Deductions from Gross Estate Flashcards
1
Q
Types of deductions from gross estate (3)
A
Ordinary deductions
Special deductions
Shares of surviving spouse
2
Q
Types of ordinary deductions
A
LIT
Transfer for Public Use
Vanishing Deductions
3
Q
Deductions under LIT
A
Losses
Indebtedness or Claims against the Estate
Taxes
Claims against Insolvent Persons
4
Q
Types of Special Deductions
A
Standard Deduction
Family home
Amounts received by heirs under RA 4917
5
Q
Net share of the surviving spouse in the conjugal partnership property
A
50%
