Mr. Yeager was a citizen of Japan and a resident
of Buenos Aries, Japan. He was in Manila visiting his son when he died.
He owned a Mercedes sports car and had several bank deposits in the USA.
The executor asked you whether or not the car and the bank deposits in the
USA will still have to be declared as part of the Philippine gross estate
of Faustino Santos. Japan does not impose transfer taxes of any kind.
What answer will you give him?
a. The car and the bank deposits in the USA have to be declared as part
of the Philippine gross estate because the decedent was in Manila at
the time of his death and, as such, properties wherever situated are
included in the gross estate.
b. The car and the bank deposits in the USA need not be declared as part
of the Philippine gross estate because when Mr. Santos died he was a
non-resident alien.
c. The car and the bank deposits in the USA have to be declared as part
of the Philippine gross estate only when the decedent specified in his
will and testament that such properties must form part of his gross
estate.
d. The car and the bank deposits in the USA need not be declared as part
of the Philippine gross estate because Argentina does not impose
transfer tax of any kind.
2. (EstateTax) The amounts withdrawn from the deposit accounts of a
decedent subjected to the 6% final withholding tax imposed under
Section 97 of the NIRC, shall be:
a. Excluded from the gross estate for purposes of computing the estate tax.
b. Included from the gross estate for purposes of computing the estate tax.
c. Claimed as tax credit against estate tax due.
d. Claimed as deduction from the gross estate.

3. (Estate Tax) A property was transferred mortis causa. The following data
were gathered from the transaction:
Fair market value, time of transfer – P500,000
Fair market value, time of death – P300,000
Consideration received when transferred – P350,000

How much shall be included in the gross

estate?
a. P500,000
c. P150,000
b. P300,000
d. None of the choices

4. (Estate Tax) The following data pertain to a decedent who is a married man
with a surviving spouse died on February 1, 2019:
Conjugal real personal properties P 10,000,000
Conjugal personal properties (including P800,000 bank
deposit which was withdrawn and subjected to 6% final
withholding tax) 4,800,000
Exclusive family home 30,000,000
Conjugal ordinary deductions claimed (including P200,000
funeral expenses and P300,000 judicial expenses) 2,500,000
The taxable net estate is:
a. P42,000,000.
c. P27,000,000.
b. P32,000,000.
d. P21,000,000.
 5. The decedent is a resident unmarried head of family with the following data:
Real and personal properties P14,000,000
Family home 30,000,000
Ordinary deductions
Unpaid real estate tax 2,000,000

The taxable net estate is:

a. P 42,000,000.

c. P 27,000,000.
b. P 32,000,000.
d. P 23,000,000.

6. The decedent is a married man with a surviving spouse with the following data:
Conjugal real properties P 6,000,000
Conjugal family house 1,000,000
Exclusive family lot 400,000
Other exclusive properties 4,500,000
Conjugal ordinary deductions 1,500,000
Exclusive ordinary deductions 500,000
The taxable net estate is:
a. P 9,900,000.
c. P 3,500,000.
b. P 3,750,000.
d. P 1,250,000.

7. Using the same data in the preceding number, how much is the estate tax
payable?
a. P 594,000
c. P 210,000
b. P 225,000
d. P 75,000
8.(Estate Tax) Under the TRAIN, when is the time for filing of the
estate tax return?
a. Thirty (30) days from the decedent’s death
b. Two (2) months from the decedent’s death
c. Six (6) months from the decedent’s death
d. One (1) year from the decedent’s death

9.(Estate Tax) Which of the following statements is incorrect in connection

with cash installment payment of estate tax?
a. The cash installments shall be made within two (2) years from the date
of filing of the estate tax return.
b. The estate tax return shall be filed within one year from the date of
decedent’s death.
c. The frequency (i.e., monthly, quarterly, semi-annually or annually),
deadline and amount of each installment shall be indicated in the
estate tax return, subject to the prior approval by the BIR.
d. In case of lapse of two years without the payment of the entire tax
due, the remaining balance thereof shall be due and demandable without
the applicable penalties and interest.

10. (Estate Tax) Mr. Bertholdt died and was survived by his wife and two (2)
children, Faye and Faith. After getting her share in the conjugal property,
the surviving spouse renounced her share in the hereditary estate in favor
of Faith to the exclusion of Faye. Was the renunciation subject to donor’s
tax?
a. Yes, because the renunciation was made categorically in favor of
identified heir to the exclusion or disadvantage of the other co-
heirs.
b. No. because the renunciation was considered a general renunciation.
c. Yes, because , as a rule, renunciation of share in the hereditary
estate is always subject to donor’s tax.
d. No, because, as a rule, the surviving spouse cannot renounce her share
 in the hereditary estate.
11 to 13 are based on the following: A resident decedent, single, died
February 14, 2018. The estate’s decedent showed the following:
Real property in the Philippines P4,000,000.00
Personal property outside the Philippines 2,000,000.00
Proceeds of life insurance upon the life of
decedent, decedent’s estate designated
as 1,000,000.00
irrevocable beneficiary
Proceeds of life insurance, decedent’s
spouse 500,000.00
designated as irrevocable beneficiary
Medical expenses one year prior to
decedent’s death (including unpaid amount of 700,000.00
P400,000)
Funeral expenses (only P100,000 paid) 250,000.00

Claims against the estate 1,000,000.00

11. (Estate Tax) How much was the taxable net

estate?
a. P4,300,000.00
c. P1,000,000.00
b. P4,100,000.00
d. None of the choices

12. (Estate Tax) How much was estate tax

payable?
a. P443,000.00
c. P60,000.00
b. P388,000.00
d. None of the choices

13. (Estate Tax) How much were the total deductible items for
estate tax purposes?
a. P6,000,000.00
c. P1,700,000.00
b. P2,700,000.00
d. None of the choices

14. (Donor’s Tax) Under the TRAIN, the donor’s tax for each calendar
year shall be:
a. six percent (6%) computed on the basis of the total gifts made
during the calendar year.
b. six percent (6%) computed on the basis of the total gifts in
excess of Thee hundred thousand pesos (P300,000) exempt gift made
during the calendar year.
c. six percent (6%) computed on the basis of the total gifts
including those made in the previous calendar year in excess of
Two hundred fifty thousand pesos (P250,000) exempt gift made during
the calendar year.
d. six percent (6%) computed on the basis of the total gifts in
excess of Two hundred fifty thousand pesos (P250,000) exempt gift
made during the calendar year.

15. (Donor’s Tax) First statement: The computation of the donor’s tax is
on a cumulative basis over a period of one calendar year.
Second statement: Husband and wife are considered as separate and
distinct taxpayers for purposes of the donor’s tax.
a. Both statements are correct
b. Both statements are incorrect
c. Only the first statement is correct
d. Only the second statement is correct
16. (Donor’s Tax) Grisha Jegear donated P110,000.00 to her friend Faye who was
getting married. Grisha Jegear gave no other gift during the calendar
year. What is the donor's tax implication on Grisha’s donation?
a. The P100,000.00 portion of the donation is exempt since given in
consideration of marriage.
b. A P10,000.00 portion of the donation is exempt being a donation in
consideration of marriage.
c. Patricia shall pay a 6% donor's tax on the P110,000.00 donation.
d. The P110,000.00 donation is exempt from donor's tax.

17. (Donor’s Tax) Mr. Mike Zacharias transfers inter vivos a personal property
to his son on March 15, 2018. His son who lives in another province let his
father know that he is accepting the gift on March 31, 2018. The personal
property was delivered and received on April 15, 2018. When shall be the
last day to file the donor’s tax return and pay the donor’s tax to avoid
penalties?

a. April 14, 2018

c. May 15, 2018
b. April 30, 2018
d. None of the choices
18 to 20. are based on the following: The following donations during
the calendar year 2018 are made to relatives:
Date Amount
January 30, 2018 P 2,000,000
March 30, 2018 1,000,000
August 15, 2018 500,000
18. (Donor’s Tax) How much is the tax due on the gift made on January
30, 2018?
a. P 204,000
c. P 80,000
b. P 105,000
d. P 50,000
19. (Donor’s Tax) How much is the tax due on the gift made on March
30, 2018?
a. P 204,000
c. P 60,000
b. P 124,000
d. P 50,000

20. (Donor’s Tax) How much is the tax due on the gift made on August
15, 2018?
a. P 204,000
c. P 80,000
b. P 124,000
d. P 30,000

21. to 22. are based on the following: Mr. Levi Squad donated P500,000 to the
City of Manila and P100,000 to his best friend who graduated summa cum
laude.

21. (Donor’s Tax) For donor’s tax purposes, how much should be the gross
gifts?
a. P 600,000
c. P 400,000
b. P 500,000
d. None of the choices
 22. (Donor’s Tax) For donor’s tax purposes, how much should be the
deductions?
a. P 500,000
c. P 100,000
b. P 400,000
d. None of the choices
23. (Donor’s Tax) On one date, Porco made donations of property in the Philippines
to a non-stranger, and of property outside the Philippines to a stranger.
In taking a credit for the foreign donor’s tax paid, the credit shall be
against the Philippine donor’s tax on the:
a. donation to the non-stranger plus that to the stranger.
b. donation to the non-stranger.
c. donation to the stranger.
d. none of the options given.

24. (Donor’s Tax) On June 10, 2018 Ms. Ymir donated P50,000 cash to his
favorite grandson who is getting married on June 16, 2018. For donor’s tax
purposes the exempt dowry shall be:
a. P50,000.
c. P5,000.
b. P10,000.
d. none.
MiRen Jaeger, a resident of the Philippines but a citizen of Japan, died on November 20,
2018, with the following data pertaining to his estate:
 A parcel of land was acquired for P1,200,000 from his father, Eren, for
P1,100,000 at the time when the fair market value thereof was P1,500,000. At
the time of MiRen Jaeger’s death, the property had a fair market value of
P2,000,000.
 The same land is where the family home was constructed for a total cost of
P1,500,000. At the time of death, the house had a fair market value of
only P200,000.
 MiRen Jaeger transferred a car with a fair market value at the time of
transfer of P300,000, but was sold to his illegitimate son for P200,000, 2
years prior to his death. At the time of death, the car had a fair market
value of P180,000.
 Bank deposit in the Philippine Branch of a US Bank amounting to P300,000.
 House and lot located in Japan with a fair market value of P2,000,000.
This was inherited by MiRen Jaeger 2 years ago from his parents. At the
time of inheritance, the house and lot had a fair market value of
P1,500,000. Estate tax in Japan amounting to P50,000 was paid for said
property.
 Also inherited from his parents 2 years ago, land located in the
Philippines which had a fair market value of P1,200,000 at the time of
inheritance but was subjected to a mortgage to secure a loan with an
outstanding balance of P500,000. At the time of MiRen Jaeger’s death, the
remaining balance of the loan is P200,000; and an independent assessor
determined the fair market value of the land to be at P2,000,000, as per
zonal valuation of the BIR, it was valued at P1,500,000, and per local
city assessor it was valued at P1,300,000.
 At the time of MiRen Jaeger’s death, life insurance proceeds taken by him
on his life amounted to P1,000,000. Boruto’s illegitimate daughter was the
beneficiary thereof.
 MiRen Jaeger owned 1,000 shares in each of the following corporations:
 ABC Corporation, a listed domestic corporation, had Retained Earnings
of P1,000,000 and Common Stocks amounting to P2,000,000; outstanding
shares were 100,000 shares. At the time of death, the shares were
trading at P40 per share.
 XYC Corporation, an unlisted domestic corporation with Total Assets
amounting to P5,000,000, part of which is real property with a book
value of P3,000,000, but the fair market value is P3,500,000; and Total
Liabilities amounting to P3,000,000. The total outstanding shares of
the corporation was 100,000.
 A building and lot worth P5,000,000 was willed to be transferred to the
local government of Batangas where MiRen Jaeger was a resident before his
death.
 MiRen Jaeger had unpaid income tax of P150,000 and real property tax of
P20,000, all incurred after his death.
 Funeral Expense amounting to P220,000 comprised of mourning clothing
P15,000; telecommunications expense P5,000 (P3,000 of which were incurred
after interment to thank those who attended the funeral; P2,000 to notify
friends and family of Boruto’s death); Cost of burial plot P150,000;
upkeep of the mausoleum where the deceased was buried P10,000, interment
fees and the coffin P40,000. 40% of the of the burial plot remain unpaid.
 Judicial expenses to settle the estate P307,500, inclusive of attorney’s
fees P150,000; court filing fees P15,000; attorney’s fees of heirs
fighting over some of the properties P100,000; administrator’s fees
P40,000; premium for the bond filed by the administrator P2,500.
 MiRen Jaeger also had a receivable from Armin worth P400,000. Sarada was
declared insolvent by the court and unsecured creditors can only recover
40%.
 Medical expenses incurred prior to the death of MiRen Jaeger amounted to
P450,000, 50% of which is still unpaid and not evidenced by any notarized
deed or promissory note.
If Mr. MiRen Jaeger is a resident citizen, assuming the building and lot given to
the local government of Batangas was instead given to the local diocese?
25.What amount should be indicated in Estate Tax Return Item 29C?
A.8,500,000
B.3,500,000
C. 5,000,000
D.0

26.What amount should be indicated in Estate Tax Return Item 30B?

A.2,000,000
B.200,000
C. 2,200,000
D.0
27.What amount should be indicated in Estate Tax Return Item 31A?
A. 1,700,000
B.700,000
C. 1,400,000
D.0
28.What amount should be indicated in Estate Tax Return Item 32C?
A.5,000,000
B.6,000,000
C. 7,000,000
D.0
29.What amount should be indicated in Estate Tax Return Item 33A?
A.60,000
B.1,060,000
C. 760,000
D.0
30.What amount should be indicated in Estate Tax Return Item 34C?
A.12,460,000
B.11,460,000
C. 7,460,000
D.0
31.What amount should be indicated in Estate Tax Return Item 35A?
A.1,134,575
B.440,000
C. 240,000
D.0
32.What amount should be indicated in Estate Tax Return Item 36C?
A.11,325,425
B.12,020,000
C. 12,220,000
D.12,460,00
33.What amount should be indicated in Estate Tax Return Item 37D?
A.7,200,000
B.5,200,000
C. 5,000,001
D.5,000,000
34.What amount should be indicated in Estate Tax Return Item 16?
A.4,125,000
B.6,820,000
C. 12,220,00
D.6,325,425
35.What amount should be indicated in Estate Tax Return Item 19B?
A.50,000
B.30,000
C. 20,000
D.0
36.What amount should be indicated in Estate Tax Return Item 20?
A.197,526
B.379,200
C. 389,200
D.359,200

If MiRen Jaeger was a non-resident alien and there is reciprocity. Compute the
following.
37. What amount should be indicated in Estate Tax Return Item 29B?
A.1,500,000
B.2,500,000
C. 3,700,000
D.0
38.What amount should be indicated in Estate Tax Return Item 30A?
A. 2,200,000
B.200,000
C. 1,000,000
D.0
39.What amount should be indicated in Estate Tax Return Item 31C?
A. 1,700,000
B.700,000
C. 1,000,000
D.0
40.What amount should be indicated in Estate Tax Return Item 34A?
A. 9,760,000
B.10,760,000
C. 9,700,000
D.0
41.What amount should be indicated in Estate Tax Return Item 37D?
A. 7,200,000
B.5,000,000
C. 500,000
D.0

Survey Corp. a domestic corporation duly registered under the Philippines laws, made
the following donation for the year as follows:
March 31, Shares of stock of Survey Corp.to its shareholders
June 30, Land to subsidiary Corporation
September 30, Cash to corporate manager and officers
December 31, to a private school for construction of school building.

42.What type of tax is imposed on March 31 donation?

