QUIZ 10

Question 1

138. The estate can deduct the amount of the income of the estate or trust for the previous taxable
     year which is to be distributed currently by the fiduciary to the beneficiaries;

True
False

Answer 1

False

Question 2

139. The estate can deduct the amount of the income collected, by a guardian of an infant, which is to
     be held or distributed as the court may direct.

True
False

Answer 2

True

Question 3

140. Estate is the right to the beneficial enjoyment of property, the legal title to which is
     vested in another.

True
False

Answer 3

False

Question 4

141. Irrevocable Trust is a trust where title can revert back to the grantor anytime.

True
False

Answer 4

False

Question 5

142. The taxable income of the estate or trust shall be computed in the same manner and on the same
     basis as in the case of individuals.

True
False

Answer 5

True

Question 6

143. An estate as an income taxpayer will always be classified as a citizen.

True
False

Answer 6

False

Question 7

144. It is comprised of the real and personal properties of the deceased.

Partnership
Trust
Estate
Corporation

Answer 7

Estate

Question 8

145. It is a fiduciary relationship with respect to property which involves the existence of equitable duties imposed upon the holder of the title to the property to deal with it for the benefit of another.

**
Trust
Corporation
Estate
Partnership

Answer 8

Trust

Question 9

146. It is not taxable as a separate entity.

**
Extrajudicial
Extrajuridical
Judicial
Juridical

Answer 9

Extrajudicial

Question 10

147. When a person who owns property dies, the following taxes are payable under the provisions of
     the income tax law:

• None of the choices are correct.
• All of the choices are correct.
• Estate Income Tax - if the
  property is transferred to the
  heirs.
• Income tax for individuals - to cover the period beginning January to the time of death.

Answer 10

• All of the choices are correct.