Philippine Estate Taxation and Gross Estate Concepts

A set of vocabulary flashcards covering the components of the gross estate, tax payment extensions, and property ownership rules under ACP and CPG based on Philippine tax law.

Gross Estate Inclusion (Non-resident Citizen)

Includes all tangible and intangible properties, regardless of location.

Gross Estate Inclusion (Resident Alien)

Includes all tangible and intangible properties, regardless of location.

Gross Estate Inclusion (Non-resident Alien)

Includes tangible and intangible personal properties located in the Philippines.

Maximum Estate Tax Payment Extension (Judicial Settlement)

A period not exceeding $5$ years granted by the Commissioner of Internal Revenue in cases of undue hardship.

Bank Account Examination (Estate Determination)

The Commissioner of Internal Revenue may examine the bank accounts of a decedent without a court order for the purpose of determining his gross estate.

Estate Tax Credit Eligibility

Can only be claimed with respect to taxable properties located abroad owned by citizens and residents of the Philippines.

Estate Tax Reciprocity Exemption

Exempts properties such as the patent of a non-resident alien decedent exercised in the Philippines.

Jewelry Ownership (ACP - Personal Use)

Under the Absolute Community of Property (ACP), jewelry for personal and exclusive use of the wife shall generally belong to the husband and wife.

Jewelry Ownership (ACP and CPG - Inherited/Donated)

Jewelry inherited by or donated to either spouse during the marriage is considered the exclusive property of that spouse.

Jewelry Ownership (ACP - Purchased with Inheritance)

Jewelry purchased using money inherited during marriage is considered the exclusive property of the spouse who inherited the money.