2025 update |TAX3703 - Taxation of Estates Taxation: | latest
|COMPREHENSIVE MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS | GET
IT 100% ACCURATE!!
Mortis causa transfer of property is effected:
A. When the property is received by the heir
B. When the court awarded the ownership of property to a particular heir
C. Upon the death of the decedent
D. Upon the payment of estate tax - ANSWER-c. upon the death of the decedent
The tax imposed on the transfer of property without consideration between two or
more persons who are living at the time the transfer is made.
a. Donor's tax
b. Estate tax
c. Business tax
d. Income tax - ANSWER-a. donor's tax
Estate tax accrues from:
a. The moment of death of the decedent
,b. The moment the notice of death is filed
c. The moment the estate tax return is filed
d. The moment the properties are delivered to the heirs - ANSWER-a. the moment
of death of the decedent
The taxpayer in estate tax is:
a. The decedent
b. The estate as a juridical entity
c. The heirs or succession
d. The administrator or executor - ANSWER-b. the estate as a juridical entity
The common characteristic of transfer taxes is that the transfer of property:
a. Is onerous.
b. Takes effect during the lifetime of the transferor.
c. Takes effect upon the death of the transferor.
d. Is gratuitous. - ANSWER-d. is gratuitous.
A gift that is incomplete because of reserved powers, becomes complete when
either:
, I. the donor renounces the power; or
II. his right to exercise the reserved power ceases because of the happening of
some event or contingency or the fulfillment of some condition, other than
because of the donor's death.
a. Only statement I is correct
b. Only statement II is correct
c. Both statements are correct
d. Both statements are incorrect - ANSWER-c. Both statements are correct
A donation on which the donor's tax was not paid is not a valid donation. -
ANSWER-FALSE
The successor can be made liable for the obligations of the decedent beyond the
value of the asset he received. - ANSWER-FALSE
Delivery and acceptance are essential elements of estate taxation. - ANSWER-
FALSE
|COMPREHENSIVE MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS | GET
IT 100% ACCURATE!!
Mortis causa transfer of property is effected:
A. When the property is received by the heir
B. When the court awarded the ownership of property to a particular heir
C. Upon the death of the decedent
D. Upon the payment of estate tax - ANSWER-c. upon the death of the decedent
The tax imposed on the transfer of property without consideration between two or
more persons who are living at the time the transfer is made.
a. Donor's tax
b. Estate tax
c. Business tax
d. Income tax - ANSWER-a. donor's tax
Estate tax accrues from:
a. The moment of death of the decedent
,b. The moment the notice of death is filed
c. The moment the estate tax return is filed
d. The moment the properties are delivered to the heirs - ANSWER-a. the moment
of death of the decedent
The taxpayer in estate tax is:
a. The decedent
b. The estate as a juridical entity
c. The heirs or succession
d. The administrator or executor - ANSWER-b. the estate as a juridical entity
The common characteristic of transfer taxes is that the transfer of property:
a. Is onerous.
b. Takes effect during the lifetime of the transferor.
c. Takes effect upon the death of the transferor.
d. Is gratuitous. - ANSWER-d. is gratuitous.
A gift that is incomplete because of reserved powers, becomes complete when
either:
, I. the donor renounces the power; or
II. his right to exercise the reserved power ceases because of the happening of
some event or contingency or the fulfillment of some condition, other than
because of the donor's death.
a. Only statement I is correct
b. Only statement II is correct
c. Both statements are correct
d. Both statements are incorrect - ANSWER-c. Both statements are correct
A donation on which the donor's tax was not paid is not a valid donation. -
ANSWER-FALSE
The successor can be made liable for the obligations of the decedent beyond the
value of the asset he received. - ANSWER-FALSE
Delivery and acceptance are essential elements of estate taxation. - ANSWER-
FALSE
