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    24 views88 pages

    New Doc 2020-02-27 20.30.37 PDF

    Uploaded by

    Jerbert Jesalva

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    © All Rights Reserved
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    of 88
    TRANSFER & BUSINESS TAXATION Introduction ordinarily, a human being is born of a mother and a father, grows to edauthood) acquires and controls property by venturing into business or otherwise, becomes mother or the father of children, lives a meaningful life, and dies. Part | of this boo! shall deal with the transfer of property during the lifetime of an individual, or in contemplation of, or asa result of his death, Part I deals with business taxes. knowledge of the law on business taxes is a must for those who are into business, for cone who works as a bookkeeper or as an accountant of a private or government office, for tax consultants, and for practicing CPAs and lawyers. The focus of Part | of this book is on the transfer of property. 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. The person in whom the ownership, dominion or title of property is vested is known as the owner. Ownership is the exclusive right of possessing, enjoying and disposing of a property. MODES OF ACQUIRING OWNERSHIP Under the Civil Code, ownership may be exercised over things or rights. The owner has the right to enjoy and dispose of a thing, without other limitations than those established by law. Ownership is acquired by occupation and by intellectual creation. Ownership and other real rights over property are acquired and transmitted by law, by donation, by testate and intestate succession, and in consequence of certain contracts, by tradition. They may also be acquired by means of prescription. The effectiveness of the various modes of acquiring ownership and other real rights over Property is premised on the existence of title or judicial justification. The following are the modes of ownership acquisition: 1 Occupation. When ownership is acquired by Occupation, the property seized is without a known owner. For example, a person's occupation is fishing or hunting, Intellectual Creation. By intellectual creation, the composer owns : his musical Compositions while the author owns his literary, ley istori ‘ientit comp ry, legal, historical, scientific or other 4m FOOSE evi f onation. Donation ‘anat tue of which the 2 Fer on i tN ce sen en = ig and bgt a. SET mish te com Ore «rowan een sh wee nen cae meh een ne secmne cove a FFE sles et em i ae rama es ‘sec anddonrstnre the wo rer es nde OUI, TroMsfer tesa ‘mes inode patios dps of pate property. transfers sad, be patton when tet ino consieratn fr the transfer: it is onerous wheny Coniesan resid Oost sche bree exchange are sue sae and ors tes ec tes, Bath tas are imposed upon the ight ofa {esen estesroery tht may ll fet deg his time or ules ‘TRANSFER & BUSINESS TAXATION Basie Concepts of Succession ‘cy cue read ht anne top ant cs he twin he wl The fetlonan wa BS es ahs. haya chs af who ha ron of ee ‘elon aor te poesia io mai wl and what pl shel ig abot "sash wah ha al rey ass thw the mans "ee Taoveceng Mr al stearate ate” Dest the tat hs a ore he's es Sod eon apoat feta many yes, heal pndoman as woed sous mar sons ‘he case tnicates the nds of superstitions and feet that people entertain, even today, coneering the making ofa wil. The feling occurs mesty among else peopie, ‘outa younger persons donot appreciate the need for and importance of wi, Going tac othe story ofthe old coupe, what do you think would the layer’ advice beto theo gentleman who, though wiling ta pasa his property to Ns wie, would want to impose condition in is wil? Would sai canditon—tht the wife should not ‘mary again—be valid unde the law on succession? Under our ews, such condition is validasto the fre alsposable) portion of the estate but not st the legtine that part of the testator’ estate reserved for compulsory hers) Therefor, the wife, being 3 omplsoryhee, til et he legitine It's important to reate thatthe laws on sucesson and estate tatation deal with Serious matters of if and death. Matters of fe and death bring forth strong human motions. Lawyers know from experience tht no mater how sttong 2 human being may seem, when asked about the death of loved ones o frends that occurred years before, may suddenly burst into teas. AS we study these ws, we should develop 2 [enue compassion, empaty, and sympathy for our fellow human Beings andthe matters of fe and death, very country has laws governing their ways in which property pases on the death of the over wo des without a wil. An “estate” ste sum total of all the property of @ deceased individual That property pases to the deceased's heirs at law, if he des Wwithouta wl, ort his beneficiaries under his wl an on ed 8 ov ot 3 Hf nt OH al rope coe at os oF at a OF ay gh “ aes ai” ests IdM ea eee te Pipe a practic, ; ther pes Santee se much sce 1h prorry wth 2 conc ofa succession tue of whieh the pro rode cq wee oF wih Ne ope cee cred scesin 2 oe beste Of peso gi A ye ene oT lob erate rier ores ch ra et it re igs tte sein ate eer ins cession ite eto oest tic es ft ESENCN Of an 1 Tele ina wil exeutdinthe form presebedy 0. 2 epee it efecedy apron con ne he deed eg cee th aed pwnd peration fw 2 Me 1 eatt he cdot, Oscdet ete geal tem apled to the person wha oper stenmited trough sucesion wheter or nthe eft 2 wil fhe let vile aca ne estates, lnhertance. neon ices te propery ight nd obligations of apes wh ae ot eninge by hs eth Te inertance a a person includes lhe oper andthe raat rhs eigain eae fey "asm es cons xs at tei 2 Sete Hs, dies dg tothe sce ete ps (Rh bet eae ln he ie nd tes rose eect are bl bei ‘An heir is 2 perso ian of will or by operation of law; IfEY zen tio gl restate hl epee phen eropety and pet 41 oer nee ran Acceptance, The accepance of an mbertance may be enres or tack. a express acceptance may be made na pubic or pvte document. tact acceptance oe resulting fom acts by which the terion oacept x neceary mpeg, which ‘one would have night todo except inthe capt a an en, ‘An ie may accep or repudiate an inheritance. The acceptance or reputation of {he iheritnce is an act whch is purely voluntary and fee The effects of the sceeptonce or epudtian shall aways retvoa! to the momento the death of the fecedent. Any person having the free Giga of ha property may acept OF repudiate an inhentance xeeutorsand Administrators ‘an executor person appointed by 2 testator ocr out the eetons nd ests ‘ais wil and ts aspse ofthe property according to hs testamentary prove fer his death. An adminstrotor person epointed bythe curt toadminater the assets and lnbltiesof 9 decedent. He Is usual a relative ofthe decedent who as come forward and ape for the poston, ‘AI matters relating to the appointment, powers and duties of executors and dminstatrs an eancening the adrstaton of ettes of deceased persons sll be governed bythe Rules of Court, TESTAMENTARY SUCCESSION wis ‘A person may make legal declaration bore hie death rearing how he want his property wansferred after hi death. This declaration known 2 wl. 2 person et Teaing wl te person sai to have aed estate, 2 tts own 35 eto, “Aisa at whereby a person i permitted with he formalities prescribed by aw, 10 ontrol to a certain degree the eispostion of his estate to take fect after Ms death, “The making ofa wl ssi personal at cannot be lin wae en pat 2 the _Ssretin of» this person, or secomplhes though the ntumentaty of an agent oF sttomey, ‘The testator may entrust to hed person the dbus of spec propery a sums of money that he may lave in general to species classes or caus, and ao the Aelgnation ofthe persons, institution or establishments te which such propery oF sums of money are tobe given or apple. ‘adil san instrument tat amends [ie changes, mais, or suplements) the Provisions of wil. Acodil must be executed wth the Same formalities 52 wil buts ‘ony requied to have a prouion or provisions amending a wil ‘ a roe 0 YO ing cm proces 1 2 erases 8a, Iu rae ow ee proces oi janine roPety ta erway, he robe OE OO th rf te esta, un er ee cear aes s EE t ee ty (ew acts ae cried BY TELS cyt of eprops Min, Tc te saprvicen fhe probate cat net toa cones san sy mate il. Persons of pera ata wee ees ant make thea ‘ior, pry, 954 minor, does Poet azure 2nd contol proper uh acs hee tere open ya 2 cig viene eee ae vate aise ar eet 108 itd 38188 in op ing mk mca Oat 8 SIO Be inf On estan, tat nd be, wel nbe se Sanne Suen yey oe. Rha Be Clee the Penureor cratered 8 7 ‘ eee eet te wate tence Fhe estat tobe SET SLES ana ta necacerfthe testamentary at ‘ean rerum het evr geron of ound ind inthe absence of root to thy Dernnythe beter of pact at eater asf rundmind 38 the time gf tanh epost so the eon who opposes the probate ofthe wil: but i the ‘eet earth, ee, before mating hi wi was uly inn be