Professional Documents
Culture Documents
1.
2.
rAxArlON
cPA Revieur
ttffilij.tfte
property
b. Community property
a. Conjugal
3. Under the absolute comrnunity of property, jewelry f,or personal & ex.clusive
a.
4.
wife
b.
husband
c. husband and
5.
PI,000,000
use of the
wife
d. children
PhtirFprnes
of
P2,000,000
d. P500i000
c, F200,000
Cost
transfers inter-vivos:
Ts
B.
transfer
Consideration received
FMV time of death of A
FMV, time of
Pi00,000
140,000
100,000
120,000
rqe
lbD
P100,0S0 P100,CI00
160,00t1
7. Medical
8.
9.
10. One
90,000
d. P110,000
d. Pi,000,00
o. P500,000
The amount of funetai expense that nray be,leducted- korn ti,e;t,:s.: estale i:;
a. 5o/o of the gross estate or P200,000 whichever is lovrer
b. Actual funeral expense or P200,000 whichever is lower
c. 5Ya of tho gross estate or the acfual funerai expenses whichercr is lr.rwer
d. 5% of the gloss estatc or the actual funeral expenses or P200,r100 wluE;krever is the lowest
c.
d.
11.
rr
A died ieaving a fann land. In his wili, he transfbned ti:e orvnership tirerer:f trr il but subject to the condition
that C will have the right to use the lancl for a period of ten years iusuiruct). ln the seventh year, however, C
died and in C's will he surrendered his right over the land to B.
a.
b.
D
P100,000
I 80.000
i 10,000
P100,000
L00,000 100,000
8C,00dJ
i40,000
200,(t00 70,0(}0
a.
TP E
tax
tax
12. Gross estate includes all his property, real or personal, tangible or in'.angible rvherel'er situated, excep
tl. Nau-resident alien
b, No*-resident citizen c.. Resident
a. Resident
citizen
alicrn
13.
Written notice shall be given to the CIR if the gross estate excecds
a. P 20,000
b. P50,000
d. P150,000
c. F100.000
a. Revocable
Irrevocable
Partly
cl.
revocable, partly in'evocable
b, Irrel'ocable
d Partly rovooable, paftly irrevooable
17.
h. lrrevocable
d. Partiy revocable, partiy irrevocable
A person other than the estate, executor or adrdnistrator and the designation is
a. Revocable
b. Irrevocable
c. Whether revocable or irrevocable
d. Partly revocable, partly irrevocable
l
I
information:
*ithl,
I
i.
,+
c.
]rear';
years
I
d. 5 yeais
i
20. From the time of death, notice of death should lre given within
a. One month
b. 2 months
c. 3 months
d. 6 nnohths
21. As a rule, estate tax return shouid be filed under oath. if the gross estatr exceeds
a. P 100,000
d. P1,000,000
b. P200,000
c. P500.000
22.If
oath
23. The estate tax retr-rrn shall be supported with a statenterrt duly o*rii{iert by a CPA if thelgross estate exceeds
a. P1,000,000
b. P2,000,000
d. Pi0,000,000
c. P5,000.000
24. From the decesjents' deatir" the estate tax retrrrn shall bs fi"lsd w.thilr.
a. 2 montls
b.3 months
c. 6 rnonths
25. The CIR, in meritrrrious ca$es may g-rent a reasonal:le extension to frl*
a. 30 days
b. 60 days
c. 3 months
26.
ql. 18 months
xh"e
F
Fruits and incomr: of,exclusive propery*, shall belong to ttre sp$r.rses only if Conj.Partn.of Gains
F- Donations
made by the deeedent during triferime but to take effect upon iris death shall be exempt from
estate tax.
a. True, true
b. T'rue, false
c. Falsc,
true
d. F"alse, false
F
27. - Property brought to the urarriage by either spouse shall belcng to both spouses. only if Abs.Community
T
-- The share of r"lre surviving spouse in the conjugel properSr is pari.'cf th* gross estate of the decedent
a. True, true
b. True, false
c. Iialse, true
d. False, false
t.
surviving spouse
distribution of the
Taxation of the estate shall b,e governed by the statute or law in force at the time of XXXXXXX
XXXX
estate
to the heirs at the time of DEATH of the DECEDENT..
determination of the respective share of the heirs in the estate of the
- Succession takes place upon the
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
F
decedent
upon death..
d. False, false
c. False, ffue
b. True, false
a. True, true
29F. -
30.
