1st Monthly Transfer Tax

NAME : DATE:
YEAR & SECTION: SCORE:
MR. SABBY CONA BARBIE, FILIPINO, MARRIED, DIED ON AUGUST 1, 2021, THREE YEARS AFTER HIS
MARRIAGE TO MRS. BARBIE. HE LEFT THE FOLLOWING:
A. PROPERTY INHERITED BY MR. BARBIE FROM HIS FATHER WHO DIED FEB. 14,2016
4,000,000
B. PROPERTY INHERITED BY MRS. BARBIE FROM HER FATHER WHO DIED FEB. 14, 2017
1,200,000
C. PROPERTY INHERITED BY MR. BARBIE FROM HIS MOTHER WHO DIED FEB. 14, 2018
1,800,000
D. PROPERTY INHERITED BY MRS. BARBIE FROM HER FATHER WHO DIED FEB. 14, 2019
1,400,000
E. PROPERTY ACQUIRED THRU THE LABOR OF
MR. BARBIE 2,000,000
MRS. BARBIE 1,500,000
MR. & MRS. BARBIE (FAMILY HOME) 2,400,000
F. OTHER PERSONAL PROPERTY 1,600,000
DEDUCTIONS CLAIMED BY THE ESTATE:

I. FUNERAL EXPENSE 220,000
II. UNPAID MORTGAGES ON PROPERTY IN LETTERS:
A. 500,000 B. 300,000 C. 180,000 D. 200,000
III. CLAIMS AGAINST THE ESTATE
170,000
IV. ACCRUED TAXES (BEFORE DEATH OF MR. BARBIE) 80,000
USING CONJUGAL PARTNERSHIP OF GAINS COMPUTE THE FOLLOWING (1-9)

1. GROSS ESTATE OF MR. SABBY CONA BARBIE
A. 12,300,000
B. 13,300,000
C. 11,700,000
D. 10,700,000
2. EXCLUSIVE PROPERTY OF MR. SABBY CONA BARBIE
A. 3,200,000
B. 5,800,000
C. 3,800,000
D. 4,200,000
3. COMMON PROPERTIES OF THE SPOUSES
A. 9,900,000
B.7,500,000
C.7,900,000
D. 6,500,000
4. EXCLUSIVE PROPERTIES OF MRS. BARBIE
A. 4,100,000
B. 2,600,000
C. 3,200,000
D. 4,800,000
5. COMPUTE THE ORDINARY DEDUCTION OF MR. SABBY CONA BARBIE

A. 930,000
B. 850,000
C. 1,650,000
D. NONE OF THE ABOVE
6. COMPUTE THE SHARE OF SURVIVING SPOUSE (MRS. BARBIE)
A. 5,050,000
B. 2,950,000
C. 3,850,000
7. COMPUTE THE VANISHING DEDUCTION.
A. 0
B. 665,561
C. 699,654
8. COMPUTE THE TAXABLE ESTATE
A. 879,439
B. 1,079,439
C. 1,775,346
9. COMPUTE THE TAX PAYABLE.
A. 52,766
B. 64,766
C. 106,521
USING ABSOLUTE COMMUNITY OF PROPERTIES COMPUTE THE FOLLOWING (9-18)

10. GROSS ESTATE OF MR. SABBY CONA BARBIE
A. 13,500,000
B. 14,500,000
C. 13,300,000
11. EXCLUSIVE PROPERTY OF MR. SABBY CONA BARBIE
A. 1,600,000
B. 5,800,000
C. 3,800,000
12. COMMON PROPERTIES OF THE SPOUSES
A. 14,500,000
B.7,500,000
C.12,600,000
13. EXCLUSIVE PROPERTIES OF MRS. BARBIE

