st statement The net estate subject to tax or net taxable estate is the basis

St statement the net estate subject to tax or net

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21. 1ststatement - The net estate subject to tax or net taxable estate is the basis for the computation of estate tax. TRUE 2ndstatement The graduated rates in computing the estate tax due applies to non-resident alien decedents. TRUE if decedent died prior to TRAIN, if after the TRAIN, FALSE (fixed rate of 6%) a. Only the first statement is true. b. Only the second statement is true. c. Both statements are true.d. Both statements are false 22. 1ststatement - The Commissioner of Internal Revenue, finding merit on the request of taxpayer for extension to file estate tax return, the CIR extended the filing to ten days only. The CIR did not violate the provision of the Tax Code. 2ndstatement - Nicanor was born in Pampanga and is residing in rented apartment in Quezon City. He suffered an accident and rushed to the hospital in Manila where he was pronounced dead. The Doctor recorded in his Death Certificate “place of death: Manila”. His only property is in Makati. The estate tax return will be filed in Quezon City. 23. 1ststatement - The heirs of AA are having a difficult time settling and distributing AA’s multibillion peso estate because of their differences. The heir, who are all well-off and influential, requested the Commissioner to extend the time for payment of such tax or any part thereof but not to exceed two (2) years since the case of the estate is settled extra-judicially. The Commissioner has the power to extend the time for payment for reasons cited, if in his discretion, the same is meritorious. 2nd statement - Where there are two or more executors or administrators, all of them are severally liable for the payment of the tax. -PROBLEMS: 1. Tomas have bank deposits at PhilBank and Banko De Morong in the amount of Php 3 Million and Php 10 Million, respectively. Assuming these are the only assets of the decedent, compute the taxes using: Old tax rate New tax rate Final withholding tax 2. The heirs of Tomas disclosed the following information pertaining to his conjugal estate: Other real property Php 10,000,000.00 Family home 15,000,000.00 Cash in bank - PhilBank 5,000,000.00 Banko De Morong 5,000,000.00 Compute the taxes using: Old tax rate New tax rate Final withholding tax PROBLEMS CONSIDER THE FOLLOWING INFORMATION AND ASSUMPTIONS IN ANSWERING THE QUESTIONS BELOW. Use the estate tax table when appropriate: ESTATE TAX TABLE, IF APPLICABLE OVER BUT NOT OVER THE TAX SHALL BE PLUS OF THE EXCESS OF P 200,000 Exempt
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