a. Final tax
b. Net Income Tax
c. Fringe Benefit tax
d. Donor tax
e. Exempt from tax
43. What type of tax is imposed on June 30 donation?
a. Final tax
b. Net Income Tax
c. Fringe Benefit tax
d. Donor tax
e. Exempt from tax
44. What type of tax is imposed on September 30 donation?
a. Final tax
b. Net Income Tax
c. Fringe Benefit tax
d. Donor tax
e. Exempt from tax
45. What type of tax is imposed on December 31 donation?
a. Final tax
b. Net Income Tax
c. Fringe Benefit tax
d. Donor tax
e. Exempt from tax
Mr. and Mrs. Tala, made the following donations of conjugal funds and
properties in 2018 (unless stated otherwise), as follows.
A. February 14: To Tula , a legitimate son, a piece of land with a FMV of
400,000 on account of L’s graduation from college.
B. May 14: To Tulala, a legitimate daughter on account of Tulala marriage to
be celebrated on December 25, 2018, house and lot with FMV of 1,000,000.
C. June 14 To Talala, brother of Mrs. Tala 200,000 cash.
D. September 14: To Tulo, the efficient and beautiful secretary of Mr. Tala
for taking care of Mr. Tala while Mrs. Tala was vacationing in USA, jewelry
worth 300,000.
E. October 14: To Tolu, the good looking driver of Mrs. Tala who accompanied
Mrs. Tala on her trip to and from USA, a diamong ring 500,000.
F. December 14: To Tila daughter of Tulo on account of Tila’s birthday,
pieces of jewelry inherited by Mr. Tala during marriage, with FMV of 400,000
G. December 25: To Tuli, son of Mr. Tulo a residential house and lot with
FMV of 1,200,000 subject to the condition that Tuli would assume the
mortgage indebtedness in the amount of 400,000.
46. If Mr. Tala files Donors tax return on May 13, 2018. Which of the
following is correct
A. 400,000; Item 14
B. 200,000; Item 14
C. 400,000; Item 26
D. 200,000; Item 26
47. If Mrs. Tala files Donors tax return on June 13, 2018. Which of the
following is not correct
A. 450,000; Item 14
B. 450,000; Item 38
C. 500,000; Item 25
D. 500,000; Item 26
48. If Mr. Tala files Donors tax return on July 13, 2018. Which of the
following is not correct
A. 100,000; Item 27
B. 550,000; Item 38
C. 100,000; Item 25
D. 700,000; Item 26
49. If Mr. Tala files Donors tax return on October 13, 2018. Which of the
following is correct
A. 1,400,000; Item 14
B. 1,400,000; Item 26
C. 150,000; Item 25
D. 500,000; Item 25
50. If Mr. Tala files Donors tax return on November 13, 2018. Which of the
following is correct
A. 500,000; Item 26
B. 950,000; Item 38
C. 500,000; Item 27
D. 1,200,000; Item 14
51. If Mrs. Tala files Donors tax return on January 14, 2018. Which of the
following is correct
A. 200,000; Item 26
B. 1,150,000; Item 14
C. 400,000; Item 25
D. 0, Item 27
52. If Mr. Tala files Donors tax return on January 14, 2018. Which of the
following is correct
A. 200,000; Item 26
B. 1,150,000; Item 14
C. 400,000; Item 25
D. 0, Item 27
53. If Mrs. Tala files Donors tax return on January 25, 2018. Which of the
following is correct
A. 600,000; Item 26
B. 1,150,000; Item 14
C. 1,200,000; Item 27
D. 0, Item 27
54. If Mr. Tala files Donors tax return on January 25, 2018. Which of the
following is correct
A. 1,200,000; Item 26
B. 1,950,000; Item 14
C. 400,000; Item 25
D. 1,200,000 Item 27

Mr. Eren Jaeger 15 years old, Filipino citizen married to Mikasa Ackerman , died on
Feb 14,2018 leaving the following properties
a. House and Lot in Manila – exclusive (Zonal Value 3,000,000; Assessor’s Value
2,500,000)
b. Real Properties in QC acquired during marriage – conjugal (Zonal value –
1,500,000;
Assessor’s Value 2,000,000)
c. Family Home in Makati City acquired during marriage – conjugal (Zonal value –
2,200,000; Assessor’s Value 2,100,000)
d. Car acquired during marriage – conjugal (FMV 1,400,000)

e. 500 shares of DYI Inc. (domestic, traded in stock exchange) – exclusive (average
share price = 4,000 per share)
f. Proceeds of life insurance where estate is beneficiary – conjugal (1,000,000)
g. 1,000 shares of Dito Telecomm Corporation (Domestic; not traded in stock exchange)
– exclusive
(NAV/share – 100, Book Value/share – 50)

Deductions claimed by the estate of Mr.Jaeger

Legacy given in favor of Philippine government 300,000
Claims against the estate 100,000
Funeral expenses 180,000
Judicial expenses 600,000
Mortgage attaching to house and lot in Manila 100,000

