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Donor Tax
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One of the following statements is wrong. When a donor with several donations during the year fails to file the donor's tax return for each of the dates that donations were made:
Such failure shall be cured by filing a donors tax return at the end of the year reflecting all donations made within the year and paying the taxes shown in that one return.
Each failure is subject to penalties for nonfiling of return and nonpayment of the tax on time.
He can voluntarily file late the donor's tax return for each date that donations were made and make payments on the tax due shown on each return, with penalties.
If the different donor's taxes were not paid on the original due dates because of requests for extension seasonably filed with the Commissioner of Internal Revenue, each required payment of tax shall have an extended period or not more than six months.
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (A)
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Donor's tax shall apply, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible, even if the...
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Donation is a transfer of property for a consideration other than money.
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Donor's tax is imposed to all natural and artificial persons
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