Chapter 1: Successions and Transfer Taxes (TRUE or FALSE) Flashcards
Estate tax is a tax on the right to transfer property at death and on certain transfers which are made by law the equivalent of testamentary disposition and is measured by the value of property.
TRUE
Estate tax is an excise tax.
TRUE
The taxpayer in estate taxation is the estate of the decedent as a juridical person.
TRUE
Estate tax accrues as of the date of the actual possession or enjoyment of the estate by the beneficiary.
FALSE
Executor is the person appointed by a court to carry out the directions and requests of a decedent in his will and dispose of his property according to his testamentary provisions after his death.
FALSE
Intestate succession arises when there is a transmission of properties in the absence of a will, or if there is a will, the same is void or lost its validity, or nobody succeeds in the will.
TRUE
Every will may be in writing and executed in a language not necessarily known to the testator.
FALSE
A holographic will is a will entirely written by a testator with his own hand and may be witnessed or attested.
FALSE
The will of an alien residing abroad produces effect in the Philippines if made in conformity with the formalities prescribed by law of the place in which he resides
TRUE
A person has unlimited right to make donations in his last will or testament
FALSE
The right to succession is transmitted from the moment the heirs receive their share in the inheritance.
FALSE
The law presumes that every person is of sound in the absence of proof to the contrary
TRUE
Brothers and Sisters (whether half or full blood) of the decedent are not compulsory heirs.
TRUE
Brothers and sisters (whether half or full blood) of the decedent can be an intestate heirs.
TRUE
There cannot be a disinheritance for compulsory heirs.
FALSE
Relatives by affinity are strangers for estate tax purposes
TRUE
An heir who inherits a specific personal property by will is known as devisee
FALSE
A codicil is a supplement or addition to a will, made after the execution of a will and annexed to be taken as a part thereof, by which any disposition made in the original will is explained, added, or altered.
TRUE
Under the law on legitime, if the only survivor is the widow or the widower, she or he shall be entitled to one-half of the hereditary estate of the deceased spouse, and the testator may freely dispose of the other half
TRUE
Representation is a right created by fiction of law by virtue of which the representative is raised to the place and degree of the person represented and acquires the rights which the latter would have if he were living or if he could have inherited.
TRUE