55. What is the total gross estate, and where will it be indicated in Estate Tax
Return?
A. 11,650,000; Part IV, Item 34C
D. 1,800,000; Part II, Item 30
B. 500,000; Part II, Item 22C
E. 108,000; Part II, item 31
C. 3,250,000; Part II, Item 29
56. What is the total amount of ordinary deductions, and where will it be indicated
in Estate Tax Return?
A. 11,650,000; Part IV, Item 21C
D. 1,800,000; Part II, Item 30
B. 500,000; Part II, Item 35C
E. 108,000; Part II, item 31
C. 3,250,000; Part II, Item 29
57. What is the share of surviving spouse, and where will it be indicated in Estate
Tax Return?
A. 11,650,000; Part IV, Item 21C
D. 1,800,000; Part II, Item 30
B. 500,000; Part II, Item 22C
E. 108,000; Part II, item 31
C. 3,250,000; Part II, Item 39
58. What is the net taxable estate , and where will it be indicated in Estate Tax
Return?
A. 11,650,000; Part IV, Item 21C
D. 1,800,000; Part II, Item 16
B. 500,000; Part II, Item 22C
E. 108,000; Part II, item 31
C. 3,250,000; Part II, Item 29
59. What is the estate tax due, and where will it be indicated in Estate Tax Return?
A. 11,650,000; Part IV, Item 21C
D. 1,800,000; Part II, Item 30
B. 500,000; Part II, Item 22C
E. 108,000; Part II, item 18
C. 3,250,000; Part II, Item 29
On February 14, 2020, Mr. Armin Arlert and Mrs. Annie Arlert donated residential
land to their daughter on account of her wedding to be celebrated on June 12,
2020. The FMV of the land at the time of donation was Php 1.2M with an unpaid
mortgage of Php 300,000 to be assumed by their daughter. The FMV of the land at
the time of marriage was Php 1.3M.
On July 30, 2020, they donated Php 500,000 to the sister of Mr. Arlert who was
diagnosed with COVID-19 The donated amount was used for the medication of Mr.
Arlert’s sister.
On August 31, 2020, they sold 400,000 shares of VGS Corporation to their only son
for Php 400,000. The book value per share as per latest audited financial
statement of VGS Corporation is Php 2.00 per share. The shares of stocks were
acquired three years ago for Php 100,000.
60. How much is the donor’s tax still due of Mr. Arlert on the
February 14, 2020 transfer?
a. Php 40,500
c. Php 12,000
b. Php 81,000
d. Php 24,000

61. How much is the donor’s tax due of Mrs. Arlert on the July
30, 2020 transfer?
a. Php 15,000
c. Php 7,500
b. Php 30,000
d. Php 27,000
62. How much is the capital gains tax due of Mr. Arlert on the
August 31, 2020 transfer?
a. Php 45,000
c. Php 30,000
b. Php 22,500
d. Php 15,000

63. How much is the donor’s tax still due of Mr. Arlert on the August 31, 2020
transfer?
a. None
c. Php 24,000
b. Php 12,000
d. Php 6,000

Ms. Sasha Braus, single and a non-resident alien died of COVID-19 in 2020,
leaving the following properties in favor of her parents:
Gross estate within and without the Philippines (including a family home valued
Php 10M, where her parents live), 60% of which is situated in the Philippines –
Php 100M.
The estate claims the following as deductions:
Funeral expenses Php 1M
Judicial and administration expenses Php 2M
Claims against the estate Php 3M

64. How much is Sasha’s gross taxable estate?

a. Php 60 M
c. Php 59.5 M
b. Php 66 M
d. Php 49.5 M

65. How much is the deductible ordinary deductions of Sasha’s estate?

a. Php 3 M
c. Php 3.5 M
b. Php 1.8 M
d. Php 2.1 M

66. How much is the deductible special deductions of Sasha’s estate?

a. Php 10.5 M
c. Php 2.3 M
b. Php 6.3 M
d. Php 500,000

67. How much is the estate tax due of Sasha’s estate?

a. Php 3.462 M
c. Php 3.798 M
b. Php 3.444 M
d. Php 2.970 M

68. The following transfers are considered transfer in contemplation of death and
should be included as part of the gross taxable estate of the decedent except
a. Donation mortis causa
b. Revocable transfer
c. Property passing under the general power of appointment
d. Transfer where the decedent has retained for his/her life the possession or
enjoyment of the property

69. Ms. Carla Jaeger bought a condominium from Shiganshina Corporation. Based on the
contract to sell executed between the parties, the buyer is obligated to secure a
life insurance designating the seller as the irrevocable beneficiary. The insurer is
mandated to pay whatever is the unpaid obligation of the buyer to the seller in the
event of untimely death of the former. Unfortunately, Ms. Carla Jaeger died while
there is still an unpaid obligation to the seller amounting to P3,000,000. The zonal
value of the condominium at the time of death is P6,000,000.

a. Php 3.0 M
c. Php 9.0 M
b. Php 6.0 M
d. None

70. Mikasa, a resident citizen sold in 2018 shares of stocks of Scout Regiment
Company, a domestic corporation with the following data:

Selling price on a direct sale to Levi P3,000,000

FMV of the shares of stock at the time of sale 3,500,000
Cost of the shares sold 2,000,000

How much is the donor’s tax due?

a. Php 15,000
c. Php 25,000
b. Php 30,000
d. None