A. 4,100,000
B. 2,600,000
C. 1,500,000
14. COMPUTE THE ORDINARY DEDUCTION OF MR. SABBY CONA BARBIE
A. 930,000
B. 1,230,000
C. 2,102,000
15. COMPUTE THE SHARE OF SURVIVING SPOUSE (MRS. BARBIE)
A. 5,698,734
B. 8,870,000
C. 3,850,000
16. COMPUTE THE VANISHING DEDUCTION.
A. 0
B. 665,561
C. 2,108,565
17. COMPUTE THE TAXABLE ESTATE
A. 0
B. 3,465,435
C. 6,775,335
D. 1,023,468
18. COMPUTE THE TAX PAYABLE.
A. 207,926
B. 406,520
C. 61,408
19. WHICH OF THE FOLLOWING PROCEEDS OF LIFE INSURANCE SHALL BE INCLUDED IN THE GROSS
ESTATE
A. PROCEEDS FROM LIFE INSURANCE WHICH THIRD PERSON IS IRREVOCABLY DESIGNATED.
B. PROCEEDS FROM SSS WHICH THIRD PERSON IS IRREVOCABLY DESIGNATED.
C. PROCEEDS FROM GSIS WHICH THIRD PERSON IS REVOCABLY DESIGNATED.
D. PROCEEDS FROM LIFE INSURANCE THE BENEFICIARY’S DESIGNATION IS NOT CLEAR.
DETERMINE THE VALUE TO BE INCLUDED IN GROSS ESTATE (20-24)

20.REAL PROPERTY, ZONAL VALUE, 6 MONTHS BEFORE DEATH, 1,500,000; ASSESSED VALUE TIME OF
DEATH, 1,200,00
A. 1,500,000
B. 1,200,000
C. 0
D. NONE OF THE ABOVE.
21. PERSONAL PROPERTY RECENTLY PURCHASED, FMV AT THE TIME OF DEATH 700,000; PURCHASE
PRICE 800,000
A. 700,000
B. 800,000
C. 750,000
22. 5,000 COMMON SHARES NOT TRADED IN LOCAL STOCK EXCHANGE, FMV, TIME OF DEATH 2/SHARE;
PAR VALUE, 5/SHARE
A. 10,000
B. 25,000
C. 17,500
23. 5,000 COMMON SHARES NOT TRADED IN LOCAL STOCK EXCHANGE, PAR VALUE, 5/SHARE; BOOK
VALUE, 4/SHARE
A. 10,000
B. 20,000
C. 25,000
24. 10,000 PREFERRED SHARES, NOT TRADED IN THE LOCAL STOCK EXCHANGE PAR VALUE, 10/SHARE;
BOOK VALUE 15/SHARE
A. 150,000
B. 100,000
C. 125,0000
25. KILLUA DIED WITH A CLAIM AGAINST JUANICO HAS A PROPERTIES WORTH 250,000 AND
OBLIGATIONS OF 350,000 INCLUDED IN THE OBLIGATIONS OF JUANICO ARE 50,000 UNPAID TAXES
OWED TO GOVERNMENT OF THE PHILIPPINES AND 90,000 PAYABLE TO KILLUA. COMPUTE THE
DEDUCTIBLE CLAIM AGAINST INSOLVENT PERSON
A. 30,000
B. 90,000
C. 0
THE ESTATE OF THE A DECEDENT WHO DIES JANUARY 1, 2018 HAS THE FOLLOWING DATA (STANDARD
DEDUCTION ALREADY TAKEN INTO ACCOUNT):
NET ESTATE PHILIPPINES 1,200,000
NET ESTATE COUNTRY A (AFTER 10,000 ESTATE TAX PAID) 190,000
NET ESTATE COUNTRY B (BEFORE 14,000 ESTATE TAX PAID) 200,000
NET ESTATE COUNTRY C -100,000
26. COMPUTE THE ESTATE TAX PAYABLE IF HE IS RESIDENT ALIEN
A. 76,000
B. 68,000
C. 72,000
27. COMPUTE THE ESTATE TAX PAYABLE IF HE IS NON-RESIDENT ALIEN

