CHAPTER I : ​SUCCESSION AND TRANSFER TAX

1. What is transfer tax?

2. What are the two categories of transfer tax?
3. What is succession?
4. When will the rights of Succession commenced?
5. What is the nature of transfer tax?
6. When will estate taxation accrues?
7. What law governs imposition od estate tax?
8. What are the three types of succession?
9. What are the causes of intestate succession?
a. Other causes of intestate succession:
i. Non-fulfillment of suspensive condition
ii. Omission of one of the compulsary heirs
iii. Fulfillment of resolutory condition
iv. Expiration of period of institution.
v. Impossibility of the will
vi. Repudiation of the institution of heir
10. What are the elements of succession?
11. What are the three types of successors?
12. What are the three kinds of compulsary heirs?
13. What are the composition of gross estate?
14. What is consanguinity?
15. What is affinity?
16. What are the two types of consanguinity?
17. Enumerate and tackle the legitime rules?
18. What is will?
19. Who are the persons prohibited by law to make a will?
20. What are the kinds of wills?
21. What are the requisites for a ​notarial will?
22. Who are disqualified for being a witness to a will? (2 instances)
23. What is ​codicil?
24. What is a ​probate of a will?
25. What are the ​process involved in​ ​probating a will​?( DLC)
26. Explain the probate of a will in terms of holographic will?
27. What are the modes of revoking will
28. Explain the concept of institution of heir.
29. What is disinheritance?
30. What are the requisites of disinheritance?
31. What are the 4 common causes of disinheritance?
32. What are the peculiar causes of disinheritance?
a. Children (Atpc)
b. Parents
33. What is the concept of right of representation?
 34. Instances that cause representation?
35. A heir who inherits real property is?
36. A heir who inherits a personal property is?

CHAPTER II : ​GROSS ESTATE

Important topics to focus on:

● Exclusions and inclusions
● Valuation of shares
● Situs
● Insufficient consideration
● Proceeds of life insurance
● Transfer
● Power of appointment
● Claims vs. insolvent person

Questions:
1. What is estate tax?
2. When will the estate tax accrues?
3. What are the ​4 theories which justifies the imposition of estate tax? Explain each.
4. What are the classification of TAXPAYERs?
5. What is included in the gross estate of a ​citizen?
6. What is included in the gross estate of ​resident alien?
7. What is included in the gross estate of a ​non-resident alien?
8. What are the instances that there's an existence of ​reciprocity?
9. What are the intangible assets which situs is within the Philippines?
10. What is the situs of ​real property/tangible property?
11. What is the situs of ​intangibles?
12. What is the examples of intangibles? (
13. What is the situs of ​receivables?
14. What is the situs of ​bank deposits?
15. What is the valuation of estate in general?
16. What is the valuation of real property?
17. What is the valuation personal property?
18. What is the valuation of share of stock
a. Unlisted ​common share
b. Unlisted ​pref share
c. Listed share
19. What is the formula for book value?
20. What is the valuation
21. What are the exclusions from gross estate under sec 85 and 86?
22. What is the term used for exclusive properties of ​husband?
23. What is the term used for exclusive properties of ​wife?
 24. What are the exclusions under ​sec 87?
25. What are the three inclusions in the gross estate?
26. What are instances that ​property already transferred was still included in the gross
estate of the decedent?
27. Important things to consider in transfer for insufficient consideration?
a. The value
b. If the consideration is lower, but the fmv (@ death) is higher than the actual
receive.
28. How to compute the ​collectible portion ​ ​from debtor given it's asset and liabilities?
a. What is the claimable portion, if the debtor has unpaid tax?
29. What are the requisites to include the proceeds of life insurance taken out by the
decedent in the gross estate?
30. If the designation of insurance is silent, it is presumed that it is?
31. What is the tax rate of estate tax?
32. The filling of estate tax shall be?
33. The payment of estate tax shall be on?

CHAPTER 3 : DEDUCTIONS

Important topics to focus on:

● Ordinary deductions
● Special deductions
Subtopics
● Indebtness requisites
● CAIP
● Allowed standard deductions
● Valuation of family home (different cases)
● What are the deductions that are first included on the gross estate

1. What are the list of ​ordinary deductions?

○ What are the important requisites for a ​claim vs. estate, ​ be allowed as
deduction?
2. What are the list of ​special deductions?
3. What is the step by step procedure to determine the amount deductible in a ​vanishing
deduction?
4. What is the ​standard deduction​ allowed to specific taxpayers? Enumerate each.
5. What is the valuation of FMV?
○ What is the FMV to if:
i. Single
ii. Head of the family
iii. Married. Exclusive
 iv. Married. Exclusive of SS.
v. With land
vi. Conjugal property

NOTES:

● The amount paid on the mortgage should not be considered in computing the vanishing
deduction because the amount pertains to a mortgage.entered into by Pedro during his
lifetime​. To be deductible, the mortgage should have been assumed on the property ​at
the time of inheritance​.
-so dapat ang mortgage sa pinamana ay dapat binayaran at the time of inheritance (as estate
tax) and not at the lifetime of the donee.

● Family home (if conjugal property) should be divided by half when claimed as deduction.
● Family home (if owned by a ​single; not a head of the family, c​ an not be claimed as
deduction.
●