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    Allowable Deductions in Gross Estate

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    The document discusses allowable deductions in gross estate for estate tax purposes under Philippine law. It provides 5 multiple choice questions that test understanding of which properties are subject to estate tax and deductions. For example, property inherited in 2015 (question 1) and benefits received under a retirement law (questions 2 and 3) may be included in the gross estate but are deductible. A nonresident decedent's foreign shares and deductible losses are not taxed (questions 4 and 5).

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    Allowable Deductions in Gross Estate

    Uploaded by

    R
    128 views2 pages
    The document discusses allowable deductions in gross estate for estate tax purposes under Philippine law. It provides 5 multiple choice questions that test understanding of which properties are subject to estate tax and deductions. For example, property inherited in 2015 (question 1) and benefits received under a retirement law (questions 2 and 3) may be included in the gross estate but are deductible. A nonresident decedent's foreign shares and deductible losses are not taxed (questions 4 and 5).

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    ALLOWABLE DEDUCTIONS IN GROSS ESTATE

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    The document discusses allowable deductions in gross estate for estate tax purposes under Philippine law. It provides 5 multiple choice questions that test understanding of which properties are subject to estate tax and deductions. For example, property inherited in 2015 (question 1) and benefits received under a retirement law (questions 2 and 3) may be included in the gross estate but are deductible. A nonresident decedent's foreign shares and deductible losses are not taxed (questions 4 and 5).

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    128 views2 pages

    Allowable Deductions in Gross Estate

    Uploaded by

    R
    The document discusses allowable deductions in gross estate for estate tax purposes under Philippine law. It provides 5 multiple choice questions that test understanding of which properties are subject to estate tax and deductions. For example, property inherited in 2015 (question 1) and benefits received under a retirement law (questions 2 and 3) may be included in the gross estate but are deductible. A nonresident decedent's foreign shares and deductible losses are not taxed (questions 4 and 5).

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    ALLOWABLE DEDUCTIONS IN GROSS ESTATE

    1. Which of the following properties of Reign who dies December 1, 2018 is subject to vanishing
    deduction?

    Property 1: Rest House in Tagaytay purchased in 2016

    Property 2: Commercial lot and building inherited from her mother in 2015 where the estate tax
    thereon had not been paid

    Property 3: Donation from a friend in 2017

    Property 4: Property won in a lottery six (6) months before death

    Property 1 Property 2 Property 3 Property 4

    a. No No Yes Yes

    b. No No Yes No

    c. Yes Yes No Yes

    d. Yes Yes No No

    2. A decedent has one year left to complete 30 years of continuous service with his employer when he
    died. His only heir received Php 1,500,000 as benefit under RA 4917. What should be the amount to be
    included in the gross estate?

    a. Php 1,500,000

    b. Php 500,000

    c. Php 1,000,000

    d. Php 0

    3. A decedent has one year left to complete 30 years of continuous service with his employer when he
    died. His only heir received Php 1,500,000 as benefit under RA 4917. What amount should be included
    as part of deductions from gross estate?

    a. Php 1,500,000

    b. Php 500,000

    c. Php 1,000,000

    d. Php 0
    4. A nonresident alien decedent left the following assets:

    Domestic shares Php 1,000,000

    Foreign shares Php 3,000,000

    Tangible personal property, Philippines Php 6,000,000

    Losses, unpaid indebtedness, and taxes Php 1,200,000

    The country where the decedent is a citizen and resident does not impose transfer tax on transmission
    of intangibles of Filipinos not residing therein. The taxable net estate in the Philippines is:

    a. Php 3,800,000

    b. Php 4,280,000

    c. Php 4,780,000

    d. Php 5,280,000

    5. A nonresident alien died on March 10, 2018 leaving the following properties and deductions:

    Shares, domestic corporation Php 500,000

    Shares, foreign corporation Php 500,000

    Tangible personal property Php 1,500,000

    Deductible losses, indebtedness, and taxes Php 500,000

    Assuming there is no reciprocity, the estate tax due is

    a. Php 96,000

    b. Php 66,000

    c. Php 1,500,000

    d. Php 1,600,000

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