Transfer taxes 1. The following are included in the gross estate, except a. Decedent’s interest b. Prior interest c. Appraisal surplus d. Revocable transfer 2. 1st statement: The perfection of a donation inter vivos is at the moment when the donor knows the acceptance of the done. 2nd statement: Donation moris causa is subject to donor’s tax a. b. c. d.
Both are true Both are false 1st statement is true 2nd statement is true
3. 1st statement: If the gift is personal property, the fair market value of the property given before the time of the gift shall be the value of the gross gift. 2nd statement: If the gift is real property, the fair market value at the time of donation or the value fixed by the assessor, whichever is lower? a. 1st statement is true b. 2nd statement is true c. Both are true d. Both are false 4. The following shall file the estate tax return, except a. Administrator b. Executor c. Decedent d. Any legal heir 5. 1st statement: Only the estate of a citizen or a resident alien at the time of death can claim tax credit for any estate taxes paid in a foreign country. 2nd statement: Estate tax credit is a remedy against international double taxation. a. Both are true b. Both are false c. 1st statement is true d. 2nd statement is true 6. When the done or beneficiary is stranger. The tax payable by the donor shall be a. 10% b. 30% c. 5%
d. 20% 7. Estate tax return is required in cases of a. Transfers subject to tax b. Estates are unregistered c. Where gross value of estate exceeds Php 20,000 d. Annulment 8. Boo Ngohl donated all his properties to his relatives in the Philippines. Property A in Baguio to Mr. Lee Baht 1,500,000. Property B in Canada to Mr. Ame Ang 2,500,000. If Boo Ngohl is a resident, how much is the Gross Taxable Donation? a. 4,000,000 b. 1,500,000 c. 2,500,000 d. 0 9. Mr and Mrs Lee Sod, spouses and citizens of the Philippines, donated to their legitimate daughter the following properties: Vacation House (conjugal property- Hong Kong) Car (conjugal property-Phil) Jewelry (exclusive property of Mrs. Lee Sod) Total
1,500,000 750,000 475,000 2,725,00
How much is the gross gift of Mr. Lee Sod? a. 1,600,000 b. 475,000 c. 850,000 d. 1,125,000
10. Christian Grey, an unmarried resident alien of the Philippines, died leaving the following properties: Location of Properties Philippines United States Australia
Net Estate 1,000,000 2,000,000 3,000,000
Estate Tax Paid 135,000 365,000
Total
6,000,000
Compute for the Philippine Net Estate Tax payable. a. 442,500 b. 172,500 c. 512,500 d. 307,500
500,000