A. 76,000
B. 68,000
C. 72,000
A RESIDENT CITIZEN DIES ON JANUARY 1, 2018 LEAVING THE FOLLOWING (ALL BEFORE STANDARD
DEDUCTION)
NET ESTATE PHILIPPINES 8,800,000
NET ESTATE COUNTRY A ( BEFORE ESTATE TAX OF 80,500) 2,250,000
NET ESTATE COUNTRY B (AFTER ESTATE TAX OF 30,000) 920,000
28. HOW MUCH IS THE TAX CREDIT FOR FOREIGN ESTATE TAXES
A. 112,000
B. 110,500
C. 108,750
29.
STATEMENT I. THE GROSS ESTATE IS VALUED AT THE POINT OF DEATH
STATEMENT II. PROPERTIES HELD BY DECEDENT AS A TRUSTEE MUST BE INCLUDED IN THE GROSS
ESTATE
A. ONLY STATEMENT I IS CORRECT
C. BOTH STATEMENT IS CORRECT
B. ONLY STATEMENT II IS CORRECT
D. BOTH STATEMENT IS WRONG
30.
STATEMENT I. THE SEPARATE PROPERTIES OF THE SURVIVING SPOUSE ARE EXCLUDED IN THE GROSS
ESTATE
STATEMENT II. THE SHARE OF THE SURVIVING SPOUSE ARE EXCLUDED IN THE GROSS ESTATE
31.
STATEMENT I. PROPERTIES RECEIVED BY WAY OF GIFTS ARE EXCLUSIVE PROPERTIES
STATEMENT II. FRUITS ACCRUING UNDER FROM COMMON PROPERTIES ARE COMMON PROPERTIES
UNDER CONJUGAL PARTNERSHIP OF GAINS.
32.
STATEMENT I. FRUITS ACCRUING UNDER FROM SEPARATE PROPERTIES ARE COMMON PROPERTIES
UNDER CONJUGAL PARTNERSHIP OF GAINS
Statement II. Fruits accruing under from separate properties are common properties under Absolute
community of properties
a. Only statement I is correct
c. Both Statement is correct
b. Only Statement II is correct
d. Both statement is wrong
33.
Statement I. The conjugal partnership of gains operates retropestively and prospectively
Statement II. The absolute community of property applies on fruits prospectively from the date of
marriage
34.
Statement I. The properties of a spouse with a descendant from a prior marriage are exclusive
properties
Statement II. The jewelry inherited during marriage is exclusive property.
marriage
35.
Statement I. Vanishing deductions is applicable only on properties situated in the Philippines.
Statement II. A family home is claimable up to 10,000,000
36.
Statement I. Only taxes and obligations accruing after death are deductible from gross estate
Statement II. Special deductions reduce the hereditary estate of the heirs
37.
Statement I. Ordinary deductions does not result in reduction in the hereditary estate.
Statement II. Properties received by way of gifts are exclusive properties
38.
Statement I. All properties brought into marriage are separate under conjugal partnership of gains
Statement II. In default of agreement as to the property relation between spouses the absolute
separation of property is presumed.
For numbers 39-46
Mrs. Corona Byrus, Filipino, married to Mr. Aylab Yu Byrus with whom has two children died on Feb. 14,
2018. The inventory of the properties of the spouses show the following :
A. House and lot in Manila owned by Corona Byrus before marriage 3,000,000
B. Agricultural land owned by Papa Tai before the marriage 1,200,000
C. Real property acquired during marriage 2,000,000
D. Family Home acquired during marriage 2,200,000
E. Personal Property acquired during marriage 1,400,000
F. Commercial Building in Makati inherited by Corona Byrus during marriage
from his father who died on Feb. 14, 1987 2,000,000
G. Apartment house inherited by Mr. Aylab Yu Byrus from her mother who died
on Feb. 14, 2003 4,000,000
H. Proceeds of life insurance where estate was designated as the irrevocable
beneficiary 1,000,000
I. Proceeds of life insurance where Mr. Aylab Yu Byrus was designated as the
irrevocable beneficiary 2,000,000
Deductions claimed by the estate:

