CHAPTER 5 Flashcards
1
Q
the transfer of the net estate of every decedent, weather resident or non-resident of the philippines, as determined in accordance with the code, shall be subject to the ________.
A
Estate Tax
2
Q
The basis of estate tax
A
Net estate
3
Q
Net Taxable Estate is arrived at by deducting from the gross estate the _____.
A
Allowable Deduction
4
Q
amended the graduated rates of estate tax under section 84 of the NIRC
A
The TRAIN LAW or RA 10963
5
Q
The RA 10963 amended the graduated rates of estate tax under section 84 of the NIRC to a fixed rates of ____.
A
6% based on Net Estate
6
Q
Illustration: Mr. Fernan died leaving a net taxable estate of P150,000. What amount is the ESTATE TAX?
A
Answer: P9,000
(150,000 x 6%= 9,000)
