Gifts – Knowsia

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Maria, a famous national hero, was involved in an accident recently during which her brand new Lexus Jeep was damaged beyond repairs. The accident was caused by the recklessness of the driver of Bogus Company Limited. Since the Jeep was insured under comprehensive insurance by Absolve Insurance Plc, the insurance company processed Maria’s claim and gave her a brand new Lexus Jeep.

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

Absolve Insurance Plc wrote a letter to Maria requesting her to return the Lexus Jeep gift she received from Chief Generous since it has subrogation right over the Jeep. Maria has refused to return the Lexus Jeep.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

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Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

Question

Madam Okailey Armah, a prominent market queen and Philanthropist, was nominated Asafouakye of Namoale Traditional Area in Accra in January 2018. At her out-dooring in August 2018 as Naa Okailey Tsofatse II, she sat in state and received homage and gifts from her people, friends, and business associates. The following were the quantifiable gifts she received:
GH¢
Market Queens Association 1,000
Commercial Bank (Pick-Up) 5,000
Namoale Traditional Council 500
Father-in-Law 500
Anonymous admirer
1,000
A week after her out-dooring,
she made the following donations:
Osu Children’s Home Pick-Up Vehicle
GH¢
Children’s Hospital (Accra) 1,000
Weija Leprosarium 500
Children’s Ward Korle Bu (Assorted Biscuits) 200
Thanksgiving Offering (Freeman Memorial Church, Bukom) 200

Determine any tax payable and briefly comment on the relevant tax implications.
(5 marks)

Answer

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Tags: Gift tax, Gifts, Philanthropy, Taxation
Level: Level 2

Series: NOV 2019

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Question

Mr. Nyametse John is a member of Community Christ Church. Mr. Nyametse does not run a business, nor is he employed. In the 2018 year of assessment, he received the following from his Pastor, who just returned from the United Kingdom:

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

Answer

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Tags: Ghana Revenue Authority, Gift tax, Gifts, Income Tax, Non-resident
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

Question

Determine any tax payable and briefly comment on the relevant tax implications.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gift tax, Gifts, Philanthropy, Taxation
Level: Level 2

Series: NOV 2019

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

Question

Item Value (£)
Wristwatch 100
Shoes 120
Mobile Phone 150
Exchange rate: GH¢6 – £1

Required:
Compute any tax payable for the 2018 year of assessment. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Gift tax, Gifts, Income Tax, Non-resident
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

Question Tag: Gifts

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BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

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BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

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PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

You're reporting an error for "PT – Nov2019 – L2 – Q5c – Income Tax Liabilities"

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

You're reporting an error for "PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances."

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3B – Agency Law"

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

You're reporting an error for "PT – Nov2019 – L2 – Q5c – Income Tax Liabilities"

PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances.

This question asks to compute the tax payable by Mr. Nyametse John on gifts received from his pastor in 2018, considering the exchange rate for foreign currency.

You're reporting an error for "PT – May 2020 – L2 – Q5b – Special considerations for taxation of gifts and capital allowances."

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