insane, the even wha manta the vay of he wil mt prove tat the testator made Sieg ar ‘someone a lesan werner ot now what he inivomert eld 3 the tine of sgrng be msrarent rota wl The tae Pld ue fone who sent an lester fred to gn “ost wl” terest of dares ve, unl reset, sacha apn bl ones ben) tenets nt wil, In ether ase, not kong what ove sng sgn unde dts, the requirement of lrerton to mate 3 wi have gl elle. ar rat been met. Ao Beeaute of I OTST ena wmode SSSR rarest tow conan tts haan an without 8 may dope by wil of al her separate rose wwe a er shar ofthe cn parmesan ee aah 6 | anfer ond aes ator capacity to Suceed by Wil orby intestacy ernst pnt yon ay nd wl ob est. nro ica wr the dnc ose mt se ange mone eslon oes tne esentn on toes 1 cid ready conceived atthe ne ofthe death of the decedent capable of succeeding Provided tbe bom ater. Forel purpne, the fetus cartes barn tt Inala he time is completly delivered trom he ncters wor. However, the {et had an intra-terine Ife of ess than seven mantis ot Seemed bor Ht es nin twenty-four haus ae its compsete dey rm the marta wer | testamentary dipctton may be made to the State, provinces, munis! ‘erporations, pate corporations orgsnstior, rasan for eis sour, fultua,educatoral, or charitable purposes. Al ther copra: sr ettes ay Succeed under awl unless here provision tothe orrery i th erat ot te lowe thelr ccction, nd always euiet tothe same Forms is ‘he formats required for 2 wertenwitnesad wil were degre to imi oud ana abuzeby making ura that each will as anstheni eclrtion of a rane’ dees. ene, very wil must be nwriing an eect ns arguage oat know othe testator Evry wil, other than 9 holographe wil, ust be subterbes ot the end ‘hereby the testator halo by the testator name wen by sme the person In is pretence and by his express rection, ara attested and evberbed by thre ot ‘more reble witnesses inthe presence ofthe testator andl ne ante very ill must be acknowledged before 2 notary puble by the tata and the wineses, The notary publ shal not be reued to eta = apy ofthe wil Fe ther with the of ofthe ark cour | boloaraphl wis wil writen entirely bythe testator with bis on anand not ‘tested or atested. A person may execute holographic which mas be ney “iter, date, and snes by he Rando! the tesatr hel is subject tr other for, aed may be made inocu of the Phippnes, and need rot be winesed. The tesatorshanducting i deemed suficent assurance othe wil’ authenhy. nthe probate of a hlagraphie wil shall be necessary tht at ast one witness who tows the handwriting snd signature ofthe tettor ep declare tat he wil 4d the senate ae in the handing of the testator himself the vgnature of the testator in wills contested, at eat three af such winesses sale reaures ‘The wi ofan aen who is abroad produces fect in the Philipines made wih he Tormaltiesprescrbed bythe lw of he pce i whch he eies, or acorn 0 the an tose which the Co rin oft 4 cn is formals ose ce 1 : oy isa citizen or sy Semace — cents onn. sll to another COUntY, wh oda ing th eoeton fs an esta eve ty the estar 21 A wt mb ee ‘tation oft pt ve exer apes io does rot ave is doce -Arercaton one use he io esa re oi athe iw orient etter had fis dome qq rahentisin accordance with pe ‘he conty ald when is doe trae or srring oth bu ote pet tie the even aes lace in i cum oro the Cote ‘aur rlnd vo, Into ir Inston of an bis an at by tae af which 2 tata designates in his wl the Fesono Benes wha ret seed inn is operand transmissible rights ang olaton, ‘ll be oi een hough shoud not conta inttuton ofan he or sch fetwn shoul ot compre the ene este, and even though the pono ip a tnd had ot ect thence or sald be icapacted to actoed, conmtcd in, ARN dpoton made in acodance with laws che be ‘one th nthe emancero heesae hal uate lepine {les an leptime safeguard iene cee! "on on ogy Bi 2, In default ofthe foregsing, epimate parents and ascendants, wth respect theilegtimat childeen and descendants, 3. The widow widower, 44 Acknowledged natural children ana natura ehidren by la fon 5. Other ilegimste children, Compulsory irs mentioned in nos. 3,4 & 5 ae ot excluded by thoes n no. 3 and 2: ‘ether do they exclude one another. For example, f the decadent ie survived by hi leptimat chil no 2) and his widow no 3), both ef them shall nheit| ‘One who has no compulsory hes may dspos by wil of al his eta or any part of tin {favor of any person having capacity to succeed. One whe has compulsory heirs may spose of his estate provided e doesnot contravene the provisions ofthe Cal Code with regard to the egime of sad eis. Hence, iin the lst wil ofa decedent, the Asosion of his estate impairs the leitime of hs compulsory hes, such wil may Be oii scoring. The table below explain the etme of the computor br Legiimate——_tngitinate Ighinate ‘Cierny “Parents Survisng Coe Descendants Ascendant spouse Descendants Parton . ‘eicuied —sanieathelegtine ithelegtime of varies, falegtinstechia slegtente nid > nonesunhing ae Nore suring “nonesiening 3/2 © tenesunning a ue onesuenaing 4 hanesteving none ervlng an onesuewing 2 &honesuviing none sung 1” 8 1% 8 The legtime of legtimate chider/descendants consists of one-half of the hereditary estate ofthe father and ofthe mother, Legtimote parenajescendams re excluded bythe presence ofthe legtimate chien and descendants Should there be only one leatimate chidjdescendan,one-alf ofthe heredtary estate 402s tothe chil, one-fourth to the surviving spouse and the ether one fourth {eee portion. Thus, ifthe hereditary estate Is P3.500,000, 7750.00 goes to the hil 375,000 othe surviving spouse, andthe other P3700 ire pation "there ae two or more legitimate chiden/descendants, oneal shall be divided cual among the children while the surviving spouse gets the same share seach legitimate child, Thus, f the hereditary estate is P,S0,000 and there are two, legitimate chen, P375,000 goes to the st eid P375,000 tothe second ch, 375,000 othe surviving spouse andthe remaining P375,00 sre portion. ether are thre legitimate children descendants, each child gets 1/6 (1/2 +3) of ‘the hereditary estate and the surviving spouse ets 1/6 alo. Thus ifthe hereditary stat is P.500,000, the chen share equally in one-half ofthe hereditary estate 1217 750,00 sch that each chil gets 250,00; the surviving spouse pts F280,000 sso; andthe remaining fre portions P50, 000. note ox | 9 4a wptinae Ci. Ths, oe enescendan| eee ch ate one eject t Se rie TET descendants shy fre gor varies depen" MET imate cl wre andthe thse share the sung soouse'sa sepend stave i ole heresy estate by Theeptieoftepinae prensa Chose cee gona eae ‘eeepc cles _ regconsts of oral ofthe heredta ine soute asthe Fight to on i ee lost, saint ener The leptin of eine parents Stu oft reeds four ofthe haretary estate Tics ro este crenata 8 “Tete perio an four tera et i ae tet enc ntg te estar ves lepine cide, te sag spouse shal be entitled onethidofthe heed este of he deceased ad he legate chen to ctr anes. The reming one thi al be ate re disposal ofthe ‘Thee ar other ose stuns eam he mentioned atthe essence ofthe lw clattering poe tay esto slag, deocee On the existence of other compulsory heirs, 4 hiner ‘tsi ier, ree itl eta a te Saleen ee eth ofthe cave for dsehetace their suet uch eee ara ee i dos ot the person said to be 101 amr nd ues ona, ‘the folowing shall be suffien, {uses for the dinhertonce of ehidren and descends legitimate a wey lepine 1. When 2 et or escendsas testao, hisorher awe dese 12 When 2 eh or descendant 2. en hdc descendant has ‘pout of theta hea hl ar descendant by a, vec, nino, ou uence cues thetettrtomate sil orto cane one soa 5 elu without jae set suppor te foe or ascend such lr decent & Matestment ath esata by odo dee by the eho descendat; 1 When cid r descend ns dhnonorbew Sages Comicon facie whic cans wth te pensty food teen ben found gly fn temo asthe le ofthe dato coda has accsed te testator of tne for hich thew Si yas oF mor, the section av been found been convicted of aur or concainape wn the wo dither Tre folloning shal be sufient cause for esnherting a spouse | When the spose ns been one fan rer descend scears 2 When the Saiz hs accused the tsar cine fr whieh the nw preserbee ‘morionment rsh yer or more, nae euston sbeen founda When the spose by faut viene inumiston, or unde farm anesthe ‘ests to makes wil orto chanson enya 4 Wen the spouse has phen aa fr legal seprion, hunt cue an ground real aor trp sett he eof the test his LEGAL OR INTESTATE SUCCESSION Ir person ds without leaving wil the person is sald to have ded ints, stats now a intestoy, tn thi case, the government provide a default estate plan unde hich he decedent's estate is pose. A person who succeeds nthe omer an Intestate decedent's property Is sald t take te property by intestate secession Legal or ntstate succession ake place 4+ Maperon des vthot a wit er wth aad wil oon hich i sbseueny et ‘aly \hen the wil dos ot iste an hei ose the prope Elgg 12 the tester. nach case, eal sucesso al ae ce a thee to he rope of which the ertstr hase dposes he sspensive contin atacea tthe ration of hr does ot agen oe. fafa orth her es before the testator or repatates he heron hr bg rosin and nrg acetone pee ten he er irstiste neopterin net incase poe nthe Ci wee iit : nie nent OT nery takes. place. — Prox ete, ee in ome te resentation WHEN TT rations. Each generat si en om tac tenn oon Jom the same tock or os ese «on con desl ob sera ra omg wa ao wich beeen EON of whom o eta he ee 5 bows 0% father aranatey, HESS assets nme et edi Ineo between 00, ering Seon sed dorms te et descending Une. oy ‘eu hhh ot ee prs wa ave the same ances, ‘ont oan ea) neta te Ths ean on are eta Tntlonspany oe and epee consanguinity. 