T
- The family home includes the holrse and the lot where the house stands
F
-- The value of the house and the lot where it stands, if a Family Home is deductible ftom the estate of the
dEoedent deductible only upto 1M
b. True, false
a. True, true
31.
c. False, true
F
of th9 spouses Abs.Comnty
- When exclusive property is sold during the mamage, the proceeds become property
F
.. The tegal heirs df td. decedent must bi detenrdned first before the correct estate tax can be
ascertained
True,
true
a.
b. True, false
c. False, true
d. False, false
Under the absolute ccrnnnnurrity' of property, prorterfy acquired before marriage by either spouse including
fruits and income, if any shall belong to botlt spouses only if no former marriage..
of the wake,
F-- The cost of burial ploi, tombstone, monument or mausoleum, mourning apparel, exFenses
and notices are deeluctible'{iom gross estate as funeral expenses only upto 200K
d- False, false
c. False, true
b.'irue, false
a. True, true
32.
F Expenses incurred for the performance of the rites and ceremonies incident to interment and those
before
incurred XXX
after interment, such as prayers, masses and entertainment are part of funeral expense'
showing the disposition of the proceeds of the loan
F-- The administator or eNecutor shall submit a statementXXXXXXX
if the claims against the estate rvas contracted withjn five years before the death of the decedent' within 2
d. False, false
c. False, true
years..
b. True, false
a. True, true
Kapag >2 yrs na, dapat may substantiation..
F
before marriage it vrill belong to both spouses while if it is inherited during
34. - If the property is inherited ___________
marriage it is exclusive. both spouse if Abs.Community
-Unless
stipulated, the properiy relations shall be govemed by conjugal parhrership of gains for marriages
F
on Aug. 3, 1988 = ABC
celebrated_________
on or before Aug. 3, 1988.
33.
b. True, false
a. True, true
c. False, true
d- False, false
Unless stipulated, the propertv reiotions shatl be go'verned by absolute community of property for
after August 3, 1988
marriages celebrated on or____
use of either
F -- Under tl* ,"gr*" of absolute .o**lnrity of property, property for personal and exclusive
spouses except jewelry shall belong to both spouses'
d. False, false
e. False, true
b. '['rue, false
True,
true
a.
35.
it
36. Statement 1 The court may authorize the distribution of estate, to an heir if irl its sound discretion
F believes that the heir badly rreeds his share.
of BIR withdraw
T Statement 2 The adnninistrator or any of his heirs, may however upon authorization
from tfle decedent's bank deposits P20g00 without the riquired certification that the estate tax has been
paid.
d" False, false
c. False, true
b. True, false
a. True, tnre
Unpaid mortgage indebtedness is deductible from the gross estate provided the said property
net of the mortgage indebtedness' F r"bJ".t t" th. inde|tedness ii included in the gross estote, XXXXXXXXXXXXXXXXXXXXXXX
inter-vivos by the dicedentto the Fhilippine government few months before his
F Statement 2- A donation ________
donation mortis causa is included in GE.
death is a XXXXXXX
deduction from the gross estate
d. False, false
c. False, true
b. True, false
a. True, true
37. Statement
I-
38' Statement I * A died grving B power to appoint & persotr who will inherit A's house
and lot. B however
only choose among C, D, E and F. B decided to transfer the property to C, in B's will when he
F can ___
was old
already. The hansfer from B to C is subject to estate tax limited 'to
$tatemenl 2 * During A's lifetime, he decided to give B as gift his car subject to the condition tl,t if B
F does not bscome a CPA within
three years, A shall ievoke t&e-transfer. In the second year however, A died.
