Chapter 8 Flashcards
True or False:
In both the conjugal partnership of gains and absolute community of property regimes, properties and deductions must be classified as conjugal/communal or exclusive for purposes of computing the estate tax of the decedent-spouse.
True
True or False:
Net communal property equals the gross communal property less charges against such communal property.
False
True or False:
Under the system of absolute community of property, the gross estate of a married decedent consists of his exclusive property and communal property.
True
True or False:
Property acquired during the marriage by gratuitous title by a spouse, and the fruits as well as the income thereof, are the property of such spouse.
True
True or False:
Property for personal and exclusive use of either spouse is exclusive, except for jewelry.
True
True or False:
Property acquired before the marriage by either spouse who has legitimate descendants by a former marriage, and the fruits as well as the income, if any, of such property, are exclusive.
True
True or False:
Under the regime of absolute community of property, property acquired during the marriage is presumed to belong to the community, unless it is proved that it is one of those excluded therefrom.
True
True or False:
Proceeds of a life insurance policy payable to the insured’s estate may be communal or exclusive depending on the time when the policy was taken and the source of premium payments.
True
True or False:
The inclusion of claims against an insolvent person in the gross estate of the decedent spouse as either exclusive or communal property will depend on the nature of the claim—whether it is for exclusive or communal property.
True
True or False:
The net share of the surviving spouse in the absolute community property equals the gross communal property less charges against such communal property.
True
Which of the following is not included in the gross estate of a married decedent under absolute community of property?
a) Exclusive property of the decedent
b) Absolute community (communal) property
c) Property acquired by the surviving spouse after the decedent’s death
d) Property acquired during marriage but excluded under the law
c) Property acquired by the surviving spouse after the decedent’s death
Property acquired during the marriage by gratuitous title (gift, inheritance, donation) belongs to:
a) The absolute community property
b) The recipient spouse exclusively
c) The heirs of the deceased spouse
d) Both spouses equally
b) The recipient spouse exclusively
The net share of the surviving spouse in the absolute community property is computed as:
a) Net communal estate divided by two
b) Gross community estate less total deductions
c) Gross community estate multiplied by two
d) Net communal estate divided by four
a) Net communal estate divided by two
The family home deduction can be claimed if:
a) The home is owned by either spouse and is used as a residence
b) The home is a rental property used for business
c) The home is under mortgage at the time of death
d) The home is located outside the Philippines
a) The home is owned by either spouse and is used as a residence
The standard deduction applicable to a decedent’s estate is:
a) P1,000,000
b) P5,000,000
c) P10,000,000
d) P20,000,000
b) P5,000,000
Which of the following is not a deductible expense from the gross estate?
a) Unpaid mortgages
b) Family home deduction
c) Proceeds of a life insurance policy paid to a named beneficiary
d) Claims against the estate
c) Proceeds of a life insurance
If life insurance proceeds are payable to the insured’s estate, they are:
a) Excluded from the gross estate
b) Always part of the absolute community property
c) Included in the gross estate, subject to estate tax
d) Considered as a gift and subject to donor’s tax
c) Included in the gross estate, subject to estate tax
Under absolute community of property, personal belongings such as clothing and shoes of either spouse are considered:
a) Communal property
b) Exclusive property
c) Taxable property under estate tax
d) Government property
b) Exclusive property
The claim against an insolvent person in the gross estate is classified as:
a) Always exclusive property
b) Always communal property
c) Either exclusive or communal, depending on the nature of the claim
d) A deduction under standard deduction
c) Either exclusive or communal, depending on the nature of the claim
Which of the following cannot be classified as an exclusive property of the decedent?
a) Property acquired before the marriage
b) Property inherited during the marriage
c) Income earned from exclusive property during marriage
d) Jewelry owned by a spouse for personal use
c) Income earned from exclusive property during marriage
Enumerate the two main classifications of property under absolute community of property.
Exclusive property
Communal (absolute community) property
List five deductions that can be made from the gross estate.
Standard deduction (P5,000,000)
Claims against the estate
Claims of the deceased against insolvent persons
Unpaid mortgages, taxes, and casualty losses
Family home deduction (up to P10,000,000)
Identify three examples of exclusive property under absolute community of property.
Property acquired by gratuitous title during marriage (inheritance, gift, donation)
Property acquired before marriage
Personal and exclusive use property, except jewelry
Name three conditions that determine whether life insurance proceeds are included in the gross estate.
Policy was taken before marriage and premiums were paid using communal funds
Policy was taken during marriage (presumed communal)
Policy was payable to the insured’s estate