9 oN xR aan. N oe im) nur 1 the tation, ¢ as De i monszrntac hana NSH aed Sth, cespectiey). Tal C8 exo gy Sentech bumer gen SESs0 Mitten Nott tt eg ’ ether dae ae 78OR det ne, FromAWE 2 non = ne ag 9 Misanother degree: Br N.J,D and, nthat onder are elatives inthe ascending direct ine Gand M are relatives of, sand Hin the collateral tine {Gis thence of, Disthe uncle of G1 isthe nephew of Cis the aunt of Hand are frst cousins they ae four degrees apa, H 10, €to AB, AB to D and 0 tol 9, Mand are second cousins they ate six depres apart. 10 Because of G's mariage to KK becomes H's brother naw, H being 6's brother ‘They become relatives by affinity. Afiny ithe connection exiting n consequence ‘of a marriage between ech ofthe maried spouse andthe Kindred ol the other, Aight of Representation epresentation i aright created by fiction of law by vite of which the representative 'srased tothe place andthe depree of the person represented and acquies the rts ‘which te latter would have if he were lng orf he ould haw inerted. The nit of ‘presentation takes place in the eet descending ine, bu never nthe ascending hn the previous lustratio, if Cs ahead ofA Cs daughter G and san H may represent C tothe succession when Aes. Inthe collateral tne, thes place only in favor of the chen of brothers o sisters, ‘whether they be of the full orhalf blood. Ful ood relationship that ening between persons who have the same father andthe same mother. Hl bod lationship shat ‘esting between person who have the same father, but notte seme mathe, o the Samemother, but not the same ater, Order of intestate Sucesion 4 Descending direc lin eghimate chlven/desceneans) 2 Ascending direct ine (legitimate prens/ascendants} 2: lett clren/descencans 4 surviving spouse 5 Collateral relatives within the Sth degree & Thestae te Tor | 13 ea 2 SS 6m os ee vom mete sce —— vem ee lon sparen and thet Soe Se ge cf os ie 3 ——- oe 1 een tle sehen ee Sei a gs erro a ease neh ett a iit Sean pers ek vine to leprae crn wth the spouse survive, each sented to tae hence, # the heetary estate 7,000.00, each of them caning est Une, delat of leptiate chien and descendants of Smee pets and scents sll bert trom fir, 0 the excuion 4 iene he lepine tet survive, the father and mater, ving ert eg shares Shad oly neo ther sue, be or she shall uted Deere ite eo eats Csr, Regine wean he de ce ng sou, and egtnate chren are ly SIRE pee a eget dren re he cee al be "al sere. ad ahr hl hl be ved betwee SEIS sa teen cern at th ow or do adhe eptmate chen he ther fourth Nees ath gente hen, nh widow oF wee erties te eptnte dren ‘eatenat. tothe other hat a fh. ould brothers and sisters rte children survive wth the widow or widower, the ster sete toe hat he here oe bee sae their children to the other half. “es ~ callers Relatives, |_Should the ony sur be Brothers and ster ofthe fl Blood they shall inherit in ual shares, Shou brothes and sisters ofthe ful aod sure together wth “eoters ates ofthe hal ood te omer halle ete toa share dou |. ‘here ae no descendants, ascendant, legtimate hilren, oa surviving spouse, the collateral elatves shal ceed tothe ei estate of te deceased Thestate i etal of pros ented to nceed nazar wth a, he Sate sh ‘Seer te a wap ee Pa of ee ge rt ‘any aor oh eam, ee et re pape hom pa ee se SE Eee 9 Seca atone edo a SEE sari cine mma nae (Shed ihe eae staan ay et are mie ese ote es |WHEN DISTRIBUTION OF HEREDITARY ESTATE TAKES PLACE ‘The encutr or jc administrator has the ok of mating sute hat the estat tx hat been pad fore he delivers a istribtive share to any painters nthe ete In estate taxation, the pos estate of iizens and reins inde al tes property vterever tated Th ross eae alone docs unde the a lw he Stree eae he net tonable estate the bai ofthe ett taf Be posed ‘Once the estate loved oe el strut of asets made to he Benicar, ‘Me esecvtoransfersthe anes to be ein tus tothe see lente tor 135 paca MBA WIN Ballade os Ant sutra | oa etna Moti: ome 00550 | Erma whan | WO TVW ay SS nat] Tin een we ect om eptinte IGEVEESONCSDS eg Meptnateehesscenan ise doth ety ett a gt jecrdets one lth heresy estate © ekpumestsneay ss ante brea ett. 11 te teeportnis eta eee 1 shout spas sun togetr i egtinate crenct the decedent, thelegtine a tesa sou oneal he eedtay estate eee oronisan tthe eer ete. ‘helen of elena cen ne a Be eer estate ee perton on hal ered 9 Tefotowng recuse tring ci, Which ene ot? 2 Mona hha ben nd pay ofan atest gist he leo the testator then dé us ten cndcted et ada oraratinage withthe see a & tens chié marie: pere chert teeter sce chided shone opti incest Sinbertng go WRehons not? 2 AERO Te hide ar he other spouse ar ofa ne for wich theo "Sad the accusation has bee en the soa ht cud he sete rc fe 4. sien the spout han pcte efor espa eee t Tae: sictIOw Mute Chee 1, Which snot tre about inheritance? 2 Iertance ines property, eights and oilgatns of» person that have 1b Inertance nudes eve and legacy. ©) Imbertance ince: property righ and oblationsextigused by a person's deat 4. Iertance ince: property rights and abgton of 3 person esting atthe time of sth, 8) evives and tegtees are persons to wham pts ole and personal propery respectively re en without i, b. tan eis tle othe suecesion by wal es led voluntary hie Ian sealed t the secession by aperaton of law he eae lal 4 Hos, deuisees and egteos areal eueesors 3. folowing ae mades by which oneship and other eal gh ovr propery may be quired ond ansmted. Which one isnot? donation 4 tis ataxtevied onthe transmission of property rom por decedent ist, decedent tax heirs tae 5. Indonation, donor's tas inpoied as onmerhip ofthe property pases 4. from the decedent othe bei fromthe donorto the dance © tam the donee tothe der 4. fromthe hoo Ne sucesso, sae tals imposed vonalan @ okt decedent property ich ot and usin? mig etre nd intestate 1 ned testamentary attest lel hihi not abet aentance of nina? ‘The acepane of sinhritance ay be express tt 1 An enpeescetanc fan ste ay be made in @ publ oF private ‘comer. ‘amy ceptor repute an ibetance 14 The szeptance oF repusaton ofan Intace tales affect upon the secptanesorepuston 9 Probateof a winches the folloing eects, Which ones not? 2. colcing the decedent’ esate b colecing te hes ete iting bites nd pay ing neces nes 4 tibuing proper the bas 10. ies nat tabu bout the erection of iby marie woman? 3 Amatried woman can mak . Se Aare onan nye 4% & maried ween mays 2 ante od Bes ot, _ [rane "SECTION: utp choice 4, Whihis tue? Lega or intestate sueesion does nt take pace 1. ifaperion dies without wl, or with avoid wil or one which has subsequently lorie vay, 1) when the heir instutedie capable of succeeding when the wl des not pose of al the property belonging tthe tertator, 4. ifthe suspense cndton attached tothe institution gf ir does nt happen orisnot fulied. 2, whichis not ue about eationshin? 1. The relation subting between son, father and granite, nthat ode, an example an ascending neal consanguinity. 