Transfer taxes

1. The following are included in the gross estate, except

a. Decedents interest
b. Prior interest
c. Appraisal surplus
d. Revocable transfer
2. 1st statement: The perfection of a donation inter vivos is at the moment when the donor
knows the acceptance of the done.
2nd statement: Donation moris causa is subject to donors tax
a.
b.
c.
d.

Both are true

Both are false
1st statement is true
2nd statement is true

3. 1st statement: If the gift is personal property, the fair market value of the property given
before the time of the gift shall be the value of the gross gift.
2nd statement: If the gift is real property, the fair market value at the time of donation or
the value fixed by the assessor, whichever is lower?
a. 1st statement is true
b. 2nd statement is true
c. Both are true
d. Both are false
4. The following shall file the estate tax return, except
a. Administrator
b. Executor
c. Decedent
d. Any legal heir
5. 1st statement: Only the estate of a citizen or a resident alien at the time of death can claim
tax credit for any estate taxes paid in a foreign country.
2nd statement: Estate tax credit is a remedy against international double taxation.
a. Both are true
b. Both are false
c. 1st statement is true
d. 2nd statement is true
6. When the done or beneficiary is stranger. The tax payable by the donor shall be
a. 10%
b. 30%
c. 5%

d. 20%
7. Estate tax return is required in cases of
a. Transfers subject to tax
b. Estates are unregistered
c. Where gross value of estate exceeds Php 20,000
d. Annulment
8. Boo Ngohl donated all his properties to his relatives in the Philippines. Property A in
Baguio to Mr. Lee Baht 1,500,000. Property B in Canada to Mr. Ame Ang 2,500,000. If
Boo Ngohl is a resident, how much is the Gross Taxable Donation?
a. 4,000,000
b. 1,500,000
c. 2,500,000
d. 0
9. Mr and Mrs Lee Sod, spouses and citizens of the Philippines, donated to their legitimate
daughter the following properties:
Vacation House (conjugal property- Hong Kong)
Car (conjugal property-Phil)
Jewelry (exclusive property of Mrs. Lee Sod)
Total

1,500,000
750,000
475,000
2,725,00

How much is the gross gift of Mr. Lee Sod?

a. 1,600,000
b.
475,000
c.
850,000
d. 1,125,000

10. Christian Grey, an unmarried resident alien of the Philippines, died leaving the following
properties:
Location of Properties
Philippines
United States
Australia

Net Estate
1,000,000
2,000,000
3,000,000

Estate Tax Paid

135,000
365,000

Total

6,000,000

Compute for the Philippine Net Estate Tax payable.

a. 442,500
b. 172,500
c. 512,500
d. 307,500

500,000