TAX3703 - Taxation of Estates exam 2025 COMPLETE
STUDY QUIDE |QUESTION AND CORRECT ANSWERS |
GET IT RIGHT!!
1. It refers to a mode of transferring & acquiring properties left by the decedent.
a. Estate transfer c. Donation
b. Succession d. Execution of a will - ...(ANSWERS)....b. Succesion
The property, rights & obligations of a person which are not extinguished by his
death & those which have accrued thereto since the opening of succession.
a. Inheritance c. Estate
b. Capital d. Devisee - ...(ANSWERS)....c. Estate
3. The estate tax accrues from the moment of:
a. The fixing of notice of death
b. Expiration of a months after death
c. The death of the decedent
d. The filing of estate tax return - ...(ANSWERS)....c. The death of the decedent
The gift tax paid on a donation mortis causa, if any:
a. Exempts the property from estate tax.
b. Has no effect since the gift will be subject to another gift tax.
c. Shall form as a tax credit to be deducted from the estate tax due.
, d. Is invalid & the tax will not be credited at all - ...(ANSWERS)....c. Shall form as a
tax credit to be deducted from the estate tax due
5. Which shall not form part of the gross estate of a decedent:
a. Intangible personal property of non-resident alien decedent without reciprocity
law
b. Revocable transfer
c. Transfer passing special power of appointment
d. Life insurance where the executor is the beneficiary & it is irrevocable -
...(ANSWERS)....c. Transfer passing special power of appointment
6. All of the following are considered intangible in the Philippines, except:
a. Franchise which must be exercised in the Phil.
b. Shares obligations or bonds which issued by any corporation or sociedad
anonym organized or constituted in the Philippines in accordance with it laws.
c. Shares, obligations or bonds by any foreign corporation 75%.of the business of
which is located in the Philippines.
d. Shares, obligations of bonds issued by any foreign corporation of such shares,
obligations or bonds have acquired a business situs in the Philippines.
e. Shares or rights in any partnership, business or industry established in the
Philippines - ...(ANSWERS)....c. Shares, obligations or bonds by any foreign
corporation 75%.of the business of which is located in the Philippines.
A person who inherits personal property thru a will:
STUDY QUIDE |QUESTION AND CORRECT ANSWERS |
GET IT RIGHT!!
1. It refers to a mode of transferring & acquiring properties left by the decedent.
a. Estate transfer c. Donation
b. Succession d. Execution of a will - ...(ANSWERS)....b. Succesion
The property, rights & obligations of a person which are not extinguished by his
death & those which have accrued thereto since the opening of succession.
a. Inheritance c. Estate
b. Capital d. Devisee - ...(ANSWERS)....c. Estate
3. The estate tax accrues from the moment of:
a. The fixing of notice of death
b. Expiration of a months after death
c. The death of the decedent
d. The filing of estate tax return - ...(ANSWERS)....c. The death of the decedent
The gift tax paid on a donation mortis causa, if any:
a. Exempts the property from estate tax.
b. Has no effect since the gift will be subject to another gift tax.
c. Shall form as a tax credit to be deducted from the estate tax due.
, d. Is invalid & the tax will not be credited at all - ...(ANSWERS)....c. Shall form as a
tax credit to be deducted from the estate tax due
5. Which shall not form part of the gross estate of a decedent:
a. Intangible personal property of non-resident alien decedent without reciprocity
law
b. Revocable transfer
c. Transfer passing special power of appointment
d. Life insurance where the executor is the beneficiary & it is irrevocable -
...(ANSWERS)....c. Transfer passing special power of appointment
6. All of the following are considered intangible in the Philippines, except:
a. Franchise which must be exercised in the Phil.
b. Shares obligations or bonds which issued by any corporation or sociedad
anonym organized or constituted in the Philippines in accordance with it laws.
c. Shares, obligations or bonds by any foreign corporation 75%.of the business of
which is located in the Philippines.
d. Shares, obligations of bonds issued by any foreign corporation of such shares,
obligations or bonds have acquired a business situs in the Philippines.
e. Shares or rights in any partnership, business or industry established in the
Philippines - ...(ANSWERS)....c. Shares, obligations or bonds by any foreign
corporation 75%.of the business of which is located in the Philippines.
A person who inherits personal property thru a will:
