Tax

Question 1

is a tax imposed upon gratuitous transfer of property ownership.

Answer 1

TRANSFER TAX

Question 2

is one that neither imposes burden nor requires consideration from transferee or recipient.

Answer 2

GRATUITOUS TRANSFER

Question 3

is imposed on the act of passing ownership of property and not a tax on the property itself.

Answer 3

PRIVILEGE TAX

Question 4

is an excise tax imposed upon the right of transmitting property at the time of death, and the privilege of controlling the disposition of one’s property to take effect upon death.

Answer 4

ESTATE TAX

Question 5

is a tax on the privilege of transmitting one’s property to another during his lifetime without adequate and full valuable consideration.

Answer 5

DONOR’S TAX (GIFT TAX)

Question 6

is a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another or others by will or by operation of law.

Answer 6

SUCCESSION

Question 7

the person whose property is transmitted through succession, whether testamentary, intestate, or mixed.

Answer 7

DECEDENT

Question 8

the person called to the succession either by the provision of a will or by operation of law.

Answer 8

HEIR

Question 9

refers to all property, rights and obligations of a person which are not extinguished upon his death.

Answer 9

ESTATE

Question 10

results from the designation of an heir, made in a will executed in the form prescribed by the law.

Answer 10

TESTAMENTARY

Question 11

transmission of properties where there is no will, or if there is a will, such is void or lost its validity, or nobody succeeds the will.

Answer 11

LEGAL OR INTESTATE SUCCESSION

Question 12

a transmission of properties, which is effected partly by will and partly by operation of law.

Answer 12

MIXED SUCCESSION

Question 13

is the person nominated by the testator to carry out the directions and requests in the decedent’s will and to dispose his property according to the decedent’s testamentary provisions after his death.

Answer 13

EXECUTOR (EXECUTRIX)

Question 14

is the person appointed by the court, in accordance with the governing statute, to administer and settle intestate estate and such testate estate as no competent executor designated by the testator.

Answer 14

ADMINISTRATOR (ADMINISTRATIX)

Question 15

an act wherebyn a person is permitted with the formalities requireed by law, to control to a certain degree the disposition of his estate, to take effect after his death from the moment of the death of the decedent, the rights to the suceession are transmitted , and the possession of the hereditary proprerty is deemed transmitted to the heir.

Answer 15

WILL

Question 16

is a will that is created for the testator by a third party, usually his lawyer, follows proper form, signed and dated in front of required number of wtnesses ( 3 or more witnesses) and acknowledged by the presence of a notay public.

Answer 16

NOTATRIAL WILL

Question 17

a written will which must be entirely written, dated and signed by the hand of the testator himself, without any necessity of any witness. This kind of will does not need formalities because many people can recognize his handwriting and it can be verified by a penmanship expert.

Answer 17

HOLOGRAPHIC WILL

Question 18

a supplemet or addition to a will, made after the exceution of a will and and annexed to be taken as part thereof, by which any disposition made in the original will is explained, added to or alttered.

Answer 18

CODICIL

Question 19

an heir of personal property given by virtue of a will.

Answer 19

LEGATEE

Question 20

an heir of real property given by virtue of a will.

Answer 20

DEVISEE

Question 21

portion of the testator’s property which could not be disposed freely because the law has reserved it for the compulsory heirs.

Answer 21

LEGITIME

Question 22

part of the whole estate which the testator could dispose of freely through a written will irrespective of his relationship to the recipient.

Answer 22

FREE PORTION

Question 23

Consist of all properties and interests in properties of a decedent at the time of death as well as properties transferred during lifetime (only in form), but in substance was only transferred at the time of death.

Answer 23

GROSS ESTATE

Question 24

gross estate shall include all properties located within and outside the Philippines.

Answer 24

RESIDENT OR CITIZEN

Question 25

gross estate shall include properties located only within the Philippines.

Answer 25

NON-RESIDENT ALIEN

Question 25

gross estate shall include properties located only within the Philippines.

Answer 25

NON-RESIDENT ALIEN

Question 26

Personal property that can be seen and touched. These include appliances, jewellery, car and other movable property which can be transported from another.

Answer 26

TANGIBLE PERSONAL PROPERTY

Question 27

Personal property that can not be seen and touched because they have no physical form. Bank deposits, bonds, promissory notes, copyright, trademark, mortgages, patent, and licenses are intangible personal property.

Answer 27

INTANGIBLE PROPERTY