1B Consanguinity is the relation of persons ascending from the same stock or ‘common descendant, r Collateral consanguinity i that which subsets betven persons who have the same ancestors, but who do not descend or ascend one rom he cher. 4. Aeiys the connection exiting in consequence of 2 marrage between each othe married spouse and the Kindred ofthe other 3. Mow many dearest generation) apart ate th cousins? four © sh &) ent 4 How many degrees of generation) ae there fom a great grandchild to wrest ‘wandtather? Ore ven 5. Who snot an intestate ei? 3. egitinateehire/descendants [B) colatera relives within the 6th degree ate Toe | 23 Seite pensar reprints sueeSon? te othe fotlovng statements 05 tte wile the other pe nie etate wie att, cotta ed Monge i fens epate ce omy se nie state ie sue 62215 EES 10 og, ste ent estte goes them, 2 suning spose 1 treaties thin te Shae 4 igmatpstemsfscendns gf represenaon 2 taker paceinthe et reg tin 5) teens inthe det exendr ns & tlaspacei arf cde ol eps ad nes 41 takes lace fur of chien of nephews an ices, whether ful or Rall toe 1 ony fl ea tote and sess moy inert. evel oad rote nde may her al blood bots asters re nt comeed clr lates, 4. ful ocd bree and ster de eer 10, deta of pros ented to sce i accianee wth the eat il reseed tne 5, REM witcietesty este Maa geno cay 4 estate leant stone a “TRANSFER & BUSINESS TAXATION ost individu re fair with fing income tax retuns an paying income taxes. what man nda ar suprised ean, Howeve, thal ther exate may have TO ava tab esto he death. DEFINITION OF ESTATE TAK tote to's the ox on thes to transmit poser death an on certain wasters thle are mae by lw the eulalent of testamentary depoeons. I nota ton the Propet, Uasteor or wansteree I's an exe tak prviege tx ah bjt 0 {ae the shiting of economic Benefits and enjment of property from the dead to the Ining. The estate tax i generated by the laws in fore at the time of death Dythebeneicary. {AW THAT GOVERNS THE IMPOSITION OF ESTATE TAX Estate taration is governed by the statute in ore a the time of death ofthe secede. Estate tax acrues of he death ofthe decedent The accrual ofthe tax iinet from the ebigation to py the sre Succession aes place upon the death ofthe decedent. The right ofthe Stat o tax the rvlege to ans the estate vests instant upon eth. Toe rates prescribed under RA 8424 aply to estate toes fling de or have crued begining an 1, 1998, the efecty ofthe sa law others own as “he Tax Reform Act of 3997 ev Reg 12-2018 ‘Section 3 of R 12.18 provides thatthe tae ates and eocadures prescribed under sid Regulations shall govern the extate of decedent who ds on or after the eflecy of the TRAIN Law, ha ion January 3, 2048. apOSES OF ESTATETAK ee tte poveraent here ae mss ou hr oes we met ered they jon, One tHe we of a decedent to erote estat tar calle, MoI Tea byte tate and since ex ‘anos esTaTE ‘decedent's dened al rope, whee ected, n which the decedeg aeecmeattlircr athe if deat. incase of al property may happen (fan seteate fe othe tax decraton ofthe property as not been Torsten the name of he decedent and ssi the are ofthe previous owner, ite ve, non ecuments mat be shawn. Fat example, the property was Sigured by the secacet by purchase, deed of about sale must be presented there deed ected etme or court econ: ob nation, deed ros estate clades any tet to name tat Ra aecun, ut id nok yet been recived fhe date ofthe decdet exh, amples ofthis income are interest ‘ents oats, sary ad ta lds. A decedent rss esate docs not nchde 3 mere expectancy ah aa expected neta ey Reg 122018 Secon of 218 provides he composiono pos esate The gros estate of decedent shal be comprised habe comried of properties ndinterests therein t the tre of Hier death cdg reve Wane and tan fy ce ‘esdent hizen, Non-Resident cizen And Resident Allen Decedents. The gross tte of esi izen, a nonresident eigen os reset allen decedent shall incu a) properties andres hte wheres. The flowing hl compre MS 1. & Toe pons apr, arson popay that an be een and touched “hes le panes ey, rd ter moa propery wih en Be ‘transported from one place to another, rome ‘Intangible persona propery. Personal property that cant be sen and touched cae they have na physi fem. Bonk depos, band, promizry notes, ‘oprtight trademark, morgage, patent ané heenses are tangible personal propery. 2, Realor immovable ropeny. These consist ofan, bung eating tached 1 the so th permanence 2 Tosable Toners alhough these transfers re inter ioe he. ring the tins) inform, they ae actualy mors causa in substance because they are intends 10 {ike efet upon or after he death a the vane 4 ‘Transfer in contemplton of death. Ina taster in contemplation of death, the thought of death i the motivating factor forthe wanser although death ‘nay not be inert A donation mort cuss rnserincontemption ot feath iis donation which tates effect upon or after the donors death I Dates of the ature ofa tertarentary postion, factors toconider ae the elon 1+ Apeandstate of heath of he decedent a the nef the {Lenthf te between the gt andthe death, 1 Eteeuton of willthin ashore of the making ofthe it ustration: Mr Finan knows thathe does not have enough ie to ve et Cancer, With this in min, be executed awl onsferring his property to i es For US. federal estate tox puepores, a ansfer made win see yes of decedent’ dens deemed tobe made in contemplation of dex 1b. Revocable transfer, A revocable transfer isa wane by tt or oterise sahore the decedent may revoke, ater, arn or terminate the terms of “enjoyment ofthe property “ut tut is the og reltionhip eat when a grantor tnown 2 the trust transfers property wth the tention that tbe managed by te fF oe she decedent tid sen ce ees doin Ns vet tn om ce sain vst COE Of gy Hoe’ death, the prope ‘as enlzen. However, hay pay naa Mt Fett eg Fern rane eB! pander ale he ero ser Tas ee ‘Sue erg ews, Ts rool oe ‘hate athoghte paso eke tration: We Fran water Nit weer el tu eae ety decedent pan Wis He hall Constate Under the ire Cade 2 dnton of Beery 1s revocable une uted He Min, he eestor ‘whom he appited in he wl, at bu edge ben the ear he ce of ena sal be ce i MF os et when he esis ncn ‘especie cutee the destin as eestor rrocable designated Mr. Feran, hs wie as beneficiary ae sal tres he proceeds of He mavrane iwoncratewienhe des Batter the roca hall ot orm a rein une fame 9fappntment acted othe property of owe scpointment i the ‘he donee of the power (decedent. The subject of the power of appointment hich sthe property being astrredis the appointed property. ‘ower of appointment may be general ot Umited- ® general power of ‘ppaintment i one whieh authors the donee of the power to appoint 37 ers toposes ar enjoy the property. Ths, general power of appointment ‘rakes the donee of te power the oun of the propery for al legal intents Sa purposes. The appointed property, n Us as, propery cube inthe rossestat ofthe donee decedet ‘stration: He, Ferma transferee propery nts for isso, Junior, for Ive etme was sated that Jnr, im hi il, may designate anybody Me ‘Heats tsucend to the property Me. Feman here isthe donor of the power of appointment: ni, the donee of the power. The power of applniment is general becuse Jnr not festeted by Mr Ferman te designate in Juniors wil hor Jur wants ‘ner the appointed property. Wea lunar ds, the appointed property sha form pat of is ross esate. ‘limited special poser of apoiotmen sore which authori the donee of the power to appoint only rom aman» designated cas cr group of persons ‘ther thin hima concept, the donee-decdent here only lds the ‘operty im ust bance, the property shallot form part of the donee ‘eceden's ros estate tustraton: #,Fernan transeed i property in tut, the Income of such property payable to hn, hs son. Its stated that ur, i wil, ay ‘Gesamte en ttm amon anor cen the one who shall succeed to the propery Since una’ owe of appointments nite, the property shal ot form pa of ui’ rss estate upon his death, Inthe the tans above, the values to ineude inthe gross estate shal bein seeordance with he floning es Ce aster wasn the matte of 2 Bon fies fran adequate nd at omit a nany moneys wah, ovale al be eed 1 4+ tte conrton eee on he war as shan ata al theater ext al be he exces te mae ate Tor | 29 abl penal pry ated i the le eee ste luded in the gros nthe ines in the gros Such intangible ot intangible persona propery \ countryser 30 | Transfer and Business Toraton country of which the decedent was a resident ‘xemption from transfer taxes or death taxes of every character in intangible personal propery owned by ckzens ofthe Philippines not residing ign country. valuation of Gross Estate 5 from the death of a person and the need for that be eventually distributed to his heirs. Without such death and No estate tax can be imposed. The term “property” when used without n may be rights, other intangibles and physical things. It ucceeds to the inheritance hence the values f are based on values at the time of the decedent's death, ofthe gross he properties comprising the gross estate shall be valued based on the 5 of the time of death, Fair market value isthe price which a property will ing when itis offered for sale by one who des not obliged to sell, and is bought by one who is under no necessity of buying it 1. Real property ~ ‘+ FMV (zonal value) as determined by the Commissioner, ot ‘+ FMV as showin in the schedule of values fixed by the provincial and city assessors, whichever is higher. I there js no zonal value, the taxable base is the f the latest tax declaration. If there is an improvemer the construction cost per building permit or the declaration. 