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TAXATION
ESTATE TAX
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Rodelyn Bugayon
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Cards (81)
What is the BIR Form number for Estate Tax?
BIR Form No.
1801
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When does the effectivity of transfer occur for estate tax?
After
death of the
transferor
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What is the estate tax rate based on the net estate value?
Six percent
(
6%
)
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Is estate tax a privilege tax or a property tax?
It is a privilege tax
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What constitutes the gross estate for resident and non-resident decedents?
Resident/Citizen Decedent:
Real properties:
Wherever
situated
Personal properties:
Wherever
situated
Taxable transfers:
Wherever
situated
Non-Resident Alien Decedent:
Real properties: Situated in the
Philippines
Personal properties: Situated in the
Philippines
Taxable transfers: Situated in the
Philippines
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What are the ordinary deductions allowed in estate tax calculations?
Losses
Indebtedness
(Claims against estate)
Taxes
Claims against insolvent debtor
Unpaid
mortgage
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How is LITE calculated for a non-resident alien decedent?
Gross Estate/
World Gross Estate
x LITE
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What is a vanishing deduction in estate tax?
A deduction that
decreases
over time
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What are the special deductions allowed in estate tax?
Amount received under
RA 4917
Family
home
Standard deduction
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What are the other deductions allowed in estate tax?
Share of
surviving spouse
in the
conjugal/community property
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Is a Notice of Death required under TRAIN for estate tax?
No longer required under TRAIN
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Who must file estate tax returns?
Executor
,
administrator
, or legal heirs
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What information must be shown in the estate tax returns?
Value of gross estate
,
deductions
allowed
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When must estate tax returns be filed?
Within
one
year
from decedent’s death
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What is required if the gross value exceeds P5,000,000?
Statements certified by a
CPA
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What must be included in the CPA's certified statements?
Itemized
assets of the
decedent
Itemized
deductions
Amount of tax due
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What is the time limit for filing a certified copy of the schedule of partition?
Within
30 days
after the
court order
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Who can extend the filing of estate tax returns?
The
Commissioner
can extend it
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What is the maximum extension period for filing returns?
Not exceeding
30 days
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Where should estate tax returns be filed?
Authorized agent bank
Revenue District Office
Authorized tax software provider
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When must the estate tax be paid?
At the time the
return
is filed
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What are the extensions for payment of estate tax?
Court settlement: not to exceed
5 years
Extra-judicial settlement: not to exceed
2 years
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What is required if an extension for payment is granted?
A bond may be required by the
Commissioner
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When is extension of payment not allowed?
In cases of
negligence
or
fraud
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Who is liable for payment of estate tax?
Executor
or
administrator
primarily liable
Heirs
or
beneficiaries
have subsidiary liability
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What are the conditions for payment in installments?
Allowed if
cash
is insufficient
Must be within
two years
No
civil penalties
for installment payments
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What is the maximum amount for over-the-counter cash payment?
P10,000.00
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What types of payments are not acceptable?
Accommodation
checks
Second endorsed
checks
Stale
checks
Postdated
checks
Unsigned
checks
Altered
checks
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How many copies of BIR Form No. 1801 must be filed?
In
triplicate
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What must happen upon filing the estate tax return?
Estate tax
due
must be paid
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What must the machine validation reflect upon payment?
Date of payment
,
amount paid
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What is the governing property regime for married decedents without a prenuptial agreement?
Married before
August 8, 1988
:
Conjugal Partnership of Gains
Married on or after August 8, 1988:
Absolute Community of Properties
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What are the components of the gross estate for married decedents under CPOG?
Exclusive properties of the decedent
Common properties
Exclusive properties of the
surviving spouse
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What properties are included in the gross estate under Conjugal Partnership of Gains?
Properties
brought into marriage
Properties acquired during
marriage
Properties obtained from
labor
or profession
Fruits from common property
Properties acquired by chance
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What properties are excluded from the gross estate under Conjugal Partnership of Gains?
Exclusive properties of the
surviving spouse
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What properties are acquired by gratuitous title during marriage?
Properties acquired without
compensation
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What types of properties are obtained from labor during marriage?
Properties from labor,
industry
, or
profession
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What does it mean to acquire properties by right of redemption?
Acquiring properties through reclaiming
ownership
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What are the fruits due during marriage from common property?
Natural
,
industrial
, or
civil
fruits received
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What properties are acquired with exclusive money of either spouse?
Properties bought solely with one
spouse's
money
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See all 81 cards
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