bus tax

28問 • 2年前

問題一覧

The property, rights and obligations of a person which are not extinguished by his death and those which have been accrued thereto since the opening of succession

Estate

Which of the following is not subject to estate tax?

A donation inter vivos

Which of the following may be the subject of succession?

All of the above

The following transactions and acquisitions exempt from transfer tax except

All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutions.

Statement 1: If a person died single, his entire net exclusive properties becomes subject to the estate tax; Statement 2: If a person died married, his entire net exclusive properties and entire net join properties with the spouse become subject to the estate tax

The first statement is true, but the second statement is false

Which of the following is not included in the gross estate?

Proceeds of life insurance where the beneficiary designated is the mother and the designation is irrevocable.

Which of the following statements is wrong?

The gross estate of a non-resident citizen of the Philippines would include only properties in the Philippines

The personal properties of a non-resident, not citizen of the Philippines would not be included in the gross estate if

The intangible personal property is in the Philippines and the reciprocity clause of the estate tax law applies

Proceeds of life insurance includible in the gross estate.

Amount receivable by any beneficiary designated in the insurance policy

Which of the following exempt transmissions will still require inclusion of the property in the gross estate?

Legacy to a charitable institution whose administrative expenses did not exceed 30% of the legacy.

Which of the following is not included in the gross estate?

Transfer under a limited power of appointment

Which statement is wrong? The gross estate shall be valued

At its fair market value at the time the return is due

Which statement is correct? Real property with a cost of P300,000 and a fair market value at the time of death of P1,000,000, but subject to a mortgage of P200,000

Shall be in the net taxable estate at P800,000

The following are the motives of a taxpayer that preclude the transfer in contemplation of death, except one

To avoid payment of estate tax

Which of the following is a distinction between estate and donors tax?

The exemption granted in the tax table

Statement 1: The estate tax accrues at the moment of death of the decedent Statement 2: In estate taxation, the taxpayer is the decedent. Which of the above statement is correct?

Statement 1 only

Which of the following is not a deduction from the gross estate under the NIRC?

Legacy to a charitable institution

The following are the requisites in order that claims against the decedent’s estate may be deductible, except:

They must have been prescribed

Which of the following statements is wrong? A claim against an insolvent person, with no properties whatsoever is

if arising out of debt instrument of the insolvent, the debt instrument must be notarized

Y, a Filipino resident, died on November 5, 1992 and his estate incurred losses due to: 1st loss: From fire on February 2, 1992 of improvement on his property not compensated by insurance 2nd loss: From flood on February 25, 1993 of household furniture also not compensated by insurance

1st loss is not deductible and 2nd loss is deductible

The following are requisites for vanishing deduction to be allowable except one:

The property must have formed part of the gross estate situated in the Philippines of the prior decedent.

Rudolfo, a citizen of the Philippines and resident of Tacloban City, died testate on May 10, 2001. Among his gross estate are properties inherited from his deceased father who died on April 4, 1998. What percentage of deduction will be used in computing the amount of vanishing deduction?

40% of the value taken as basis for vanishing deduction

Which statement is true?

A single person who is not a head of family may not have a deduction for family home

Statement 1: Expenses incurred for the performance of the rites and ceremonies incident to interment and those incurred after interment, such as prayers, masses and entertainment are part of funeral expense. Statement 2: The administrator or executor shall submit a statement showing the disposition of the proceeds of the loan if the claim against the estate was contracted within five years before the death of the decedent.

False, true

Which statement is wrong? For a non-resident, not citizen of the Philippines

There are no special deductions from the gross estate

The estate tax return should be accompanied by a certificate of an independent CPA if the gross estate is

Over P2,000,000

Which statement is wrong? An estate tax return is required to be filed

In all cases where there is a gross estate

First statement: The estate tax return should be filed with the authorized agent bank, Revenue District Officer, Collection Agent or duly authorized treasurer of the municipality in which the decedent was domiciled at the time of his death. Second statement: If the decedent was a non-resident, not a citizen of the Philippines, the estate tax return may be filed with the Commissioner of Internal Revenue

Both statements are true

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問題一覧

The property, rights and obligations of a person which are not extinguished by his death and those which have been accrued thereto since the opening of succession

Estate

Which of the following is not subject to estate tax?

A donation inter vivos

Which of the following may be the subject of succession?

All of the above

The following transactions and acquisitions exempt from transfer tax except

All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutions.

The first statement is true, but the second statement is false

Which of the following is not included in the gross estate?

Proceeds of life insurance where the beneficiary designated is the mother and the designation is irrevocable.

Which of the following statements is wrong?

The gross estate of a non-resident citizen of the Philippines would include only properties in the Philippines

The personal properties of a non-resident, not citizen of the Philippines would not be included in the gross estate if

The intangible personal property is in the Philippines and the reciprocity clause of the estate tax law applies

Proceeds of life insurance includible in the gross estate.

Amount receivable by any beneficiary designated in the insurance policy

Which of the following exempt transmissions will still require inclusion of the property in the gross estate?

Legacy to a charitable institution whose administrative expenses did not exceed 30% of the legacy.

Which of the following is not included in the gross estate?

Transfer under a limited power of appointment

Which statement is wrong? The gross estate shall be valued

At its fair market value at the time the return is due

Which statement is correct? Real property with a cost of P300,000 and a fair market value at the time of death of P1,000,000, but subject to a mortgage of P200,000

Shall be in the net taxable estate at P800,000

The following are the motives of a taxpayer that preclude the transfer in contemplation of death, except one

To avoid payment of estate tax

Which of the following is a distinction between estate and donors tax?

The exemption granted in the tax table

Statement 1: The estate tax accrues at the moment of death of the decedent Statement 2: In estate taxation, the taxpayer is the decedent. Which of the above statement is correct?

Statement 1 only

Which of the following is not a deduction from the gross estate under the NIRC?

Legacy to a charitable institution

The following are the requisites in order that claims against the decedent’s estate may be deductible, except:

They must have been prescribed

Which of the following statements is wrong? A claim against an insolvent person, with no properties whatsoever is

if arising out of debt instrument of the insolvent, the debt instrument must be notarized

1st loss is not deductible and 2nd loss is deductible

The following are requisites for vanishing deduction to be allowable except one:

The property must have formed part of the gross estate situated in the Philippines of the prior decedent.

40% of the value taken as basis for vanishing deduction

Which statement is true?

A single person who is not a head of family may not have a deduction for family home

False, true

Which statement is wrong? For a non-resident, not citizen of the Philippines

There are no special deductions from the gross estate

The estate tax return should be accompanied by a certificate of an independent CPA if the gross estate is

Over P2,000,000

Which statement is wrong? An estate tax return is required to be filed

In all cases where there is a gross estate

Both statements are true