2. Shares of stock~ i shares, ‘Common —book value Preferred - par value he stock exchanges) ~ arithmetic mean between the highest at a date nearest the date of death, ifnone is available on| the date of death ————————— Rev. Reg. 12-2018 Section 5 of RR 12-18 provides thatthe fair market val ‘association, recreation or amusement club (such as golf, polo, or similar clubs), shall be Estate Tor | 31 san ne the bi vearest the date of eth weston “a lr Wusration on Sits and Geos Estate: com atl Boe ge Senn helen pais omy -veshb determined tak sh - > trom uermttin tM veh te me > neti ite et sue tn soon oes wal ¢ Hotta =o se rh enon nse — a wisi stcdoneet elem aoe - uty ert dcrrainaec ee od seen hestt pop tet 0 med contami =e tenn vest wateprnpeeee oF 2utrywre ug $ Meaae taint Ea sate ta etc } Serene face meen a ‘sacenetnie tn tne pnipan become orrsidena gee ce ssi the owner (mobila sequuntur personam). Hower, this rule may Not Control when the} > Sankdepost at BP Bank, Ayala Ave, MoschacnisaSsasenes man eteowaaty cman ep Make ne en amas following tests of situs apply: Philippines " 150,000 1 Acouns receivable residence ofthe dete en eer msees E Siegen cao cee =e 5 Svs hoe ~ eo cy whe te | Stns em eimanl peo enforcer ae decadent may nat be bee MDa og te a ‘estate taxjust once. my not be sub aE cacti by 450000 ‘Mastration: A nonresident alien decedent held eee ssn eae tee eh eof sk of» coment Melee tase tarble nthe Piiines ince thes ares ree pong aes OFS Fag rs tebe — on ro eae a tm fates te brent benefits under Pralippines, 900,000 1h. nonce en ect acest St are aera ee yh sey =e a ste teen neat ‘ted yee) pel Suma ahinscopoatin ied “imposed by the other OF course, the ") 7 in Macou, Chit 1.300,000 we re ed don aes which 87g rere prep etal a eng onto Fa om tes wheter the propery nee He an, ems decedent is, tant because 22 | Mfr on Baines Tote, ater 33 ee pena gm eo mnens to" COMP r eid: Me ders 0 Saher anes 1 pies nie es Fo eee 3 nwa wat ‘wan cdg ans Sutin: the ss text bow lo: ns000 within (‘= eo : es nae cn wu ‘Wonk depot at PY Ban, Ave, Maka ee 5000 thot masi0 thin ‘000 tht omer MoS 9800 tn 0000 ttn Fete hes 90 fe bs nthe “he roretate of Manes ig ester iene Pines ral lade IM ber propery heever tut ah numerted Wf the htt or rus 99500 becuse ign ies weer eg ort he Pines ae ‘ject to eta arin these mane ‘he os etate of Mtns, bring a ran res i the Pipes ao P53r5000 bese ede of te Pains, wheter Fie or ers tee blr esata ine sae mart. The qs eae of Ms ares, big a Asan weg in Asa ‘ulm ton nth ines teat en as ant on ‘he repre ue may sop nti cave because Ms, Bans at he tine oer eatin reste ond cise tala ard hs angle personal pope Ioeatedin he Pitippnes. When three egrocty, the train of able prsol property stein th Pipes of noneent aen decdent t prec ota Rec, he ermution of. Bane oss eae shan ‘alow ig nd on wn tr hen «poo Baan xo : | hgptamesn nae botn the Pspsines za . 1 sheep on sini Cina (NOs ee sal CS sess Dn 20 sa) i 5. Teese ft a fe avin Pies whe Fer property sated x The recpracy ec rien the ines ern a Ettore partes coo yi en FO ON ca sites ne De hen tere sno eet leatdin the pines 890 eer gaveaesn0e int cording eco — sek nO an Fase 8H son eer in at wos Efi. one soon once | F f Soaernctmeons Saco ta + i, te ig hae oa sooo Cote nein som 5 patent pp xm Belen ne Tray bands eed by Bg Sal " ie veoano Sh the cen oe Rr ts te 2200 7 ___1.750,000, asso forthe eater ander he Tor Code ef wane cee aed te raion, Fran dese in is wil te ake ef ison to nr, is sn, and wut o Uns, hi auger, ding her Metne. Aer 30 yes, nis ie yeast, ° ‘The fshpond sal be ncaded nthe wos estate of Mr. Ferman, hence sublet to fest 14. This estate tars fr the wanemison ofthe fhpond to nin and Unie. ut when Unie es, the maging of the usu inte the owner ofthe rate tle, Junior, shall not anymore be subject a ett a, ‘The transmission or delvary ofthe ihertance or legay f the fidusin her oF legates tothe dieommisny, ustraon: Mr Ferman devs in hs wl hs fhpond to Matin, is bother, fenusting Matin to presere and to tanemi the property to iy, Mat's ‘aughtr when is celebrates hr Set. Marin here isthe Fitciary hel Ha the feicommisay and Mr Fern, the testator a decom substation, the sbstution must not ge yond fone degre from the her tgnaly institved (Marin, the father to His the daughter. As, bothhors must belvng tthe te of he estore ath The transmison from Me Fenan to Matin is subject to estate tax but the wansmission from Martin te his daughter, His emg The transmission from the fist het, legates or donee in favor of another beneticany in accordance wt he wil fhe presser, ‘stration: Hr, Ferman devised nhs wl his spon to Marin his brother, for 10 years after which t shall belong to Ge his ft cousin ‘he transer of the fshpond fom Me. Ferman to Martin shal be subject to enate tay but rom Mart to Gabel exempt [Al bequests, dees, legacies or transfers to social welfare, ctrl and chatable Insitutions no part of the pet income of whic iures to the benelt of any Individual, provided that nt more than tht percent (30%) ofthe sai buss, lepacies or transfers shal be wed by such institutions or adiistain purpose, Separate property of the surviving spouse (captor the husband or araperst forthe wis). Proceeds life insurance where the Benet wreocaby desig a S—-— UU , | tenance oa mn on es rece by member OM Ra 116 1 sear rae tr eau fl meee et sigan vss sets prov 2 ows te om ciated us, Taree amet te ene eee noe purty If 2 8 ke OM «rm se wt ma ca Sie naman A 38 col welt, ctu or ‘bse. 4 Bement legac or dso Saremeoranters O27 ton RD 116 3. power of ppiniment she it to desea the perion opens who shall «Senne nese bent Apo spect ta tenses “4 special power of apsniment autores the donee ofthe power to appoint only 2 Proce ace rors ad aun, Ges and ‘romamangs devgrte sor reupo pein cher tan hime 3 ips eben, en Te Sree fr eaten pape! (ME . oniesten ‘he once decedent of a pei power of appointment aly als the property in ‘Wst nee the propery salon part of he dona deeden'gres eae 6, The desinaton of beefiaryin Me surance is inevocable unless eorssy sea ereveabe 7. nnsolen person one whose abilie ceed i ae. {nly the oper located inthe Pipes of @ ne-esident ae decade fom prof hi poset, 5. Anonsiant len decedent's intarlble personal prose sana be included tus rosette the decedent tthe time of hi death was arse of foreign our which tthe tine of death el ot impo tater tox dest at! 7 ‘hracter in espet of intangible persona propery of eizns ofthe Pilppns net tein intat forsion cont, 10, nonresident alien deceden'sntangbe personal propery shal at be ncein Tis was estate te lav of the foregh country of which the decedent wat 3 reson ot the ue of his death alow 3 secretion from taser aes oF leah tes of every characte in ese of inane personal propery owned by ‘zens fhe Plpenes nt reising int fore county. ae Neon anor tie ed onsen saetieo 1 wee crn es tr 2 papery mn pce pe one of the decedent, 2 mie nbertance woot ein 0 wre STecoeesanenet corte en Scent onan senses el mais ummeeno Se eu genre, th sa of a popes 8 HACE OF CONRTY ae ha err rd, the sof urge pena propery the place oF ‘he thea of mg cn ape he dome oF coo oe tan eye Pps ae utile noice nih ofthe followings nt ue regarding clam aps isevet persons? The decedent's im gedit nfl Because he debe’ tables exced Istemaining sets The decent cam must be cad inf nthe gros estate. The decedent lam neh cannot be coectea i deductible scoring tothe ta fhe gebtors aes toh babies. 4 Gham agnstiscivent prion lam against 2 pion whove aes are nat suffice to pay hs tables. Wnich's notte? inane of scutes, ain shares foc, 4 the for market value athe Une of eat shall epend on wheter or Nt the cure ae aden the too exchange 1b me part secunty traded inthe stochs exchange the fa market value ‘hate ie mean between the highest ang the lowest uottion ofthe scanty nthe elatton aie or onthe ate nearest the valuation te fone secur not ade in the soc exchange the fa market vale shall be the pr we of he seurty onthe valuation ate fon the dite nearest 4 tne secur sot traded inte stocks exchange, the fa market wave shal {the boot auc ofthe secur om he valuation date cron the dat nearest the vauaon date Wich ote fotowing statements note? - general power ct appointment authors the done ofthe power to app ty person toposes or enjoy the POPE Aenea power of appointment makes the donee thepronerty «power of apointment not alas geo The avooreed property pasuing under a general power af appointment oe {nce nthe pron estate ofthe donee eceent of he poner the owner of Pt post rt 208 an cat Oe Nee tO deter cnet ee etsy i ech son ie 31" 30 adecua 4 sn arin es ont sat Seemann rates oO vale shall be inc 8 ake ae ser woh ‘a wet pn esha the fae ma sate was 0 ose te het este ros Speman ne ane rene en the edon ree 0 ue of the pepe He HO pay ee the transfer 35 In donation 4. there warn oneness 4 Sesotho mare sree "a sre maton texte er 5 than aout be te Ee Of the Fig be decedent's death gy 5. Forprocendstieisescenta css arf he P08 estate 2 msthae unt ebytt cedet fo b e unt hav gute te eae te deed 35 revocable or ie beeen must hove deste hd pean ter thn the estate, the deca reser arsine rence beta “mot have despa id paran eer than the estate, the d ‘rcs or sds ieee bee 6 Which isnot trata? 