ESTATE
,Definition of Term
Income Tax - of an estate refers to the tax on incom
received by the estate during the period of
administration or settlement.
Estate – mass of all property, rights, and obligations
deceased person which are not extinguished by his
death, including those which have accrued thereto s
the opening of succession.
, The passage of property to the heirs upon death of the dece
is subject to Tax or Estate Tax. A transfer tax is a tax on
gratuitous transfer of property either through gift/donation
(subject to donor’s tax) or through inheritance (subject to es
tax).
,Definition of Term
Income Tax - of an estate refers to the tax on incom
received by the estate during the period of
administration or settlement.
Estate – mass of all property, rights, and obligations
deceased person which are not extinguished by his
death, including those which have accrued thereto s
the opening of succession.
, The passage of property to the heirs upon death of the dece
is subject to Tax or Estate Tax. A transfer tax is a tax on
gratuitous transfer of property either through gift/donation
(subject to donor’s tax) or through inheritance (subject to es
tax).
