true or false Flashcards
1
Q
Estates are taxed on income received during the period of administration or settlement.
A
True
2
Q
Estates and trusts are allowed a personal exemption of P20,000 (Per TRAIN, they are no longer allowed this exemption).
A
False
3
Q
A trust must be irrevocable to be taxable.
A
True
4
Q
Estate taxation applies to the income generated by an estate (Estate tax applies to property transfer, not income).
A
False
5
Q
A beneficiary has an equitable title to property in a trust.
A
True
6
Q
Income accumulated in a foreign-administered trust is deductible from gross income (Such deductions are not allowed in foreign-administered trusts).
A
False
7
Q
A fiduciary may distribute or retain income, depending on the terms of the trust.
A
True
8
Q
A