10, 2 rete tne at (be place of storage incase of certfcat of stocks ss ence roaconcncen a 421 rer Bees Ti The following ae exert fom the etate tox unde the Tax Cade, Whichis nt? merger of wut inthe owner af the naked ie 3 raison ofthe inhertance of the fiducary het th fdeleommissay €arsmission fom the fist hei, legpee or done to another eneficary, a cordance wth hevl ofthe pedecsior tarts osc! wate, etal and chatatle itons bet to no Tre fllowng are exempt rom the estat ax under specials, Which no? 2, Benefits recived by mambers rom 61 and SS because of retrment. ‘Amounts received fom the Philpine and US. governments for damages ‘reg hes wr © Bonefits received by Philppne residents under ows aéminiseed bythe US. 16 Bogut leaves or donations mors cus to sodal wef, clus, or ‘hartable organizations. “The folowing ae general rues on sts hich on nat? 1. Thesturofrel propertyisthe place or county wher iti stute, 1 The sus of tngbe personal property isthe place or country where such cull leat at the time of te aecesent's ath {Thesis of tang personal property ithe place oF country where such it {ctl cate 3 the te ofthe decedent's death, 4 The ste of intangible personal propery the dail or redence ofthe \Whichis nt an inane personal rope? mused cae cooyrahe frenhiee ate Tor | 3 sun th goverment 3 HSE By th evn wealth 0 tne toon nol reve the "ose wasison dos nat? ne tasnion of property of mst it gad 0a reside en decedent 2 pores en decedent teint decedent { santesent alendecedent roe thats atch thes with permanence erin prope 5 tagblepesenl property marge person pe pesos ropa at cane st, ued and moved om one place to another 2 eternal property 8. tang peon pot perl oper : Property hatha mpl om 1 tniepraeutpeg © ethernet 20, ‘Shares ee not dered property within the Philippines when the shares ae sued by a omer corporation 1 the shares ae sud by 9 foreign corporation wth no business usin the Priapnes. the shares are sued by 2 fori corporation with 859% busines In the Prien. the shares are isu bya crpoation rg tied under Piping ws \Whihispotincib nthe poss eat? tanterunde genera power of ppcntment ‘taster under Spellpower of appoctment ‘Masfrncontempiation of death revocable tater’ Wien tna true about rane in contemplation of death? 4 Ina transfern contain of death, desth mest be iminet. 1. ander in contemplation of death parakes ofthe mature of testamentary ._Trarsfer in contempation of deat is governs bythe reson succession. {4 instraaferincontempliton of death, the tought of death ithe moda {ctor forthe waste, ‘lof the following statement are true except one. Which ene? tn revocabe transfer, the decadent ding his Metime may revoke, ae, Sead orermnate the ems of eloyento ownership of the provers tb) Aovoable transfers lay incon the oss esate ofthe decedent transferor. The power ofthe decadent ransferr to revoke tems maybe exerebed us 16. R'revocabe transfer shall be included inthe gross estate ofthe decedent- transferor even tough the power to revoke was not exerci Which entre? jrament isthe done ofthe power 1. Theparsonuhe centes the power of pO epee The person who flv theright to exec the power of PHO donee (decedent) ofthe power. The property bing transferred andthe su te appointed property 4. Thepower of appointments general inate eet ofthe power opponents sont was pnoresSOR ‘gcr08 aa enti ection Kom Content) 7 Pnorson teterinth q ori acc eae AE ro deniieation coy deg. iantieation of Property 2 See pesos rove Casal eh propery by indicating tea & TenntiePesosl Propet aa Howse 1 Tange toa Prope cours rece ~ bulene = im famcazst Sa cao neem Nets rc 0. Patines Patent Franchise Suctaek TB traders Febingbot We Fereien snares of atone ee 12, amen dome pci T= 6 fev ind fede Fr etre ina tren ind ‘eco ceo Sh cents a = 1. asin ghtin a freien orporaton en my 2, iwcnrina emcees 48 | ranerend ees oe on | 87 desteaton Winter eos inte as each waster user of 0880 Tenino foment Blew nlp Under AGE jintment gine eo fie iagnosec 1 mcmama a et me reper 0. Vien in trust fp tetera. 4. te clr aes pope n st fri on, JUo fore ang then arth chu ir may apoitby wl, cele, nas wl die i property in favor of ‘ent dating trees bsquet Wnser may be made to Sey pats. etter reper 12 Heseio de San 6 Ctra cba iia. Feng that death isnt fa hetraateed hope ois © 2. Meco epe atts nor for ean Set fr ohh al eg yl 0 suceed To the 2c tase peru ors, no fo ie and then anal cra tye. «,_famnstocst ens sry spelt yl ren eat heat of is busines Se anos oo ge othee e se cise wildesanae, wh MS A. He decided to — 10. Wr elo ones pep then i a rang fry ofa Insurance which he “el tts on, lnr for fe and "ei, by wil, appoint and 4 | Tonfrond snes toe a — noresion: problem ‘Adequacy f Consideration for Transfer Far each case determine the value to include inthe gros estate computation: caue a ® c Consideration ceived by transferor decedent atthetimecf taster 1.000000 # songa0 a Faiemarict value athe ti of venster 4.000.060.0000 1,000.00 Fairmarkct value atthe tine of eth ‘tanteror 1250000 1.250000 1.250000 For each ar, determine th valet Include nthe ross estat computation a ® « Fairmarker value atthe time of death 00.000 psaoco0 ps0,000, i ransteror Fairmarke value atthe tine of tnsfer oo00 00.000 800.000 consideration recived by transferor rcedentatthetimeattanster 05000000000 I |faoeso® Proceeds of tie nse paced of insrang oe 1 6 our ase ie wt ce. tn enh ceo ur son a SONNE is sm _ poe caste se oe P0 lion 2nd Sesenateg ander ision nd JO Ns met 4 ege ok anise on tie PD MON 4 SSIES i ey on fe fr FS lion and designated issn an | scone SrciOn nore sson rotten ai ase an nent Pesan sas der vs recent dlr wlan. My, Sona as an esandg aim of "0.00 apa th al deter. The dato ha P13 anon war feet ie apomnaco—b Pioo0c o 6 pano00 2. Mayihe estate of Sasi coc rom he tr? how much? 2.700000 biog 0 4. raewe0 3. How much may appepratay be deducted fam the pet eate of Mr Bose ‘este toth aim? Ir. Sosa that hea ne longer sy the #500,009 det owed. Neverthe shat P45 miionn assets but as P2135 millon outsanaing tte Even bala Soe te ne was aay declared solvent 4 shoul an amount be used pat of Me. Soros ete? sa how much? 3, 70.000 5. Wow muchis assumed alee fom the debtor? 2 rn000 (bi pacogsoc v0 4, re00.000 6 Maya deduction tam the gor ette be taken? 3, for what amet? a preooo —.waonco PO a soa000 Ge * tnyeo te 3 oe canvas was ssta rer Ns lngtinegiend ina omega goz agen gh ough that same day buy 2 one eat Installment rere, £ woos tan ben mee expense by 20.00. On his ssgje eter sou me caraent need 5. waren nc soe ero tngoDstare of tack held by Mr Ceres The ceacet ase lalng ancl aata atthe eee Parva per are Faso Oasaccrg ure ecto Fersnadearnes = #2 ‘Teta ck ast tne nt soc charg 5 | Toner ant nies Tton lngeate whether the sts of he propery is within th Philppines or without selene ene tas Cay Tres lat roi sand in Mar, Btn spplancesia ou bet nh ices soplaces parma eras ncatns USA Jenstyintbe Pappas deneryinvongeore owt lta Psines Seok cesestnSurnerana Feveg tone wth busine stun the Pilsner Sencoeptst Ms re, Greens (apy erred Puan, Susan uses gta carperatonexasonesin tongs China TWaceranaseain sae Fanaa nt Ppp Pavancenfenecfstcs hasta aiain Sous owed xin Soin ersign stares, 95 fhe ies nthe Pages Pit earsete ofc kept ithe Posies “easton ied Brg Seal eins aS) Foreign stoes, 0s of he busresssinthe Phipps Cblgatons ste by foegnsororton wth na Sulnse sur nthe Piper Investment ina pares esabshed Inte Pilpnes Notes reeable,cebtresig nthe Popes Aecours eee, dtr esting Baha, SERESEEBe ewe nune REBREREE BEER rem roe ce Conese epee ee ~ tos npr et moa fer ech acne. amu or pom as Ha rey = : owed tee eater 2 emer set cms cael owen nares Case + een Sesame 2 acento won © Nenmenaent At wen cercey aoa © Nenaenaeet Ann whet coy Ler an ae ’ 2 keen mcm tr cee 1 higron ned yo cretion some 1 towpeoe Somooo 2 inaangrer Oy Pome ame { Rogeoneny 175000 3 Une tarnaane Beam 5 Fone ee Be eon 4. mews rcenaie etre Sem & career 5 imretn ator nary sono + Naenaese eocto © semalnowms seated Tara Tac no 2 foment ssn > rare Pa ry deco 3 tesuren cana Oy seomca Serer tc ns ome ererton Ssoaxe 2. ieryateneae seonco 9. erence harass pred B Stee don sonencconeren 252000 10. Tretnsan ine area voae 2 twamoneasonben som00 11 Panungranoe nine Pango: vem 3 homeo, ser rca, onc 12. toversund bys Ustad coporaton vam 18 Copmge crc ete acon 250000 1. frm ain Oree ny seme 15. pam ros ‘500000 1 Saskcesnt tar, Nong tong vena 16 tance aa a Aa psn 2om000 15. Stoneman ator cobernen irom 2 Teme nh perme reek ‘om 36 Tesora nine pores ieoe ib homed ce ncsaona ty some. 17. Fore naref oa irae 18. ranponehag bas Some 1 Sennen retina omest ure Sham 20 tgs tas nee oes oom 19. Gowne en tare ne ose 2. Chagnon by acon craton ‘oom 22 imesoent a ores arr ome 2 mets scone nasty san 5 Nowe neat n ta Psy «san 2. Gray noe ass Cy ono $4 | ont an te: oan emer 18 {secon ten ute ts and Gross Es jecedent, be able to, “ pap nase sce con TRANSFER & BUSINESS TAXATION ete sso : saute peter eC poeatct te hcions rom Gros state a esencien meee en © resets Jn, ne 08) 4. None cY DEDUCTIONS FROM GROSS ESTATE sty