Transfer Taxes - Assessment

1.

Multiple Choice

20 sec

1 pt

Transfer tax is

Impose upon gratuitous transfer

Of two kinds - estate and donor

Classified as national tax

All of the above

2.

Multiple Choice

20 sec

1 pt

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

20 sec

1 pt

The subject matter or object of transfer tax is

right to transmit

decedent

properties of decedent

beneficiaries

4.

Multiple Choice

20 sec

1 pt

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

20 sec

1 pt

The taxpayer in estate tax is

the decedent

the estate as juridical personality

the heirs

the administrator or executor

6.

Multiple Choice

20 sec

1 pt

Who has the personal liability to pay estate tax?

decedent

estate as a juridical personality

heirs

administrator or executor

7.

Multiple Choice

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

A person who inherits specific real property thru will

Devisee

Heir

Legatee

Successor

11.

Multiple Choice

20 sec

1 pt

Subject to estate taxes on properties situated within Philippines only

Resident Citizen

Resident Alien

Non Resident Citizen

Non Resident Alien

12.

Multiple Choice

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

Exclusive Property of the wife is called?

Capital

Income

Equity

Paraphernal

18.

Multiple Select

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

Donor's tax is

A property tax

A personal tax

A business tax

An excise tax

24.

Multiple Choice

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

20 sec

1 pt

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

1 min

1 pt

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

20 sec

1 pt

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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