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TRANSFER AND BUSINESS

TAXATION
Ballada & Ballada

Presented by
ATTY DON ADA DUPIO

1. INTRODUCTION

MODES OF ACQUIRING
OWNERSHIP
1. Occupation the property seized is without a
known owner.
2. Intellectual Creation the composer owns
his musical creation while the author owns his
literary, legal, historical, scientific or other
works.
3. Donation an act of liberality whereby a
person disposes gratuitously of a thing or right
in favor of another, who accepts it.

4. Succession the property, rights, and


obligations to the extent of the value of the
inheritance, of a person are transmitted
through his death to another by his will or by
operation of law.
5. Prescription one acquires ownership and
other real rights through the lapse of time in
the manner and under the conditions laid down
by law. In the same way, rights and actions
are lost by prescription.

Some terms to remember.


Property - embraces everything which is or may
be the subject of ownership. The term includes
not only ownership and possession but also the
right of use and enjoyment for lawful purposes.
Ownership is the exclusive right of possessing,
enjoying, and disposing of a property.
Owner the person in whom the ownership,
dominion or title of property is with.
Transfer taxes are taxes imposed upon the
gratuitous disposition of private property.
Estate encompasses the totality of assets and
liabilities a decedent owns at the time of his
death.

2. BASIC CONCEPTS OF
SUCCESSION

Some terms to remember.


Decedent is the general term applied to the
person whose property is transmitted through
succession, whether or not he/she left a will.
Testator one who makes and executes a
testament or will.
Executor is a person appointed by a testator to
carry out the directions and request in his will,
and to dispose of the property according to
his/her testamentary provisions after his death.
Administrator is a person appointed by the
court to administer the assets and liabilities of a
decedent.

Some terms to remember.


Will is 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/her death.

A. Kinds of Succession
1. Testamentary or testate is that which
results from the designation of an heir, made
a will executed in the form prescribed by law.
2. Legal or intestate is that effected by
operation of law since the decedent did not
execute a will.
3. Mixed is that effected partly by will and
partly by operation of law.

B. Elements of Succession
1. Death of the decedent or testator.
2. Inheritance. includes all property, rights and
obligations of a person which are not
extinguished by his/her death.
3. Successors. heirs, devisees and legatees.
4. Acceptance. it may be express or tacit.

C. Testamentary Succession
Definition of terms
1. Will is 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/her death.
2. Codicil is an instrument that amends the
provision of a will.
3. Probate of a will is the court procedure by
which a will is proved to be valid or invalid.
4. Holographic will is a will written entirely by
the testator with his own hand and not
witnessed or attested.

5. Institution of an heir is an act by virtue of


which a testator designates in his will the
person or persons who are to succeed him in
his property and transmissible rights and
obligations.
6. Legitime is that part of the testators property
which he cannot dispose of because the law
has reserved it for certain heirs who are,
therefore, called compulsory heirs.

C.1. Capacity and intent to make


a will.
All persons who are not expressly prohibited
by law may make a will, provided that:
a. He/she is eighteen years of age;
b. Of sound mind at the time of the execution;
c. He/she has the intention to make a will.
.May a married woman make a will without the
consent of her husband?
.What is the presumption on soundness of
mind?

C.2. Capacity to succeed by Will


or by Intestacy.
Persons not incapacitated by law may
succeed by will or ab intestate.
A child already conceived at the time of the
death of the decedent is capable of
succeeding provided it be born later.
Testamentary dispositions may be made to the
State, provinces, municipal corporations,
private
corporations,
organizations,
or
associations for religious, scientific, cultural,
educational, or charitable purposes.

C.3. Forms of Wills


Every Will must be:
1. In writing and executed in a language or
dialect known to the testator;
2. Must be subscribed at the end by the testator
or by some other persons in his presence;
3. Attested and subscribed by three or more
credible witnesses in the presence of the
testator and of one another.
.A holographic will must be entirely written,
dated, and signed by the hand of the testator
himself.

C.4. Revocation of Wills


A will may be revoked by the testator at any
time before his/her death. Any waiver or
restriction of this right is void.
Subsequent will which do not revoke the
previous ones in an express manner, annul
only such disposition in the prior wills as are
inconsistent with or contrary to those
contained in the later wills.

C.5. Compulsory Heirs.


1. Legitimate children and descendants, with
respect to their legitimate parents and
ascendants;
2. In the absence of the foregoing, legitimate
parents and ascendants, with respect to their
legitimate children and descendants;
3. The widow or widower;
4. Acknowledged natural children, and natural
children by legal fiction;
5. Other illegitimate children.

Table of legitimes for compulsory


heirs.

Table of legitimes for compulsory


heirs.

C.6. Disinheritance.
Disinheritance can be effected only through a
will wherein the legal cause therefor shall be
specified.
Sufficient causes for the disinheritance of
children:
1. When a child or descendant has been found
guilty of an attempt against the life of the
testator, his or her own spouse, descendants or
ascendants;
2. When a child or descendant has accused the
testator of a crime for which the law prescribes
imprisonment for six years or more, if the
accusation groundless;
3. When a child or descendant has been convicted
of adultery or concubinage with the spouse of
the testator;

4. When a child or descendant by fraud, violence,


intimidation or undue influence causes the
testator to make a will or to change one already
made;
5. A refusal without justifiable cause to support the
parent or ascendant who disinherits such child
or descendant;
6. Maltreatment of the testator by word or deed,
by the child or descendant;
7. When a child or descendant
dishonorable or disgraceful life;

leads

8. Conviction of a crime with the penalty of civil


interdiction.

Causes for disinheriting a spouse:


1. When the spouse has been convicted of an
attempt against the life of the testator, his or her
descendants or ascendants;
2. When the spouse has accused the testator of a
crime punishable by imprisonment of six years
or more, and the accusation is false;
3. When the spouse, by fraud, violence,
intimidation or undue influence causes the
testator to make a will or to change it;
4. When the spouse has given cause for legal
separation;
5. When the spouse has given grounds for loss of
parental authority;
6. Unjustifiable refusal to support the children or
the other spouse

D. Legal or Intestate
Succession
Definition of terms

1. Consanguinity is the relation of persons


descending from the same stock or common
ancestor. It may be lineal or collateral.
2. Representation is a right created by fiction of
law, by virtue of which the representative is
raised to the place and the degree of the
person represented and acquires the rights
which the latter would have if he were living or
if he could have inherited.
.When does legal or intestate succession takes
place?

D.1. Order of Intestate


Succession.
1. Descending
direct
children/descendants;

line

(legitimate

2. Ascending
direct
parents/ascendants)

line

(legitimate

3. Illegitimate children/descendants;
4. Surviving spouse;
5. Collateral relatives within the 5th degree;
6. The State.

D.2. Table of intestate shares.

Grading
Grades are based on the accumulation of
points.
Points are based on:
Class participation
(effort)
Completion of assignments
(daily work)
Major projects, exams, and
self-reflection

Our Grading Scale

90-100%
A
80-89%
B
70-79%
C
60-69%
D
Below 60%
F

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Grades are posted online and updated every


Grades are calculated
Thursday.
on cumulative
percentage and are
rounded up whenever
possible.

My Pledge to Students
I will trust you until you give me reason to do
otherwise.
I will respect you and work with you to solve
problems.
I will promptly correct and offer feedback on
your work.
I will work with you to meet learning goals.
I will offer extra help and alternative
assessments should you require them.