TAXATION - ESTATE

Succession

It 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 either by his will or by operation of law

Testamentary

Succession which results from the designation of an heir, made in a will executed in the form prescribe by law

Will

An act whereby a person is permitted with the formalities prescribed by law, to control to a certain degree the disposition of his estate, to take effect after his death

Holographic will

It is a will which must be entirely written, dated and signed by the hand of the testator himself. It is subject to no other form and it may be made in or out of the Philippines and need not be witnessed

Decedent

The person whose property is transmitted through succession, whether or not he left a will

Heir

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

Legatee

An heir to a particular personal property given by virtue of will

Devisee

An heir to particular real property given by virtue of will

Legitime

Part of the testator’s property which he cannot dispose of because the law has reserved it for certain heirs who are called compulsory heirs

estate tax

In succession, fruits and credits maturing after the death of the decedent pass to the heirs even if they were not subjected to

inheritance

In succession, the successor can refuse the

Of death of the decedent

The estate should be valued at the time

succession

The estate tax accrues upon the death of the decedent-owner of the properties transmitted by

estate tax

it should be paid by the executor or administrator, or the heir, before title to any registerable property may be registered in the name of the heir to whom it is given by succession

included

In computing the gross estate of a decedent If he was a non-resident, but citizen of the Philippines, tangible and intangible properties, regardless of location, shall be

included

In computing the gross estate of a decedent if he was a resident who was not a citizen of the Philippines, tangible and intangible properties, regardless of location, shall be

included

In computing the gross estate of a decedent If he was a non-resident who was not a citizen of the Philippines, tangible and intangible personal properties, located in the Philippines, shall be

revocable

In a (blank) transfer, the decedent during his lifetime, may revoke, alter, amend or terminate the terms of enjoyment or ownership of the property

transferor

A revocable transfer is always includible in the gross estate of the decedent-

exercised

A revocable transfer shall be included in the gross estate of the decedent-transferor even though the power to revoke was not

special power of appointment

this authorizes the donee of the power to appoint only from among a designated class or group of persons other than himself

gross estate

Transfer in contemplation of death where the consideration is not sufficient

Revocable transfer where the power of revocation was not exercised

Proceeds of life insurance where the beneficiary designated is the executor and the designation is irrevocable

this following are included in the computation of

irrevocable

Proceeds of life insurance where the beneficiary of the decedent is not his estate, executor or administrator is not part of gross estate if the beneficiary is

500k

Standard deduction is allowed to decedents who are non-resident aliens but with the deductible amount of

gross estate

Unpaid property taxes accrued in the year of death is deductible from the

vanishing deduction

The underlying reason for (blank) is to offer a relief from heavy burden of taxation if the same property is subjected to two estate taxes within a short period of time because of proximate dates

previously finally determined and paid

In order that there can be vanishing deduction, the estate tax on a prior succession must have been

40% of the value taken as basis for vanishing deduction

A resident and citizen of the Philippines died on May 10, 2021. Among his gross estate are properties inherited from his deceased father who died on April 4, 2018. What percentage of deduction will be used in computing the amount of vanishing deduction?

conjugal property of the spouses

The fruits of an exclusive property is a

community property of the spouses

Properly inherited by the husband before marriage, Fruits of property inherited before the marriage and Winnings in gambling is a

Husband and wife

Under the absolute community of property, jewelry for personal and exclusive use shall belong to the

Exclusive

Personal property for personal and exclusive use in absolute community property shall be classified as

Exclusive

Personal property for personal and exclusive use in Conjugal Partnership of Gain shall be classified as

conjugal property

Those acquired by onerous title during the marriage at the expense of the common fund, by industry or work of either of them, and the fruits, rents or interests received or due during the marriage coming from the conjugal property or from the exclusive properties of the spouses are part of the

at the rate of 6% based on the value of such net estate

there shall be levied, assessed, collected and paid upon the transfer of the net estate of every decedent, whether resident or non resident of the ph, a tax

executor or administration

who files the tax return, and pays the tax thereon, on income derived by an estate that is under judicial administration

claims against the estate

this deduction physically diminishes the gross estate of the decedent

6% final withholding tax imposed under section 97 of the NIRC

the amounts withdrawn from the deposit accounts of a decedent shall be subjected to the