Ret cen, eee ed Red hen eden el ne ‘ sa eb hy : tet esate of chien or resent aben ofthe Pitpins Stal be determined by Af sakagst evr fk 2 , hated .s00.600| ‘dedocting from the value of the gros estate the fllowngitems of deduction: |. Balding & land on which stands in Pasoy CY 5,000,000 2 Tennis pow 1. biped, lees, indebtedness, nates ‘planted in Bags City anno a Funeral expenses 5. Garinthe Plippines 350000 1b _idkial expenses ofthe testamentary/intestate proceedings fopmesn ae ine his 40000 © Gaiman cate fesse as 200000 Si Caimrctinecee apts pans &Setysinerpper ‘ooan0 © Unpnaronapeasesies 5 leetyn nna 250.00 tnt 1 Spot nth Saeed 23en000 cates 1. petites Sasho00 1 imum eubed iste autais ——Sgagjona overt preously ted or vanishing deduction “3A nots reel, eter esi nthe Pipi 75000 3. Transfers fr public use 16 cme eben msuaetans bam [4 Famivhome 1. hpi toneen | &. Saar deduction equalentt oe millon pesos (1.000.000) Gorden beth rsa |. Medal expenses Manila {oon [2 Amountreccned by hes under Repu et 917 2 Toman fun f&. netshare of ving spouse nthe cant! partnership o community proper edt umn es Tobe dicssesinchapters7 and 8) 2 friend pies ed a Sy Coron create of sas tating fen m0 iesrine: 22 Sbbe Team ree asc apn the Pip ee ome 22, ean bonds sued a iahePhmines 275000 2 Nesiytaidtyeasowsegrige io) at “The TRAN aw amends the deductions alowed tothe eae of ino eset 2 Sheen sou Unde Section 6A} fhe WR—the deletion of Funeral nd Mea Expenses S pssetiommsunsonimes 2 tion nae tam ugar od ny, 2 SSioinemamestenions a the increase in Fomly Home maximum eeduton from PL mont PO millon, and S Sciteeuespemmeetgcsi Rae ‘heinereasein Standard Deducton ron PI son tP5 mon. the bss in te Pi aa tones seme 56 1 ofr ond ses oon ——— ot Cais inthe seo is ta xa awe onded UPON 2 Pron ees 5 ct a ee al Mrtacted BON fd any Sia a ea eowie ‘woth one oF 0 tse, SS os treet nts Donen oie gecesi (2M ESA Oh 1) Stand Deon 2), ims Asst te Eta 3) cams ofth Decne it saver Pers 1) Uni Moraes: Taxes nd asa tose. the estate, a con heen stowed in the ae of ims opis . mre wal wen funded upon 2 promise oF aren sone crac tr a re ean ae fie 208 18 Sc flconeraton nmewey moneys woth. 5). Property Prevusy Taned 6) TranfrsforFubic se Amount Receiby Me under Repub et No. 4917 ‘it sare of he Suing Spouse the Conus Partneshi or Community Property ‘on eset en Oct. ese of oer ale eee eo Ci tr esse uted eh Pgs an Scho slo {following deductions from their gross estate: - “ Howes 1 penis ose, Indebtedness, and Tats. This deductions subject inition Indetrednss ines Oeetionatoweg 2 Property Pevouly ave, Popes 2 Tre fr ate Vavshing deduction on property situated in the Property situated inthe Philipines, Net hare Surting Spouse nth onli Partnership or Community Property a ‘TRAIN Law or RA 10963 ‘The TRAIN Law amends the deductions slowed to nonresident extate under Section _86() ofthe NIRC—now entitled to a standard Deduction of P500,000. Te value ofthe rat estate of 3 nonresident nota cltzen of the Philipines shall be determined by nosso el amoun pi, “nos allowed, BY TBSON of yy] nc ee Set niceties cee pr aun ol Soca sca gee = oh feet eg ecnced ty an amount which beans the $4 Se ero {he decodes ost eat. ote ha fm hae ee ced ander RA 917 af not ao the deduct | pucntage of deuctons.Te ans dein sale the vale (al basi Fo chove muted he folowing percntag deco: je stysep computation oh vaiing deduction shown saiows er argc at arte Ten ufo dtc ase a 3 as ‘ui pacertage otdeeucion rere no morgage debt pi, he vale taken of property previous taxed wou be ‘hentia ony pr ofthe morgage spa, then ony that pars deductible. istration: On Aug. 18,2012, Mr, Sancho ded eaing hs house Bot ad van 89 Junior, Ms onl Son who i stil bachelor. The esate tax cortesponding 10 the twanamisionof hese property were pal Fllowing are the eleva at owe aie | —Pasoommo | ss0000 ° vin Soom 1000 ane | ‘on Oct. 12,2015 Jnior ded, His gross estate including the house lt and van were ‘ecared at PLM white desuctons lor expanses, loses, indebtedness, tates, and trrserfor pb purpose] amourted P13, “The vnishing deduction computed teow 1. VeutatonfPer zdona00s #210000) #2610000 Testa et rer np ‘oye dedcion seb 00930 _ 210000, nits maao0s00 P2400 xno = Hesoan0 2. tal as ee 2 deduction ‘iy percentage of ecucton® o ‘orsign 77a “repent ection th bec og 1620210 1,235 mere an ee ‘san area ree nro morse ote Transfers or Public Use “There shal be allowed as deduction frm afss estate the amount ofall Bequests, legacies, devises or antes tor forthe use ofthe Goverment ofthe Republic of the Pilpines, or any patil subdivsion there fr exclsve pubic purposes ote Tox | 67 _—_—_ peo 08.5 A cae monte nes eee esc rarthoea Fart Home sfamiy hme sab he cutrent amet ceth However, he sag on 000), he exces shal ‘he TRAM aw rates the nium alow Fay Hoe deduction 0 P10,000,00, Family Home isthe eng ove, cdg the on whic ts susted, where the isan and wt or Red ofthe fom, and members ofthe forly reside, a ered ta bythe arangny Captain a the lay. The fly home 1 deere enstated on the hose ant ram the tine is actualy scapes 3 amy ‘esgene ands canner sh for slong 39 ot benecare actly ext ‘herein rte 152 ond, Fry ode, Aca ocapaney ofthe house o ou anda the fly enc shal ot Be ensiered erupted or sbndonee sch ces he temporary sence rom the {orate amy he dt oe! or ses wot ann athe wor thea hae ene ey pene ht the Sco Wad stent fr business or lesson sens toe fee Re. 2 2008) ects dems ey ‘properties of the husband and wile. may aso be constituted by ned {amy on hs or her own property (Art owner of panne a enetclares of Fam Home 1. Thehesbondand wlohe samt ag Ter pre, ends, descents cag eat adored een raters te eet terns te lente Hepat a ge FY re dh dpe pon he had fey orga) ow Ree 122018, Section 617i) of RR 12-18 defines “husband and wie” and “vemared hea of 2 i” flows sara and Wie —tegly mated man aed woman Unmarried Head of 9 Family ~ uated ology separated men or woman ‘wth one or both parents, with one ormare branes ster or withone a ‘note legate recognized natural or gly ede chen ng with ana ‘ependent upon him or her forth ht soppor, were such brothers oF Stor oF chron are nt mee han twenty one 21 yeas of age, nares {nd not gaint employed or where such cen, brothers or ater, fequrist cf age te capable of salt-suppat because of mental or ays nec or any ofthe benehcariesmanoned in Arle 154 ofthe Far Cae “nhot ign the fami Rome and dependent pan he head ofthe fly for lepatsuppor, equistes for Daductiity 1. The fay home mast ete cl siden ho fhe cent nd meth dent scared ye tarangy Cian he oi where he omy ame ay atte The tale of he family home mt Be ned a pat af the Boss eae of he tam meas Sect rnd inthe rss eater he eer of he seesens Inert wheter onaalcommnty bev pope. whee bua, et seeeing P0000. ‘The suceedngustaions ae const with Rev ep 2.200. Note hat deductions are being claaegnto erry and spec tmasration: Assume that the decedent an unmaried head of 2 fy. The cent {airmartet value othe fami ames P2 rillon es as eed =25 eateter | ° spec Decne Fant Hone 1 sch he amy ame sted 32 in te msm lew ectin fr Artest spiaien tion tustration:Asume tat the decedent ic an unmarried head of fay. The curren {sr market le ofthe fly homes 82000 Foe Fel pee zoqooo OherOeauctone 188 pasnaoun Stcidtucton 010500 Total eductns ~ Pasneae9 Netto cate 2009809 {tendon tame ed FIN wh the dered a standard Deduction “TRAIN aw oF RA 10963 ‘he TRAIN Law increases the Standard Deduction 05,000,000. Standard deduction 9 new deduction introduced inthe Tex Code of 1987, medial fips a amount recived by hes under RA. 4917 beng the two others. The ‘Handa deduction does no apply tenon sient lin decedent | deduction in the amount of one milion pesos (1,00,00) sal be alowed ss 20 Sedtionl deduction without eed of substation. The fll amount of 1200.00 Shal be lowed os deduction forthe beni ofthe decedent ustration: MeL, bachelor and siden zen, ed leaving he ollowng propery: ‘ont Custom tyfomivtome) 2600800, onda cheer ‘som0 Fermin Caring Tae Soom oekdapast asta Bnkinfaaycey 1.500000, ‘The flowing ar being eames by his executor a ection: cl fneaenzeses xsoo00 kil emenes 30000 tied expases ned wo months ‘tare seth 19000 semitone 00000 consequent, the deductions of Mr. o's estate computed as follows: ‘niu soon Srxesesoanor 22500 acinar et 0000 lowed ronan sui Exess _—sn00 230000 Speci Deducions Famiy Home rapa Stones Deaton 000000 Meal exense: soo, _2s0e ot Deductions 2380000 aE sen eed ‘seo ou ae a ee SF sect 8 of 1218 Mutts Stead Dedscion, aed eter al lemariedheadel he fey treton the prope rs flowable ebvctons Decent unmare, ay homes more han 20M, ‘rar Daductons np Rea tat Tax Spec etn ami Home stands Osastion Teta Deductions Net Taxable tate Athouth the tary home valued 4000000 000,000 2.000000 0.000 — S000 ‘ection forthe fam heme iP mln ony. Mustraton2 Decent is mare, aly home i below POM, ela Pen Poets Famly Home Gross tate 72 | omer and ies