GLOSSARY OF TERMS CHAPTER 5-ESTATE TAX 1.

ESTATE TAX -TAX IMPOSED ON THE RIGHT TO TRANSFER PROPERTY BY DEATH ; LEVIED ON THE DECEDENT’S ESTATE AND NOT ON THE HEIR RECEIVING THE PROPERTY 2. GROSS ESTATE (OF CITIZENS, RESIDENT OR NON RESIDENT) -ALL THE PROPERTY OF THE DECEDENT , REAL OR PERSONAL, TANGIBLE OR INTANGIBLE, WHEREVER SITUATED, BUT EXCLUDING THE EXCLUSIVE PROPERTY OF THE SURVIVING SPOUSE 3. TAX CREDIT FOR ESTATE TAX PAID TO A FOREIGN COUNTRY -AMOUNT OF ESTATE TAXES PAID TO A FOREIGN COUNTRY COULD BE CLAIMED AS CREDIT/DEDUCTION AGAINST ESTATE TAX IN THE PHIL ., IF SUCH TAXES PERTAIN TO PROPERTIES W/C ARE INCLUDED IN THE GROSS ESTATE FOR PHILIPPINE ESTATE TAX COMPUTATION 4. NET DISTRBUTABLE ESTATE -ACTUAL PORTION OF THE ESTATE W/C SHALL BE INHERITED BY THE HEIRS OR BENEFICIARIES; COMPUTED BY CONSIDERING THE REALIZABLE VALUE OF THE GROSS ESTATE REDUCED BY THE AMOUNT OF ACTUAL DEDUCTIONS W/C WILL DIMINISH THE ESTATE

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