CHAPTER 6 Flashcards
1
Q
The basis for the computation of estate tax
A
Net estate subject to tax or net taxable estate
2
Q
Computation of Net Taxable Estate
A
Gross Estate xxx
Less: Deduction xxx
———–
Net Taxable
Estate Pxxx
3
Q
T or F
If the decedent were a resident alien, shall the same computation will apply?
A
T - because a resident alien estate is subject to estate tax in the same manner as a resident citizen estate.
4
Q
T or F
A citizen’s gross estate shall consist of all his property wherever situated.
A
T- because he is a citizen.
5
Q
T or F
if the decedent is non-resident alien, Only his property situated in the philippines shall be part of his gross estate.
A
T
