What is not considered as intangible personal property in this context?

Intangible personal property refers to non-physical assets that have value, such as stocks, bonds, copyrights, and trademarks. In the context of this question, the correct answer identifies items that do not fit the definition of intangible personal property.

Shares of stocks issued by a foreign corporation fall outside the definition of intangible personal property for the purposes of donor's tax. This is because such shares are typically not considered as directly contributing to a business or physical presence within the jurisdiction of the Philippines. Unlike other options that involve franchises, domestic shares, and bonds with a business presence in the Philippines, shares from a foreign corporation do not have a local situs, thus making them ineligible for certain tax considerations within the Philippine context.

In contrast, franchises exercised within the country, shares of stocks from a domestic corporation, and bonds issued by foreign entities that operate substantively in the Philippines are all recognized as intangible personal property, as they either provide a direct economic benefit or represent ownership in a legal entity that engages in activity within the country.