1 | Page
TAX3703 - TAXATION OF ESTATES
TAXATION QUESTIONS AND ANSWERS
2025
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 - correct answer- 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 - correct answer- 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 - correct answer- c. The death
of the decedent
, 2 | Page
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 - correct answer-
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 - correct answer- 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.
TAX3703 - TAXATION OF ESTATES
TAXATION QUESTIONS AND ANSWERS
2025
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 - correct answer- 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 - correct answer- 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 - correct answer- c. The death
of the decedent
, 2 | Page
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 - correct answer-
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 - correct answer- 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.
