ESTATE TAX 1st Quiz Google Forms PDF

6/19/2020 ESTATE TAX- 1st Quiz
ESTATE TAX- 1st Quiz

The following questions will test your basic understanding of estate tax. For the problem solving,
you are required to provide your answer. Round off your answer into two decimal places only (i.e
P 2, 500, 503.48). God bless!
* Required
1. Email address *
Untitled Section
2.
Mark only one oval.
Option 1
3.
Mark only one oval.
Option 1
4. It is a mode of acquisition by virtue of which, the property, rights and obligations, to

the extent of the value of the inheritance , of a person are transmitted through his
death to another either by his will or by operation of law. *
Mark only one oval.
Succession
Donation
Prescription
Exchanges
https://docs.google.com/forms/d/19ZzPWGK218XP56wv4zzRZ90d2t3ghexCpCDIxRtcaxU/edit?ts=5eec714f 1/17
5. Decedent is the general term applied to the person whose property is transmitted
through succession, whether he left a will or not. *
Check all that apply.
True
False
6. In succession, the successor can refuse the inheritance. *
True
False
7. The following are included in the gross estate with regards to proceeds of life
insurance whether revocable or irrevocable, except *
Mark only one oval.
Estate of the deceased
His executor
Administrator
A third person
8. The components of Gross Estate include the following, except *
Mark only one oval.
Real property and other tangible personal property
Decedents interest and intangibles
Transfer in contemplation of death
Revocable transfer
Property passing under Special Power of Appointment
9. The following are either repealed or amended under the TRAIN law, except *
Mark only one oval.
Funeral expenses
Judicial expenses
Family home
Standard deduction
Claims against insolvent persons
10. A non-resident alien decedent is given a standard deduction of P 5, 000,000

under the TRAIN law. *
True
False
11. The following are the requisites to claim Family Home allowance of P 10, 000, 000,
except *
Mark only one oval.
The decedent is married or head of the family
It is located in the Philippines
The Value of Family is not necessarily included in the Gross estate
The family home must be the actual residential home of the decedent and his family
at the time of his death.
Certified by the Brgy. Captain of the locality the family home is situated
12. The intangible personal properties considered to be located in the Philippines are
the following, except *
Mark only one oval.
Franchise which must be exercised int the Philippines
Shares, obligations or bonds issued by a domestic corporation
Shares, obligations or bonds issued by a foreign corporation (75%) of the business of

which is located int the Philippines
Shares, obligations or bond issued by a foreign corporation, if such shares, obligations

or bonds have acquired a business situs in the Philippines
Shares or rights in any partnership, business or industry in the Philippines
13. The Gross estate is valued at fair market value at the time of death. *
True
False
14. Man Kanor died on April 1, 2018. The following data were available in connection
with the property. Assessed value on April 1, 2018 is P 7, 00,000. Fair Market Value
on April 1, 2018 is P 7, 500,000. and the Zonal Value on April 1, 2018 is P 6, 000,
000. What would be the value of the piece of land in the gross estate? *
15. A decedent left 5, 000 JFC shares. The shares were traded in the local stock
exchange. At the time of death, the following were available: Fair market value, P
200 per share. Mean between the highest and lowest quotation, P 300 per share.
Book vale, P 250 per share. What is the the value to be included in the decedent
gross estate? *
16. Andrew, a Filipino died in China leaving the following properties:House and Lot in
China: P 2, 000, 000.Vacant lot in China, P 3, 000, 000. Shares of stock in a
domestic corporation., 60% of the business is located in the Philippines, P 200,
000. Shares of stock of a foreign corporation., 65% of the business is located in
the Philippines, P 400, 000. Car in China, P 700, 000. Car in the Philippines, P 500,
000. How much is the gross estate? *
17. Andrew, a non-resident alien died in China leaving the following properties:House
and Lot in China: P 2, 000, 000.Vacant lot in China, P 3, 000, 000. Shares of stock
in a domestic corporation., 60% of the business is located in the Philippines, P 200,
000. How much is the gross estate if reciprocity clause does not apply? *
000. How much is the gross estate if reciprocity clause applies?
19. Ulyanov Kerivsky, Ukranian, died in the Philippines. The properties situated in his
own country will not be subjected to estate tax if he was a- *
Mark only one oval.
Resident Citizen
Nonresident Citizen
Resident Alien
Nonresident Alien
20. Dina Mathay, Filipina, died in the United States with the following properties:
Condominium unit in New York City- P 2, 000, 000. Shares of stock in a foreign
corporation- P 600, 000. Interest in Partnership, domestic- P 475, 000. Bank
deposits in a New York City Bank- P 150, 000. Car in Cebu, P 500, 000. The gross
estate of Dina Mathay is?
21. Dina Mathay, A non-resident Alien( with reciprocity), died in the United States with
the following properties: Condominium unit in New York City- P 2, 000, 000.
Shares of stock in a foreign corporation- P 600, 000. Interest in Partnership,
domestic- P 475, 000. Bank deposits in a New York City Bank- P 150, 000. Car in
Cebu, P 500, 000. The gross estate of Dina Mathay is? *
22. Dina Mathay, A non-resident Alien( without reciprocity), died in the United States
with the following properties: Condominium unit in New York City- P 2, 000, 000.
23. On a belief that he was about to die fro a liver cancer, BongBong sold to BengBeng
a property valued at P 1, 100, 000 for the same amount. Six months later,
BongBong died of a car accident. At that time, the property had already a value of
P 1, 300, 000. For the Philippine estate tax purposes, the amount includible in the
gross estate of BongBong is? *
24. Mortis causa transfer of property is effected upon payment of estate tax. While
Inter vivos transfer is effected during the lifetime of the donor.
True
False
25. The taxpayer in the estate tax is? *
Mark only one oval.
The decedent
The estate as a juridical entity
The heirs
The administrator or executor
26. Who is primarily personally to pay the estate tax? *
Mark only one oval.
The decedent
The heirs
27. Who is secondarily personally to pay the estate tax? *
Mark only one oval.
The decedent
The heirs
28. Estate tax is an indirect business tax because it is a tax on rights or privileges.
True
False
29. The subject matter or object of taxation are the following, except: *
Mark only one oval.
Persons
Property
Heirs
Right or Privilege
30. Mr. Z died leaving the following properties with their fair market values at the time
of death: Piece of land in the Philippines- P 2, 000, 000.00. Piece of land in
Indonesia- P 1, 000,000.00. Furniture and Fixtures- P 600, 000.00. Car in
Indonesia- P 800, 000.00. Share of stock of a Philippine Corporation deposited in
a deposit box of a bank in the Philippines- P 500, 000.00. Share of stock of a
Philippine Corporation deposited in a deposit box of a bank in Indonesia- P 200,
000.00. Share of stock of foreign corporation (subject of several transactions in
the Philippines)- P 100, 000.00. How much is the total gross estate if the decedent
at the time of death was a citizen and resident of the Philippines? *
at the time of death was a citizen and resident of the Indonesia (without
reciprocity clause)? *
Untitled Section
32.
Mark only one oval.
Option 1
33.
Mark only one oval.
Option 1
34. It is a mode of acquisition by virtue of which, the property, rights and obligations,
to the extent of the value of the inheritance , of a person are transmitted through
his death to another either by his will or by operation of law. *
Mark only one oval.
Succession
Donation
Prescription
Exchanges
35. Decedent is the general term applied to the person whose property is transmitted
through succession, whether he left a will or not. *
True
False
36. In succession, the successor can refuse the inheritance. *
True
False
37. The following are included in the gross estate with regards to proceeds of life
insurance whether revocable or irrevocable, except *
Mark only one oval.
Estate of the deceased
His executor
Administrator
A third person
38. The components of Gross Estate include the following, except *
Mark only one oval.
Real property and other tangible personal property
Decedents interest and intangibles
Transfer in contemplation of death
Revocable transfer
Property passing under Special Power of Appointment
39. The following are either repealed or amended under the TRAIN law, except *
Mark only one oval.
Funeral expenses
Judicial expenses
Family home
Standard deduction
Claims against insolvent persons
40. A non-resident alien decedent is given a standard deduction of P 5, 000,000

under the TRAIN law. *
True
False
41. The following are the requisites to claim Family Home allowance of P 10, 000, 000,
except *
Mark only one oval.
The decedent is married or head of the family
It is located in the Philippines
The Value of Family is not necessarily included in the Gross estate
The family home must be the actual residential home of the decedent and his family
at the time of his death.
Certified by the Brgy. Captain of the locality the family home is situated
42. The intangible personal properties considered to be located in the Philippines are
the following, except *
Mark only one oval.
Franchise which must be exercised int the Philippines
Shares, obligations or bonds issued by a domestic corporation
Shares, obligations or bonds issued by a foreign corporation (75%) of the business of

which is located int the Philippines
Shares, obligations or bond issued by a foreign corporation, if such shares, obligations

or bonds have acquired a business situs in the Philippines
Shares or rights in any partnership, business or industry in the Philippines
43. The Gross estate is valued at fair market value at the time of death. *
True
False
44. Man Kanor died on April 1, 2018. The following data were available in connection
with the property. Assessed value on April 1, 2018 is P 7, 00,000. Fair Market Value
on April 1, 2018 is P 7, 500,000. and the Zonal Value on April 1, 2018 is P 6, 000,
000. What would be the value of the piece of land in the gross estate? *
45. A decedent left 5, 000 JFC shares. The shares were traded in the local stock
exchange. At the time of death, the following were available: Fair market value, P
200 per share. Mean between the highest and lowest quotation, P 300 per share.
Book vale, P 250 per share. What is the the value to be included in the decedent
gross estate? *
46. Andrew, a Filipino died in China leaving the following properties:House and Lot in
China: P 2, 000, 000.Vacant lot in China, P 3, 000, 000. Shares of stock in a
domestic corporation., 60% of the business is located in the Philippines, P 200,
000. How much is the gross estate? *
000. How much is the gross estate if reciprocity clause does not apply? *
000. How much is the gross estate if reciprocity clause applies?
49. Ulyanov Kerivsky, Ukranian, died in the Philippines. The properties situated in his
own country will not be subjected to estate tax if he was a- *
Mark only one oval.
Resident Citizen
Nonresident Citizen
Resident Alien
Nonresident Alien
50. Dina Mathay, Filipina, died in the United States with the following properties:
Condominium unit in New York City- P 2, 000, 000. Shares of stock in a foreign
corporation- P 600, 000. Interest in Partnership, domestic- P 475, 000. Bank
deposits in a New York City Bank- P 150, 000. Car in Cebu, P 500, 000. The gross
estate of Dina Mathay is?
51. Dina Mathay, A non-resident Alien( with reciprocity), died in the United States with
the following properties: Condominium unit in New York City- P 2, 000, 000.
52. Dina Mathay, A non-resident Alien( without reciprocity), died in the United States
with the following properties: Condominium unit in New York City- P 2, 000, 000.
53. On a belief that he was about to die fro a liver cancer, BongBong sold to BengBeng
a property valued at P 1, 100, 000 for the same amount. Six months later,
BongBong died of a car accident. At that time, the property had already a value of
P 1, 300, 000. For the Philippine estate tax purposes, the amount includible in the
gross estate of BongBong is? *
54. Mortis causa transfer of property is effected upon payment of estate tax. While
Inter vivos transfer is effected during the lifetime of the donor.
True
False
55. The taxpayer in the estate tax is? *
Mark only one oval.
The decedent
The heirs
56. Who is primarily personally to pay the estate tax? *
Mark only one oval.
The decedent
The heirs
57. Who is secondarily personally to pay the estate tax? *
Mark only one oval.
The decedent
The heirs
58. Estate tax is an indirect business tax because it is a tax on rights or privileges.
False
59. The subject matter or object of taxation are the following, except: *
Mark only one oval.
Persons
Property
Heirs
Right or Privilege
Untitled Section
at the time of death was a citizen and resident of the Philippines? *
at the time of death was a citizen and resident of the Indonesia (without
reciprocity clause)? *
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6/19/2020 ESTATE TAX- 1st Quiz

ESTATE TAX- 1st Quiz

4. It is a mode of acquisition by virtue of which, the property, rights and obligations, to

Mark only one oval.

Check all that apply.

6. In succession, the successor can refuse the inheritance. *

Check all that apply.

Mark only one oval.

Estate of the deceased

8. The components of Gross Estate include the following, except *

Mark only one oval.

Real property and other tangible personal property

Decedents interest and intangibles

Transfer in contemplation of death

Property passing under Special Power of Appointment

Mark only one oval.

Claims against insolvent persons

10. A non-resident alien decedent is given a standard deduction of P 5, 000,000

Check all that apply.

Mark only one oval.

The decedent is married or head of the family

It is located in the Philippines

The Value of Family is not necessarily included in the Gross estate

Mark only one oval.

Franchise which must be exercised int the Philippines

Shares, obligations or bonds issued by a domestic corporation

Shares, obligations or bonds issued by a foreign corporation (75%) of the business of

Shares, obligations or bond issued by a foreign corporation, if such shares, obligations

Shares or rights in any partnership, business or industry in the Philippines

Check all that apply.

Mark only one oval.

Check all that apply.

25. The taxpayer in the estate tax is? *

Mark only one oval.

The estate as a juridical entity

The administrator or executor

26. Who is primarily personally to pay the estate tax? *

Mark only one oval.

The estate as a juridical entity

The administrator or executor

27. Who is secondarily personally to pay the estate tax? *

Mark only one oval.

The estate as a juridical entity

The administrator or executor

Check all that apply.

Mark only one oval.

Mark only one oval.

Check all that apply.

36. In succession, the successor can refuse the inheritance. *

Check all that apply.

Mark only one oval.

Estate of the deceased

38. The components of Gross Estate include the following, except *

Mark only one oval.

Real property and other tangible personal property

Decedents interest and intangibles

Transfer in contemplation of death

Property passing under Special Power of Appointment

Mark only one oval.

Claims against insolvent persons

40. A non-resident alien decedent is given a standard deduction of P 5, 000,000

Check all that apply.

Mark only one oval.