1. Legacy given in favour of Philippines government in decedent will 300,000
2. Claims against the estate 100,000
3. Unpaid mortgage on agricultural land (letter B above) 400,000
4. Funeral Expense 180,000
5. Judicial expense 600,000
39. Gross estate of Mrs. Corona Byrus

a. 16,800,000
b. 11,600,000
c. 15,600,000
d. 12,800,000
40. Exclusive property of Mrs. Corona Byrus
a. 3,000,000
b. 5,000,000
c. 2,000,000
d. 4,000,000
41. Common properties of the spouses

a. 10,600,000
b. 6,600,000
c.7,800,000
d. 12,800,000
42. Compute the total special deduction excluding share of surviving spouse.
a. 7,200,000
b. 6,100,000
c. 15,000,000
d. 5,500,000
43. Compute the ordinary deduction
a. 800,000
b. 400,000
c. 1,400,000
d. 1,580,000
44. Compute the share of surviving spouse
a. 3,200,000
b. 3,350,000
c. 3,300,000
d. 3,250,000
45. Compute the taxable estate
a. 1,950,000
b. 1,750,000
c. 2,050,000
d. 1,850,000
46. Compute the tax payable.
a. 117,000
b. 29,167
c. 123,000
d. 111,000
Mr and Mrs. Rodriquez made the following donations in 2020. Determine the total donor’s tax
payable on each date of donation.
a. February 14 – to a legitimate son, a piece of land with FMV of P400,000
b. May 14 – to a legitimate daughter, house and lot with FMV of P1,000,000 on account of
marriage
c. June 14 – to the brother of Mrs. K, P200,000
d. September 14 – To the beautiful secretary of Mr. K, when she took care of Mr. K while
Mrs. K was vacationing in USA, jewelry worth P300,000
e. October 14 – To the good-looking driver of Mrs. K who accompanied her on her trip to
USA, diamond ring worth P500,000
f. December 14 – to daughter of Mr. K’s secretary, pieces inherited by Mr. K during
marriage, with FMV of P400,000
December 25 – to a legitimate son, a residential house and lot with FMV of P1,200,000
47. How much is the tax due of Mrs. Rodriquez on Feb 14 2020 transaction?
A. 24,000
b. 15,000
c. 12,000
d. 0
48. How much is the gross gift of Mr. Rodriquez in May 14 2020 transaction?
A. 1,400, 000
B. 1,000,000
C. 700,000
D. 500,000
49. How much is the tax due of Mrs. Rodriquez on June 14 2020 transaction?
A. 96,000
B. 48,000
C. 33,000
D. 27,000
50. How much is the tax payable of Mr. Rodriquez on Sep 14 2020 transaction?
A. 9,000
B. 27,000
C. 33,000
D. 42,000
51. How much is the tax payable of Mrs. Rodriquez on Oct 14 2020 transaction?
A. 9,000
B. 15,000
C. 42,000
D. 57,000
52. How much is the tax due of Mr. Rodriquez on Dec 14 2020 transaction?
A. 24,000
B. 39,000
C. 57,000
D. 81,000
53. How much is the DST on Dec 25 2020 transaction?

A. 18,000
B. 24,000
C. 30,000
D. 36,000
Zeno Zoldyck, married citizen, died on August 2019. The estate reported the following deductions:
Conjugal Properties:
Fishpond, Bulacan 1,500,000
Family Home Makati 1,500,000
Cash in bank 900,000
Exclusive Properties:
Land inherited from his father who died on July 2015.
The value of land at the time of inheritance 210,000.
The land was mortgage for 30,000 which was unpaid 400,000
at the time of death of his father, 10,000 of which was
paid by Zeno before he died.
Land donated by his mother on Feb 2016 by his mother
who died on November 2017. The value of land upon donation 600,000
was 500,000, while upon his mother death was 400,000
Exclusive Properties of his wife

Farm in Laguna, acquired before marriage 2,000,000
Deductions claimed:
Funeral expense 250,000
Fire loss of apartment, occurred 4 months after death 80,000
Bad debts (represent unpaid receivable from Bert, an 100,000
insolvent person)
Mortgage on inherited land 30,000
Vanishing deduction on donated land 20,000
Vanishing deduction on inherited land 40,000
Standard Deduction 2,000,000
54. Gross estate of Mr. Zeno

