Which of the following is excluded from the gross estate?
proceeds of life insurance policy payable to an irrevocable beneficiary
revocable transfers
transfer in contemplation of death
claims against insolvent persons
How many property regimes are recognized under the Family Code of the Philippines
1
2
3
4
Nicanor died intestate. He left a parcel of land valued at Php 1 Million, personal properties at Php1
Million and intangible personal properties amounting to Php 2 Million. Assuming Nicanor is survived
by his two sons Earl and Ramil, the free portion on the said property would be:
Php 2 Million
Php 4 Million
It depends on the rule on reciprocity with regard to the intangible personal property
None
In Vanishing Deduction, estate or donor's tax must be paid prior to decedent's death in order to
qualify as a deduction
True
False
The proceeds of life insurance is part of the gross estate. Which of the following should be excluded
in the computation of the gross estate:
The children are the beneficiary and the designation is irrevocable
The estate is the beneficiary and the designation is irrevocable
The executor or administrator is the beneficiary and the designation is revocable
The common-law wife is the beneficiary and the designation is revocable
The Revenue Regulations that implements the provisions on estate and donor's tax is
Revenue Regulations No. 8-2018
Revenue Regulations No. 12-2018
Revenue Regulations No. 13-2018
Revenue Regulations No. 1-2018
Foreign tax credit is not allowed to
Resident citizens
Non resident citizens
Resident aliens
Non resident aliens
Transfers for public use MUST be made in a will.
True
False
An excise tax on transfers mortis causa is
Donor's tax
Estate tax
Income tax
VAT
Proceeds of insurance is generally part of the gross estate of decedent?
True
False
Nicanor made a will and devised one of his properties to his cutie professor, Vic. Vic is a witness to
the execution of the will. Which of the following is true?
Vic has capacity to inherit
Vic has capacity to be a witness
Succession takes place upon the death of the decedent
True
False
Kind of succession which results from the designation of an heir, made in a will executed in the form
prescribed by law
Testate
Intestate
Legal
Mixed
The accrual of the estate tax is distinct from the obligation to pay the same
True
False
The zonal value of the lot is Php 10M while the assessed value is Php 5 Million. It was mortgaged to
VIC Bank for Php 20 Million. Independent Appraisers valued the property at Php 15 Million which is
the current price in the market. The amount which should be reported as part of gross estate is
Php 5 Million
Php 10 Million
Php 15 Million
Php 20 Million
If the surviving heirs in an intestate succession are the PARENTS and LEGITIMATE CHILD of the
decedent, what is the share of the parents in the legitimes?
1/3
1/2
1/4
0
Amounts received by the heirs under RA _____ is part of gross estate but at the same time a
deduction
4179
4917
4197
4971
4791
Marriages celebrated on August 3, 1998 without property agreement are covered under
Conjugal partnership of gains
Absolute community of property
Complete separation of property
Other regime
The object of estate tax is
The Decedent
Right to transmit the property
Estate of the decedent
The heirs
Who can be qualified as a witness?
A person convicted for falsification of a diploma and transcript of records
A person who perjured in his affidavit as being single when in fact he is married
A person who was imprisoned for sexual harassment
A person who is a witness and lied during a criminal trial and was found guilty thereof
Standard deduction is
Php 5 Million
Php 1 Million
Php 10 Million
From the time of death of the decedent, the filing of the estate tax return is
6 months
1 year
2 years
30 days
Maximum deduction for family home is
Php 1 Million
Php 5 Million
Php 10 Million
Php 20 Milion
What do you call the line from you to your great grand father?
Direct line
Ascending Direct Line
Descending Direct Line
Lineal line
Claims against the estate may come from the following except
Operation of Law
Contract
Tort
Delict
the legitime plus an additional house and lot from the free portion. Nicanor is all of the following,
except:
Compulsory heir
Voluntary heir
Devisee
Legatee
Heir who inherited a car from the testator is called
Testator
Legatee
Legacy
Devisee
How many degrees you are removed from your child of your brother or sister
2 degrees
3 degrees
4 degrees
5 degrees
The real properties of the decedent must be valued at fair market value at the time of death
False
True
The book value of the shares of stocks not listed in the stock exchange is computed by:
By dividing the difference of the adjusted fair market values of the assets and liabilities by the the
number of common shares outstanding
Dividing the stockholders equity by the number of common shares outstanding
The mean of the highest and lowest quotations nearest at the time of death
The price of which the buyer is willing to buy
Nicanor died intestate. He left a parcel of land valued at Php 1 Million, personal properties at Php1
Million and intangible personal properties amounting to Php 2 Million. Assuming Nicanor is survived
by his two sons Earl and Ramil, the free portion on the said property would be:
Php 2 Million
Php 4 Million
It depends on the rule on reciprocity with regard to the intangible personal property
None
If the surviving heirs in an intestate succession are the PARENTS and LEGITIMATE CHILD of the
decedent, what is the share of the parents in the legitimes?
1/3
1/2
1/4
0
Nicanor is married to X. They had four children.
Inday is Married to Y. They had four children.
Nicanor and Inday re-married after the death of their spouses. They had three children.
How will the conjugal property of Nicanor and Inday be divided?
Answer:
Article 983. If illegitimate children survive with legitimate children, the shares of the
former shall be in the proportions prescribed by article 895.
Article 895. The legitime of each of the acknowledged natural children and each of the
natural children by legal fiction shall consist of one-half of the legitime of each of the
legitimate children or descendants.
The legitime of an illegitimate child who is neither an acknowledged natural, nor a
natural child by legal fiction, shall be equal in every case to four-fifths of the legitime of
an acknowledged natural child.
The legitime of the illegitimate children shall be taken from the portion of the estate at
the free disposal of the testator, provided that in no case shall the total legitime of such
illegitimate children exceed that free portion, and that the legitime of the surviving
spouse must first be fully satisfied.
