TAXATION - 1 A revocable transfer with a consideraTon...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. A revocable transfer with a consideration received: Consideration received P200,000 Fair market value of property at the time of transfer 300,000 Fair market value of property at the time of death 250,000 Amount to be included in the gross estate is: a. P300,000. b. P250,000. c. P100,000. d. P 50,000. 2. A decedent was married at the time of death and under the system of conjugal partnership of gains regime. Among the properties in the gross estate were: Land, inherited before the marriage, fair market value P100,000. Family home built by the spouses on the inherited land 800,000 The amount of deduction for family home allowance is a. P900,000. b. P500,000. c. P400,000. d. P450,000. Questions 3 through 5 are based on the following information: Mr. Digna, a resident citizen, died with properties consisting of his gross estate, P5,000,000. Actual funeral expenses amounted to P220,000 and other expenses and claims which are deductions from the gross estate amounted to P1,200,000. . The allowable deductions for funeral expenses is a. P220,000. b. P250,000. c. P200,000. d. P-0- . The net taxable estate is: a. P3,600,000. b. P3,550,000. c. P3,700,000. d. P3,580,000. . The distributable estate was diminished by: a. P1,420,000. b. P1,400,000. c. P1,200,000. d. P1,450,000. Questions 6 & 7 are based on the following information: . Properties in the Philippines P500,000. Properties outside the Philippines 300,000 Actual funeral expenses in the Philippines 20,000 Actual funeral expenses outside the Philippines 10,000 If the decedent was a citizen or resident of the Philippines, the deductible funeral expenses amounts to: a. P30,000. b. P40,000. c. P18,750. d. P25,000.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
. If the decedent was a non-resident alien, the deductible funeral expenses amount to: a. P30,000. b. P40,000. c. P18,750. d. P25,000. . Mr. Arias died with a receivable from Mr. Bernas. Mr. Bernas has properties worth P220,000 and obligations of P320,000. Included in the obligations are P20,000 owed to the Government of the Republic of the Philippines for unpaid taxes and P60,000 owed to Mr. A. The deductible claim against insolvent persons amount to: a. P60,000. b. P41,250. c. P20,000. d. P40,000. . The decedent, during his lifetime, was under the conjugal partnership of gains. Among his allowable deductions from the gross estate is vanishing deduction and the following: Funeral expenses P 80,000. Judicial expenses 100,000. Claims against conjugal properties 120,000. Mortgage on exclusive property 40,000. Bequest to charitable institution 5,000. Bequest to the Philippine Government 60,000. Medical expenses 300,000. Amount received by heirs under R.A. 4917 60,000. In the formula for vanishing deduction where: Initial basis of property ------------------------------ x Deductions, Gross Estate The multiplier “deduction” is equal to: a. P400,000. b. P405,000. c. P 40,000. d. P100,000. Questions 10 & 11 are based on the following: A decedent died single, leaving a family home which consists of a piece of a piece of land that he inherited 3-1/2 years ago (with value at that time of P600,000) with a fair market value of P800,000 at the time of his death, and a house thereon which he built at a cost of P650,000, and a fair market value at the time of his death of P450,000. Other properties in his gross estate have a fair market value of P550,000. Unpaid obligations at the time of his death amounted to P300,000.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern