except bonafide sale
it is general if it authorizes donee (decedent) to designate any persons (including thedecedent) who shall enjoy the property from estate of prior decedent. It is special if he cannotappoint himself. To be included in the gross estate, it must be general, exercised by will or deed and passing of property by the exercise of power.
12. Proceeds of Life Insurance
insurance on decedents life with estate, executor or adm is beneficiary, whether designation isrevocable or not
b.if beneficiary is other than above, if designation is revocable, include, if not, exclude.13. What is prior interest?
These rules apply to transfers, estates, trusts, rights, powers and relinquishment made or donebefore or after effectivity of the Tax Code.
14. What istransfer for insufficientconsideration? Arethere anyexception?
There is consideration in money or money’s worth but not a bonafide sale for an adequate or fullconsideration, short is to be included in the gross estate. Note that the transfer for insufficientconsideration must be in contemplation of death, otherwise, it could be subject to donor’s tax,except when the property involved is a capital asset subject to final income tax.15. How to treatcapital of SurvivingSpouse?
It is excluded from gross estate.
16. How areconjugal andcommunityproperties treatedfor estate taxpurposes?
They are included as part of GE but ½ of SS share is deducted before exemptions
Neof defroestdibyoblchtosh17. How are estateproperties valued?
The estate is valued at FMV at time of death, but real property shall be valued at the higher of FMV per CIR or of FMV fixed by Prov or City Assessor