TRANSFER AND BUSINESS TAXATION
TRANSFER AND BUSINESS
TAXATION
Ballada & Ballada
Presented by
ATTY DON ADA DUPIO
1. INTRODUCTION
MODES OF ACQUIRING
OWNERSHIP
1. Occupation – the property seized is without a known owner.
2. Intellectual Creation – the composer owns his musical creation while the author owns his literary, legal, historical, scientific or other works. 3. Donation – an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.
4. Succession – the property, rights, and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another by his will or by operation of law.
5. Prescription – one acquires ownership and other real rights through the lapse of time in the manner and under the conditions laid down by law. In the same way, rights and actions are lost by prescription.
Some terms to remember.
• Property - embraces everything which is or may be the subject of ownership. The term includes not only ownership and possession but also the right of use and enjoyment for lawful purposes.
• Ownership – is the exclusive right of possessing, enjoying, and disposing of a property.
• Owner – the person in whom the ownership, dominion or title of property is with.
• Transfer taxes – are taxes imposed upon the gratuitous disposition of private property.
• Estate – encompasses the totality of assets and liabilities a decedent owns at the time of his death. 2. BASIC CONCEPTS OF
SUCCESSION
Some terms to remember.
• Decedent – is the general term applied to the person whose property is transmitted through succession, whether or not he/she left a will.
• Testator – one who makes and executes a testament or will.
• Executor – is a person appointed by a testator to carry out the directions and request in his will, and to dispose of the property according to his/her testamentary provisions after his death.
• Administrator – is a person appointed by the court to administer the assets and
TAXATION
Ballada & Ballada
Presented by
ATTY DON ADA DUPIO
1. INTRODUCTION
MODES OF ACQUIRING
OWNERSHIP
1. Occupation – the property seized is without a known owner.
2. Intellectual Creation – the composer owns his musical creation while the author owns his literary, legal, historical, scientific or other works. 3. Donation – an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.
4. Succession – the property, rights, and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another by his will or by operation of law.
5. Prescription – one acquires ownership and other real rights through the lapse of time in the manner and under the conditions laid down by law. In the same way, rights and actions are lost by prescription.
Some terms to remember.
• Property - embraces everything which is or may be the subject of ownership. The term includes not only ownership and possession but also the right of use and enjoyment for lawful purposes.
• Ownership – is the exclusive right of possessing, enjoying, and disposing of a property.
• Owner – the person in whom the ownership, dominion or title of property is with.
• Transfer taxes – are taxes imposed upon the gratuitous disposition of private property.
• Estate – encompasses the totality of assets and liabilities a decedent owns at the time of his death. 2. BASIC CONCEPTS OF
SUCCESSION
Some terms to remember.
• Decedent – is the general term applied to the person whose property is transmitted through succession, whether or not he/she left a will.
• Testator – one who makes and executes a testament or will.
• Executor – is a person appointed by a testator to carry out the directions and request in his will, and to dispose of the property according to his/her testamentary provisions after his death.
• Administrator – is a person appointed by the court to administer the assets and