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Estate and Taxation Quiz

1. The document contains a multiple choice quiz about estate taxes, donor's taxes, and related concepts. It asks the reader to identify tax credits, deductions, exemptions, rates and other details. 2. There are also true/false questions testing understanding of estate tax deductions for things like funeral expenses, the family home, and dowry gifts. 3. Additional questions ask the reader to identify definitions related to estate tax, such as describing what a gross estate is and the nature of donor's tax. 4. The last section involves enumerating ordinary deductions from a gross estate, examples of transfer taxes, the two kinds of double taxation, and at least three inclusions in a gross estate.

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Lüshī Cataluña-Jamile
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46 views1 page

Estate and Taxation Quiz

1. The document contains a multiple choice quiz about estate taxes, donor's taxes, and related concepts. It asks the reader to identify tax credits, deductions, exemptions, rates and other details. 2. There are also true/false questions testing understanding of estate tax deductions for things like funeral expenses, the family home, and dowry gifts. 3. Additional questions ask the reader to identify definitions related to estate tax, such as describing what a gross estate is and the nature of donor's tax. 4. The last section involves enumerating ordinary deductions from a gross estate, examples of transfer taxes, the two kinds of double taxation, and at least three inclusions in a gross estate.

Uploaded by

Lüshī Cataluña-Jamile
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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I.

Multiple Choice:
Please write the LETTER ONLY of the correct answer.
1. An estate tax is in its nature a:
A. Privilege Tax B. Excise Tax C. Both A and B D. None of the above
Please identify what method of reducing the rigors of double taxation
applies: (2-4)
A. Tax Treaties B. Reduction of Income Tax Rate C. Tax Exemption D. Tax Credit
2. It is a method of reducing double taxation because the amount of tax is subtracted
from an individuals or entity tax liability.
3. It is a method of reducing double taxation because is a grant of immunity.
4. It is an agreement between 2 countries specifying what items of income will be taxed
by the authorities of the country where the income is earned.
5. A non-resident foreign corporation may avail a reduction in its tax rate on the
condition that the country to which the non-resident foreign corporation is domiciled
shall allow a credit against the tax due.
A. Tax Deductions B. Tax Sparing Rule C. Estate Planning Rule D. None of the above
6. It is included in the Gross Estate wherein it includes any interest having value or
capable of being valued, transferred by the decedent at the time of death.
A. Revocable Tranfers
C. Transfer in Contemplation of Death
B. Decedents interest at the time of his death D. None of the above
7. The amount that is allowed by law for Donors Tax exemption;
A. Php 100, 000 B. Php 200,000 C. Php 10,000 D. Php. 20, 000
8. What is the percentage allowed by law for Donors Tax in terms of gifts to strangers?
A. 30% B. 3% C. 5% D. 12%
9. What is the amount of Standard Deduction that may be deducted from the Gross
Estate?
A. 1 Million but needs substantiation C. More or less 1 Million
B. 1 Million without substantiation
D. None of the above
10. It is a device to achieve a transfer of properties from the testator to the heirs at the
least tas as possible.
A. Testate Tax Planning
C. Estate Tax Planning
B. Intestate Tax Planning
D. None of the above
II.
TRUE OR FALSE. Kindly write T or F ONLY.
1. Exemption of certain gifts made by dowry or gifts made on account of marriage by a
parent to their future son-in-law.
2. Mr. Pah Ngo filed his protest regarding actual funeral expenses he spent for his wife is
beyond 500,00, the total amount of actual funeral expenses is deducted from the
Gross estate.
3. The family home may be deducted from the Gross Estate when it is not part of an
absolute community of property.
4. Judicial Expenses for the distribution of the estate may be deducted from the Gross
estate.
5. Funeral Expenses may be deducted whichever is higher of the actual funeral
expenses or 5% of the Gross estate.
III.
Identification: Please write the answers only.
1. Taxes imposed upon the privilege of passing ownership of property without
any valuable consideration.
2. It refers to the value of all the property, real or personal, tangible or
intangible, of the decedent whenever situated.
3. Donors tax is an excise tax imposed on the privilege to transfer property by
way of gift ___________________based on a pure act of liberality.
4. It is taxing the same person twice by the same jurisdiction over the same
thing.
5. It is imposed on donations mortis causa or upon the death of the decedent.
Iv. Enumeration;
1.
2.
3.
4.

Please give atleast 3 of the Ordinary Deductions from the Gross Estate
Please give 2 of the Transfer Taxes
What are the 2 kinds of Double Taxation
Please give atleast 3 of the inclusions in Gross Estate

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