a. 4,900,000
b. 5,000,000
c. 7,000,000
d. 7,600,000
55. Exclusive property of Mr. Zeno
a. 4,000,000
b. 1,000,000
c. 3,900,000
d. 1,600,000
56. Common properties of the spouses
a. 3,900,000
b. 4,000,000
c.5,900,000
d. 5,100,000
57. Exclusive properties of his wife
a. 2,100,000
b. 2,000,000
c. 3,000,000
d. 2,800,000
58. Gross estate of his wife
a. 6,000,000
b. 6,000,000
c.8,900,000
d. 0
59. Compute the ordinary deduction of Mr. Zeno before vanishing deduction
A. 400,000
b. 270,000
c. 210,000
d. 200,000
60. Compute the share of surviving spouse (Mrs. Zoldyk)
a. 2,150,000
b. 1,850,000
c. 2,000,000
d. 1,910,000
61. Compute the vanishing deduction.
a. 345,224
b. 265,489
c. 251,145
d. 230,400
62. Compute the taxable estate
a. 5,100,000
b. 4,100,000
c. 3,100,000
d. none of the above
63. Compute the tax payable.
a. 306,000
b.246,000
c. 186,000
d. none of the above
Neferpitou, Filipino died leaving the following:

Car acquired before marriage by Neferpitou 300,000
Car acquired before marriage by his wife 450,000
House and lot acquired during marriage 1,500,000
Jewelries of wife 100,000
Personal properties inherited by Neferpitou during marriage 250,000
Benefits from SSS 50,000

Retirement benefits 150,000
Proceeds of group life insurance taken by his employer 75,000
Land inherited by wife during marriage 1,000,000
Income earned from land inherited by his wife
(25% of which was after death) 200,000
64. How much is the gross estate if the property relationship is conjugal partnership of gains
a. 2,600,000
b. 3,600,000
c. 1,950,000
d. 2,200,000
65. Based on the preceeding number, the gross estate if the property relationship is absolute
community of property is :
a. 2,600,000
b. 3,600,000
c. 1,950,000
d. 2,200,000
66.
Statement I. The gross estate of a resident alien is composed of properties situated in the Philippines
only
Statement II. Transfer taxes are taxes imposed upon the gratuitous disposition of property.
67.
Statement I. Amounts received by heirs under RA No. 9917 is included in the gross estate of decedent
and is deducted from the gross estate
Statement II. The jewelry inherited during marriage is exclusive property.
68.
Statement I. All bequests, devises, legacies or transfer to social welfare, cultural and charitable
institutions shall always be exempted from estate tax.
Statement II. All properties brought into marriage are separate under conjugal partnership of gains
69.
Statement I. A transfer of property intended to protect the family from hazards of business operations is
a transfer in contemplation of death
Statement II. The gross estate of both resident citizen and non-resident citizen is composed of
properties situated within and without the Philippines.
70.
Statement I. All bequests, devises, legacies or transfer to social welfare, cultural and charitable
institutions maybe exempted from estate tax.
Statement II. Amounts received by heirs under RA No. 4917 is included in the gross estate of decedent
and is deducted from the gross estate

1st Monthly Transfer Tax

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NAME : DATE:

YEAR & SECTION: SCORE:

DEDUCTIONS CLAIMED BY THE ESTATE:

USING CONJUGAL PARTNERSHIP OF GAINS COMPUTE THE FOLLOWING (1-9)

5. COMPUTE THE ORDINARY DEDUCTION OF MR. SABBY CONA BARBIE

USING ABSOLUTE COMMUNITY OF PROPERTIES COMPUTE THE FOLLOWING (9-18)

13. EXCLUSIVE PROPERTIES OF MRS. BARBIE

DETERMINE THE VALUE TO BE INCLUDED IN GROSS ESTATE (20-24)

27. COMPUTE THE ESTATE TAX PAYABLE IF HE IS NON-RESIDENT ALIEN

For numbers 39-46

Deductions claimed by the estate:

39. Gross estate of Mrs. Corona Byrus

41. Common properties of the spouses

53. How much is the DST on Dec 25 2020 transaction?

Exclusive Properties of his wife

54. Gross estate of Mr. Zeno

Neferpitou, Filipino died leaving the following:

Benefits from SSS 50,000

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