FA 1 - Estate Tax (Tax 2)

Question 1

Estate tax accrues upon the death of the decendent

Answer 1

true

Question 2

ACCOUNTS RECEIVABLE of NRA decedent from a RC will form part of the taxable estate of such NRA

Answer 2

True

subject to reciprocity

Question 3

a USUFRUCT over a real property located outside of the Phil and granted in favor of a resident alien decedent will form part of his gross estate in the Phil

Answer 3

FALSE

RA is w/in & w/o

Question 4

Proceeds of the life insurance taken by the -Er of the decedent for the benefit of his estate will form part of the gross estate of the decedent

Answer 4

False

Life insurance must first and foremost be taken by the decedent on his own life

Question 5

The sale of REAIDENTIAL HOUSE and lot for the amount of 1M when the FMV thereof is 20M will form part of the gross estate of the seller-decedent

Answer 5

True

transfers for insufficient consideration

Question 6

a loan secured by REM which remained unpaid at the death of the decedent shall be deductible as claims against the estate

Answer 6

FALSE

Question 7

a residential house & lot in the US & donated by the NRA to the resident decedent 3 years before the death of the decedent cannot be claimed as a VANISHING DEEUCTION by the latter

Answer 7

True

property must be located in the Philippines

Question 8

Filing of estate tax return may be extended for 5 years in case of an estate subject to a judicial settlement proceeding

Answer 8

false

payment may be extended for 5 years for juridical settlement proceedings; filing may be extended for 30 days

Question 9

a NRA decedent is entitled to a deduction for properties previously taxed

Answer 9

True

Question 10

a conjugal home shall be entitled to a family home deduction for purposes of determining the share of the surivinvg spouse

Answer 10

False

special deduction (whole amount)