The car can no longer fomr part of A,s gross estate.
a. True,
b. True,
c. False,
d. False, false
true
false
true
NRA
NRAw/o
+
+
P3,650,000
P3,600,000
P1,195,000
b.
p94S,000
c.
p1,320,000
d. p1,070,000
A 4i. If in the preceding number reciprocity law can be applied the gross estate is
a.
P1,050,000
b.
p1,195,000 c. p1,250,000
d. p1,070,000
B 42' Based on the above problem but assuming that the PLDT shares of stocks are not listed
in the local stock
exchange, and there are 1,000 shares at the time of death, the company's outstanding shares were 10,000
shares. Its retained eamings was P2,000,000, par value per share
said shares at
If FV is missing, use BV..
a. Still at P75,000
b. P250,000
c.
GE
4000
1200
2000
a. Real properties
ELIT
GE
7200
P 4,000,000
b. Familyhome
Unpaid exp
-800
1,200,000
c. Personal properties
Estate tax
-344
2,000,000
d. _____
Paid medical pxpense
Distributable = 6056
600,000
e. Allowable deductions
-800
900,000
a) Determine the net estate subject to tax.
b) Net distributable estate StdDeduc
3900K
6056K
C
44" A, Filipino, married, died leaving the following:
p 4,000,000 4000
a. Real property- cor{ugal
(A)
(A)
expenses
cor{ugat
estate
a. Real properties
- coqiugal
b. Real property - exclusive (C)
c. Family home - exclusive (D)
d, Allowable deduction- cor$ugal
Deterrnine the net taxable estate
1,800,000
1,400,000
1"200,000 -1200
-500
2500
4210K
C
P 4,000,000 4000
-1000
-1000
=7200 -800
-2500 = 3900 Net Estate
E
SplDeduc
344 Estate Tax
2,500,000
1200
I,200,000
600,000
-1400
1,400,000
=2600/2=1300 +3700
b) Net distributable estate
2500K
45. C, Filipino, married to D, died leaving the following:
SplDeductn
-1000
-500
-1000 Standard
-2500 = 2500 Net
190 Tax
Spl Deduction
1800
X
=2800/2=1400 +1800
4000
+2500
+1200
estate -600
Due
-1300*
-190
=4210
- corgugal
b. Real property - exclusive @)
c. Real property - exn:lusive @)
(Lot where the fannily home stands)
d. Family home- c*iljrlgal
e. Allowable deductions - conjugal
a. Real properties
C
7000
- conjugal
b. Real prope4y- exclusive (G)
a. Real properties
(G)
e. A-llowable deductions - conjugal
stands)
P 5,000,000 5000
1,200,000
=4400/2= +2200
-500FH
-400FH
-1000STD
P7, 000,000
= 1900
1,400,000
E
1400
800,000
800FH
1,800,000
1800
-2400
2,400,000
-5400/2= 2700
-1000FH - 1000STD = 3900
48.IvIr. A, Filipino, married. died on January 1, 2011 survived by his wife and 2 legitimate children by
former marriage and a legitirnate child with his present rruife, leaving the following:
il.
b.
land
land
present
wife
pond
2) Jewelry
l)
c.
1200
+400 FH
400,000
1,000,000 1000FH
1,600,000 -1600
Fish
Exclsve P 1,200,000
Exclsve 1,000,000
vehicles
land
Cash
expenses
ex.penses
49.
estate
expenses
Philippinr:s
usA
Austalia
usA
Austalia
=> 4.5M
3,000,000 => - 2.7M
____________
2,000,000 => - 2M x3/10 = 319.5 vs 280
10M-1M=9M => 1065 x 2/10
= 213 vs 220
P 5,C00,0CI0
290,000
220,000
1065
-280
-213.33
=547.66
USA
=663
Deductions claime"d by the estate: 1500-663 = 837 x 20% 167.4 Vanishing deduction
2,000,000
3,000,000
5,000,000
2000
+3000
Actual frureral expose 2400(lower) -400 =2000 Initial basis x 2210/5000 200,000
Judicial expenses
100,000 -210
=884
Claims against the estate 2000 - 884 = 1116 x 40% = 446.4 Vanishing deduction120,000 -2000
Transfer of the land in Makaii to the Philippine government (in decedent's will)
2,000,000 -167.4 -446.=2176.2
o The land in Manila wken inherited 3 L/zyearc ago had a vaiue of P2.400,000 $rith a mortgage thereon of P400,000
which was paid prior to lvIr. Y's death.
r The land in Maka4 when inherite d4'/zyea* ago has a value of P1,500,000.
Determine the net eslate subjecl to estate tffi" 2176.2
5l' Mr. A, Filipino, married to B with u&om he has two chiidren died on February 14,2011. The inventory of
the properties of the spouses show the following:
a, House and lot in Manila owned by A before the marriage
b. Agricultural land ovrmed by B before the marriage
c. Real property acquired during marriage
d. Family home acquired during marriage
e. Personal property acquired during marriage
f. Commercial building in Makati inheritedhy A during marriage
from his father who died on February 14,l9g7
g. Apartnent house inherited by B during merriage from her mother who
P 3,000,000
1,200,000
2,000,000
2,200,000
1,400,000
2,000,000
diedonFebruary 14,2003
h. Proceeds of life insurance where rhe estate of A was designated as the
irrevocable beneficiary
i' Proceeds of life insurance where B was designated as the irrevocable beneficiary
Deductions claimed by the estate:
L Legacy Stven in favor of Philippines goveiltment in decedent's
2. Claims against the
3. Unpaid mortgage on agricultural land (etter b
4. Funeral
5. Judicial
SS = 2860
Determine the estate hx due and payable Net Estate = 5560
estate
above)
expenses
expenses
52.
will
4,000,000
1,000,000
2,000,000
P300,000
100,000
400,000
1g0,000
600,000
Mr. O, Filipino, married, died on Dec. 31, 2012, tiuee years after his marriage to Mrs. O. He left the
following:
Property
Property
c. Property
d. Property
e. Property
P3,000,000
1,200,000
1,800,000
1,400,000
b.
f.
a.
M-inlaw Death
'10
12.31.12
2,000,000
14
1,500$oo
E
2,400,000
E
1,600,000
220,044
500,000
170,000
80,000
gains
ESTATE TAX
If
Ovel
P 200,000
CPG
GE
500,000
2,000,000
5,000,000
10,000,000
Excl
Comm
3
2+1.5
1.8
2.4+1.6
=4.8 + =7.5
Ord-ELIT
-0.5
-0.2
-0.18 -0.17
Ord-VD
-0.653804 -0.8
=3,466,146 + =7050K
Spl-FH
Spl-STD
Spl-MED
Total
he
Plqs
Ofexcess over
Exempt
P 15,000
135,000
465,000
1,215,000
ACP
GE
Tke End
12.3M
Ord-ELIT
Ord-VD
10,516,146
-1M
-1M
-3.525 = 4,991,146
Spl-FH
Spl-STD
Spl-MED
5%
8%
llo/o
15%
2A% Excl
200,000
500,000
2,000,000
5,000,000
Comm 10,000,000
Total
3+1.2+1.8
2+1.5+2.4+1.6
=0 +
=13.5
13.5M
-0.5-0.2-0.18
-0.3-0.17-0.8
-0.858312
=0 + =11,211,688
11,211,688
-1M
-1M
-5.5605844 =3,605,844
'Tqt 1d
11 6