Estate Tax Quiz

What are the types of gratuitous transfer and their applicable tax?

• Donation Mortis-causa = Donor’s Tax; Donation Inter-vivos = Estate Tax

• Donation Mortis-causa = Estate Tax; Donation Inter-vivos = Donor’s Tax

• Donation Mortis-causa = Business Tax; Donation Inter-vivos = Income Tax

• Donation Mortis-causa = Estate Tax; Donation Inter-vivos = Business tax

• 1 and 2 only

• 1, 2, and 3 only

• All of the above

• None of the above

If the surviving heirs in an intestate succession are the surviving spouse and illegitimate child of the decedent, what is the share of the surviving spouse and illegitimate children in the legitime?

• 1/2 and 1/2

• 1/2 and 1/3

• 1/3 and 1/2

• 1/3 and 1/3

Which among the following should be allowed as deduction from the Gross Estate of a Filipino decedent who died on March 30, 2023?

• Unpaid income tax attributable to the estate's income from April to December 31, 2023

• Unpaid municipal taxes from January to March 2023

• Both A and B are allowed as deduction from Gross Estate

• Neither A nor B are allowed as deduction from Gross Estate

Zeke Antonio, a resident alien died last March 26, 2024. Which of the following are included in his gross estate?

• House and lot situated in Pampanga

• Property located in New York

• None of the above

• All of the above

What is the correct vanishing deduction rate if Ana died on April 1, 2023. A vehicle included in her gross estate was previously received by her as inheritance from her father on January 8, 2020.

• 40%

• 60%

• 20%

• 80%

Tags

CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2

Statement 1: The Tax Code as amended under RA10963 (TRAIN Law) provides that the filing of estate tax return should be done within one (1) month from the decedent's death. Statement 2: The payment of estate tax could only be extended with a minimum of thirty (30) days from the date of filing.

• Statement 1 is true, Statement 2 is false.

• Statement 1 is false, Statement 2 is true.

• Both statements are true

• Both statements are false

Statement 1: The estate tax imposed under the Tax Code shall be paid by the executor or administrator before the delivery of the distributive share in the inheritance to any heir or beneficiary. 

Statement 2: The executor or administrator of an estate has the secondary obligation to pay the estate tax but the heir or beneficiary has subsidiary liability for paying that portion of the estate corresponding to his distributive share in the value of the total net estate.

• Only statement 1 is correct

•  Only statement 2 is correct

• Both statements are correct

• Both statements are incorrect

Nicolette will get married this year (2024) but does not intend to enter into a marriage settlement. What will be their property relations after marriage?

• Conjugal Partnership of Gains

• Relative Community of Property

• Absolute Community of Property

• Co-ownership

In filing the estate tax return, a CPA certificate is required when:

• Gross estate exceeds P2,000,000

• Gross estate exceeds P5,000,000

• Gross estate exceeds P1,000,000

• Gross estate reaches P2,000,000