Tax Credit and Distributable Estate Flashcards
Tax credit for death taxes paid to a foreign country is not allowed to a decedent who was
a. Non-resident citizen of the Philippines
b. Resident alien decedent
c. Non-resident alien with intangible personal property in the Philippines and there is reciprocity
d. None of the above
Non-resident alien with intangible personal property in the Philippines and there is reciprocity
Which of the following is not allowed with tax credit for payments of estate tax on foreign countries?
a. An American residing in the Philippines at the date of death
b. A Filipino citizen who migrated in the US
c. An alien who was a resident of his own country at the date of death
d. None of the above
An alien who was a resident of his own country at the date of death
Statement 1: Tax credit for foreign estate tax is allowed to minimize the effect of multiplicity of situs
Statement 2: Filipino citizen decedents whether resident or non-resident are allowed of tax credit for foreign estate tax
Which of the following is correct?
Statements 1 and 2 are true
The amount derived by the ratio of net estate in a foreign country over net estate from all locations on the Philippine estate tax
a. Vanishing deductions
b. Estate tax credit
c. Estate tax credit limit
d. Tax avoidance
Estate tax credit limit
The amount derived by the ratio of net estate in a foreign country over net estate from all locations on the Philippine estate tax
a. Vanishing deductions
b. Estate tax credit
c. Estate tax credit limit
d. Tax avoidance
Estate tax credit limit