etiog taica of Family Home deduct ‘ro the B35 estate of 44900,000, 17,000,000 2.000000 2 F30 milion, the masimum allowable 23,000,000, es: Destons Ordinary Deductions Special Dedutons Family Home Standara Deducton ‘Total Desuctions Net Taxable Etate Medical expenses ‘TAIN Law or A 10963 ‘The TRAIN Law deltesthistem a allowable deduction Medial expenses incur by the decedent whether pai or unpaid, within one (8) year prior toe sth and dul subsatated wit rctgts sna be allowed as deduction fiom gross estate, However, n no caee shall the deductible medial expenses exceeds five hundred thousand pesos P5000). Mustain ‘eetold sonomo sonoma denatyincores ——Fsoooo eon ooo lowes risocoo ——_rsc.009 Total aunt incur co.009 nos potion oftealamsunt neuned 109000, ‘lowed $0009 10,002~unais amet nether Cathube cosa rom he gross ‘nna came agate estate” Nt: Pat or unpaid P100.000 css ove the P0000 esol shal ot be allowed os ‘detucion under any catego (tte Toe | 73 sets eno 3 ia ve rn deen, al reese or ange gee port ofthe 1038 estate of spat be ined 3 rot 7419 secede ues tte sei SOM gto the conjupal OF comm are ofthe surviving sPOUse ng somal deductions pea the estate tamed rotor the cecedent sinters eourows ro 1H ROS STATEOF A NON-RESIDENT ALIEN DECEDENT ron eset sen decedent const of rpery inthe Philipines anda re fret tx pupses, ny hs property in the Philippa FRESE Tn egos entte computation. The estate is ented to ss neta, and ae subjection 2 flows sous ned. Vanshing dein on property situated nt eo publc se ot propery stunted inthe Pps tsar lhe arveng poe oe sllonedinthe ae of anon eset decedent nt citen of ‘rene in ear ef ante he ee mayb, sen reauresta e edtele a hete te maybe, incase teat sate nthe Ping Cece eth of that —=—_ ee ed es eg 12.208 section 8 eee is gros estate which atthe tie of is folowing es decedent who 8 210% tom he vate ofthat in the Pailippines the ofthe net estate of ‘etermined by desi his sated (8) provides that the valve alien n he Philipines shal be sof deductions: ve Hundred Thousand stantation. The full ft of the = A deduction in the amount of F rowed without need. Si 1 Standard deduction ‘ilowed as deduction fr the BEN esos (500.000) shall be ali mount of ?500000 shall be ecedent the value of such es and indebedess wi situated. tosses and 2. The proportion ofthe totals ce wherever Part ears tote vale of hs entice Bosses ugebtednes shal inca the folowing: 21. chams against the estate. 3:2 clams of the deceased apis vere the vale ofthe {eeret erin incladedin he va 2.3. Unpnd mortgages, taves and as ton under this subsection shal be comp 1 insolvent persons jue of he gross estate ones. ‘The allowable deduct ted wine the flowing formal: _Alonale Deduction Word Gros ae 1. Property Previous Tared 4. Transfers for Publics net share of the Suvving Spouse In the Conivgl Partnership or ‘Communty Poverty “Accordingly he estat salir be alowed te ftlwing deductions 1. Famiyhome 2. Standard deduction ent 1,000,000) 3. Merial expenes {Ament received by heirs unde es deserve th estat eft by ME Les Jen to one miton pesos publ Act 937 resident etzen of China mstration: the flowin and ther pertinent information rmtopres cree Total ssa #9070200 P4S00.009 os ens aa ccs mage 2a agama aes ne enables compte OHS . “ rxsonooo ear 5000 “imme. rune pason 76 | Tamer ons ines ete TL ee aot [scone SECTION [mRortssom rea Family Home, Standard Deduction and Other Deductions: Unmarried Decedent problems A ‘Required: Fr Problems 8, determine whats being asked A. Gross Estate 18. Ordinary Deductions Speci Deductions D, Tota! Dedvetions Net Tanabe state Problem A Decedent Alberto Albin is Flpinoctzen and unmaried, He left the following properties and unpld tx: eal and Personal Properties 17,500,000 Fam Home 373500,000, Unpaid Rea estate Tax 2,500,000 . Problem 8 Ao Alejandeo, a resident alien and unmarried led leaving the folowing properties and debt Real and Persona Properties 21,000,000 Family Home -45,00,000 ‘Unpaid Real state Tax 3,000,000, fstoe Tax | 77 1: Unmaried Deceden an Faroe rherbeectin stoned beducon and O88 pretense stor rotens C0 detrine wat is bng ste rei A Goss tate 8. Orda Oedetns SeaalDeducons netrntiste Decent Ano ron Flip cisen ad nari He has thefllowing pepo nation fealand Personal Properties p17.509000 Foy Home 3500000 tinny Daten 2.800000, tn ‘Stans simit etlenin e eo peprs ang Ieladtwaraverie; nama Clee Scin 3D ima secon PROFESSOR ‘rue o False oreRAIN) 1, x. Fry 5 I the decedent relatives are abroad, telecommuniation expenses incured 82 inform them may b daimed ae deduction fom gost estate Cost of bur pot, tombstone, monument or mausoleum can be climed 35 {deduction rom gross estate including thei user, Af the deceden’ oan was contracted within three years before his death, 3 statement of esposon of proceeds must be submitted by the executor ot saminstter, ‘na clan agaist isoven person the nslvency of the debtor must be proven and sot meraly alleged ‘could be thatthe amount tobe included as par ofthe gros estate ina im azanstinslvent persons ss than the full amount one ‘othat unpaid mortgage may be deducted trom gos estate, the far market value ‘of the mortgaged propery must form pat ofthe rss estate nfl, For unpald taxes tobe deductible form goss estate, such must have ccrued tthe ‘me orbefore the decedent death, Vanishing deductions being allowed to lessen the input of sucesive taxation of the same propery within a very shart pelod due to the death of decedent: transferor, ‘The benefit of vanshing deduction may only be applied nce. | transfer for pubic wse oF purpose is one made in favor of the Philippine {government or ay pltcal subsivsion forthe pubis exusve use For estate tax purposes, 2 ron-esdent allen esate is ened to the same deduction ea resident allen esate ‘ven property previously taxed stuated ouside the Pilppines of 2 non-resident allen estate, for estat tax purposes, an be allowed vanishing deduction ‘he maximum amount allowable as deduction from gross estate for funeral expenses 200,00 Mouring apparel of ll minor eile ofthe decedent regardless of cvilstatus can be deducted rom gross estate Expenses ofthe prayer vig succeeding the burl are deductible from ros estate ate Tax | 73 pT 180 WIE Fi rer aor TRAN) Se dtu 10 WIEN Fi | si oe stent rhe ad etn 8 : oe ented Siero om on te et Ee A > maenr ante a i ram ore ince inte gossestat ofthe ceed 2 vrata 2 syne yea espa ns inte resenaitnintone a te 5 ean neon dct esta home may 6 nearntnasoinb deduct fom goes any he mayb Ceeniowoe 2 1 her te anc tg cin a nf ly he oth iiodt eaten ben ses anomie sae & emniman acne tie omar 09000 2 toyonow een y he nam he ae asa ose fests tan n ars Map 7S isaac hompoeectetene ‘ 18 cy papery at eee wn Pl 2 sin Pine hl be cided whe tenes hear tal ro eee son s. be | scone PROFESSOR: Mute Choe (preTRAIN) seo ‘Which snot true about standard deduction? 1 Risequtentt 09.000, 'b Itees not bereferted inthe estate tox return, edocs ot aplyta nonresident aien estate 4. need not be sostantate, Mesialexpenses maybe alowed as deduction when 2 it exceeded P50,000 and the fall amount is being claimed a gross estate deduction, incur by decedent within a yar before his death and duly substantiated by receipts ‘& thouph cured within one yearby decedent, such are not dl substantiates byrecins 6 though duly substarited by receipts, the sme were incurred beyond one year before decedent's death, Which ofthe foloing statment i wrong? Deduction for funeral expenses shall bellowed 2, onli pidout ofthe estate, 1 fora nonsesident nota ere ofthe Pilppnes, ony that which was actualy Incurred inthe Piprines. shall cage ered ofthe gros eae (4 shallin no cae o exceed 200,09. The fotowing ae requisites for vanishing deducton to be alowed except one 2. Theestate taco he ror succession must have been ira determined. 1 The present decedent ied within fie years fom date of death of the pre decedent. The property wth respect to which deductions sought canbe ented {4 The property must have formed part of the gross estate situated in the Phiopines ofthe pie decedent Vanishing deduction may not be lowed when 4 the estate tar or donor’ taxon the property previously taxed has not been pai the property previously tard i stuated in the Piippines. rate Tox | 82 QKVQKQ EEE revousy 12108 By Ine the paper any pepe de er = sy taxed dened apnea Nowe asthe one receved or heaters 5 ic os ot al ne when» oe tes btn of his exc ‘Property tothe other spouse? serene 'b. The public instrument must ‘net sPouse, £m ets ere 4, The administration of the a of the property administered feoree Property by the ‘administrator-spouse may ™ 10 | romero es atn sete Toe | 381 ek — aa: Sfction oble? Potent cert ge 2 bi ay Ehove, mated, ho Sig, 22087. on srowm rosy ewe re Charges and cgation; "N31 201, length lowing propery, expenses, ‘spss pared ye wieaesroneeet coves nr tn con zeny Soe

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