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- 1. Multiple Choice
Transfer tax is
Impose upon gratuitous transfer
Of two kinds - estate and donor
Classified as national tax
All of the above
- 2. Multiple Choice
Mortis Causa transfer of property is effected
When the property is received by the heir
When the court awarded the ownership to the heir
Upon death of the decedent
Upon payment of estate tax
- 3. Multiple Choice
The subject matter or object of transfer tax is
right to transmit
decedent
properties of decedent
beneficiaries
- 4. Multiple Choice
The tax imposed on the right to transmit property at death is known as
donor's tax
estate tax
business tax
income tax
- 5. Multiple Choice
The taxpayer in estate tax is
the decedent
the estate as juridical personality
the heirs
the administrator or executor
- 6. Multiple Choice
Who has the personal liability to pay estate tax?
decedent
estate as a juridical personality
heirs
administrator or executor
- 7. Multiple Choice
Estate taxation is governed by the statute in force at the time of:
A. Creation of the last will testament or death of decedent in case of intestate succession
B. death of the decedent
C. filing of estate tax return
A or B, whichever is higher
- 8. Multiple Choice
An act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of his estate, to take effect after his death
contract
trust
estate
will
- 9. Multiple Choice
Succession which results from the designation of an heir, made in a will executed in the form prescribed by law is known as:
Legal or intestate succession
Testamentary succession
Mixed succession
Ordinary succession
- 10. Multiple Choice
A person who inherits specific real property thru will
Devisee
Heir
Legatee
Successor
- 11. Multiple Choice
Subject to estate taxes on properties situated within Philippines only
Resident Citizen
Resident Alien
Non Resident Citizen
Non Resident Alien
- 12. Multiple Choice
Which is not a test of situs?
Residence of debtor in case of accounts receivable
Place of storage in case of shares of stocks
Location of depository bank in case of bank deposit
Place of exercise in case of copyright
- 13. Multiple Choice
Which property is valued using the book value?
Shares of preferred stocks not traded in the stock exchange
Shares of common stocks listed in the stock exchange
Shares of stocks not traded in the stock exchange
Shares of stocks listed in the stock exchange
- 14. Multiple Choice
One of the following donations is not included as part of gross estate:
Revocable transfer
Transfer in contemplation of death
Proceeds of life insurance to the executor
Transfer under special power of appointment
- 15. Multiple Choice
Which of the following is not included in the gross estate?
Transfer for insufficient consideration
Transfer for Public Use
Transfer in contemplation of death
Transfer for an adequate and full cosideration
- 16. Multiple Choice
Amounts receivable by the state of the decedent, his executor or administrator as a n insurance policy taken by the decedent upon his own life is
Excluded from the gross estate
Part of the gross estate whether the beneficiary is REVOCABLE OR IRREVOCABLE
Part of the gross estate if the beneficiary is REVOCABLE
Part of the gross estate if the beneficiary is IRREVOCABLE
- 17. Multiple Choice
Exclusive Property of the wife is called?
Capital
Income
Equity
Paraphernal
- 18. Multiple Choice
Which of the following is exclusive property under the system of Conjugal Partnership of Gains?
Property before marriage
Fruits of exclusive property
Property acquired during marriage from the common fund
Inheritance during marriage
- 19. Multiple Choice
One of the following is not a community property of the spouses
Property inherited by the husband before marriage
Winnings in gambling
Fruits of property inherited during marriage
Fruits of property inherited before marriage
- 20. Multiple Choice
All of the following items are allowed as deductions against exclusive portion of the estate, except
Taxes
Claims Against the Estate
Transfer for Public Use
Special standard deduction
- 21. Multiple Choice
In computing the estate tax, which of the following shall not be allowed tax credit for taxes paid abroad?
Resident Alien Decedent
Resident Citizen Decedent
Non Resident Citizen Decedent
Non Resident Alien Decedent
- 22. Multiple Choice
The estate tax return shall be filed
at the time of death
within 30 days after death
within 6 months after death
within one year after death
- 23. Multiple Choice
Donor's tax is
A property tax
A personal tax
A business tax
An excise tax
- 24. Multiple Choice
The following are the requisites of a donation for the purposes of the donor's tax, except one
Capacity of the donor
Capacity of the donee
Delivery of the subject matter or gift
Donative intent
- 25. Multiple Choice
For the donation to be valid, acceptance of the donee must be made
During the lifetime of the donor only
During the lifetime of the donee only
During the lifetime of the donor and donee
None of the choices
- 26. Multiple Choice
When is the donation perfected?
The moment the donor knows the acceptance of the donee
The moment the thing donated is delivered, actually or constructively, to the donee
Upon payment of the donor's tax
Upon execution of the deed of donation
- 27. Multiple Choice
When an indebtedness is cancelled without any service rendered by the debtor in favor of the creditor, the forgiveness of debt will result to:
taxable income
distribution of dividend
taxable donation
taxable estate
- 28. Multiple Choice
A tax minimization scheme which is done by spreading the gift over numerous calendar years to avail of lower tax liability -
spread out method
donation of life insurance
splitting of gift
void donation
- 29. Multiple Choice
Jay sold his car to Jana for ₱ 200 000. Jay's car cost ₱500 000, and had a fair market value of ₱400 000 at the time of sale. What is the tax consequence of the sale?
There is a taxable gift of ₱300 000
There is a taxable gift of ₱200 000
The transfer is for insufficient consideration, hence, not subject to donor's tax
The transfer involved a personal property, hence, not subject to donor's tax
- 30. Multiple Choice
When the donor has no legal residence in the Philippines, the donor's tax return shall be filed with
Authorized Agent Bank
Revenue District Officer where the donor is domiciled
Revenue Collection Officer where the donee is domiciled
Office of the Comissioner
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