Business Law and Taxation

Business Law and Taxation

This course involves an intensive study of the business and transfer tax system, including the estate tax, the gift tax, and transfer tax. The relationship between these three donative transfer taxes and between the transfer taxes and the income tax is emphasized. The policy underpinnings of wealth transfer taxation and the reason for the recent erosion in its political support.



AnswersQuestions
The correct answer is:It consist of all property owned by a decedent at the time of his death excluding the exclusive properties of the surviving spouse.
all of the aboveWhich of the following are the exemptions from the gross
estate?
Funeral expenseIt is a cost incurred in connection with the internment
or burial of the deceased with official receipts.
TRUEEstate tax return must be filed within six months from
the decedent's death.
I and IIWhich of the following are special deductions to the gross
estate?
all
of the aboveWhich of the following are additions to ?
all
of the aboveWhich of the following are allowable special deduction
for family home?
FALSEThe estate tax is based on the value of .
IWhich of the following is true about deductions from the
?
all of the aboveWhich of the following are ordinary deductions?
all of the aboveWhich of the following are the inclusions from funeral
expense?
all of the aboveWhich of the following are the allowable judicial
expenses?
all
of the aboveWhich of the following are the exemptions from the gross
estate?
all of the aboveWhich of the following are personal properties?
Gross estateIt consist of all property owned by a decedent at the time of his death excluding the exclusive properties of the surviving spouse.
Estate taxIt is defined as a tax on the right of the deceased person
to transmit his/her estate to his lawful heirs and beneficiaries at the time of
death and certain transfers which are made by law as equivalent to testamentary
disposition.
IWhich of the following is true about deductions from the
?
55,000Sharon De Ville's is 3,000,000. Her
executor is claiming the following as funeral expense related to the death of
Carl.
FALSEEstate tax is a property tax and rather imposed on the
privilege of the transmitting property upon death of the owner.
all of the aboveWhich of the following are additions to ?
TRUEThe estate tax is 6 percent of the net estate under the
tax reform for acceleration and inclusion.
TRUETo arrive the net estate, taxpayers simply have to
subtract all the allowable deductions from the .
5%The funeral expense amount is allowed as deductions shall
equal to the actual expenses incurred or the percentage of the whichever
is lower?
Deductions 
TRUEAll donations in the amount of 250,000 or less within the
calendar year will not subject to donor's tax.
Donor's taxIt is a tax on the transfer of gifts without
consideration.
TRUEGifts made to the government for public purposes and to
entity created any of its agencies which non-profit organization is not subject
to tax.
FALSEDonations or gifts between marriage are subject to donor's
tax.
TRUEThe estate tax is 6 percent of the net estate under
the tax reform for acceleration and inclusion.
DeductionsThese are the items allowed by law to be deducted to the gross estate in order to arrive at the net taxable estate.
FALSEDonor's tax is a tax on property but on the action of transmission
of a gift.
TRUEIf the property donated is immovable, it must be in public
document specifying therein the property given.
25,000Joshua has a funeral expense of 50,000 and the
of his house amounted to 500,000. What is the allowable deduction for the
funeral expense?
5%The funeral expense amount is allowed as deductions
shall equal to the actual expenses incurred or the percentage of the gross
estate whichever is lower?
I and IIWhich of the following are real properties?
TRUEThe estate tax return is filed with the Revenue District
Office having jurisdiction over the place of residence of the decedent at the
time of his death.
Judicial expenseIt is allowed deductions incurred for the administration,
inventory taking of assets and settlement of the estate.
1,000,000The following are the properties of LJ Tizon.
DeductionsThese are the items allowed by law to be deducted to
the in order to arrive at the net taxable estate.