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 above | Which of the following are the exemptions from the gross |
estate? |
Funeral expense | It is a cost incurred in connection with the internment |
or burial of the deceased with official receipts. |
TRUE | Estate tax return must be filed within six months from |
the decedent's death. |
I and II | Which of the following are special deductions to the gross |
estate? |
all |
of the above | Which of the following are additions to ? |
all |
of the above | Which of the following are allowable special deduction |
for family home? |
FALSE | The estate tax is based on the value of . |
I | Which of the following is true about deductions from the |
? |
all of the above | Which of the following are ordinary deductions? |
all of the above | Which of the following are the inclusions from funeral |
expense? |
all of the above | Which of the following are the allowable judicial |
expenses? |
all |
of the above | Which of the following are the exemptions from the gross |
estate? |
all of the above | Which of the following are personal properties? |
Gross estate | It consist of all property owned by a decedent at the time of his death excluding the exclusive properties of the surviving spouse. |
Estate tax | It 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. |
I | Which of the following is true about deductions from the |
? |
55,000 | Sharon De Ville's is 3,000,000. Her |
executor is claiming the following as funeral expense related to the death of |
Carl. |
FALSE | Estate tax is a property tax and rather imposed on the |
privilege of the transmitting property upon death of the owner. |
all of the above | Which of the following are additions to ? |
TRUE | The estate tax is 6 percent of the net estate under the |
tax reform for acceleration and inclusion. |
TRUE | To 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 | |
TRUE | All donations in the amount of 250,000 or less within the |
calendar year will not subject to donor's tax. |
Donor's tax | It is a tax on the transfer of gifts without |
consideration. |
TRUE | Gifts made to the government for public purposes and to |
entity created any of its agencies which non-profit organization is not subject |
to tax. |
FALSE | Donations or gifts between marriage are subject to donor's |
tax. |
TRUE | The estate tax is 6 percent of the net estate under |
the tax reform for acceleration and inclusion. |
Deductions | These are the items allowed by law to be deducted to the gross estate in order to arrive at the net taxable estate. |
FALSE | Donor's tax is a tax on property but on the action of transmission |
of a gift. |
TRUE | If the property donated is immovable, it must be in public |
document specifying therein the property given. |
25,000 | Joshua 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 II | Which of the following are real properties? |
TRUE | The 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 expense | It is allowed deductions incurred for the administration, |
inventory taking of assets and settlement of the estate. |
1,000,000 | The following are the properties of LJ Tizon. |
Deductions | These are the items allowed by law to be deducted to |
the in order to arrive at the net taxable estate. |