1.

Fruits accruing during the marriage are conclusively presumed common while fruits according before the
marriage are conclusively presumed exclusive. T or F?
2. Obligations contracted by a person during his lifetime are terminated upon his death. T or F?
3. Mr. Angel died leaving the following properties… How much is the community properties under ACOP?
a. 18,510,000
b. 12,510,000
c. 23,610,000
d. 22,310,000
4. If the claims against the estate arose out of a loan which was contracted within 5 years prior to the decedent,
the executor or administrator must submit a statement showing how the loan… T or F?
5. Which obligations is deductible against the gross estate?
a. Income tax of the decedent before death
b. Real property tax of the separate property of the surviving spouse
c. Sole obligation of the surviving spouse
d. Bank loans acquired for the medication of the decedent
6. What is the maximum amount of deductible losses?
a. 10% of gross estate
b. 1,000,000
c. None
d. 500,000
7. Proceeds of life insurance where the beneficiary of the decedent is not his estate, executor or administrator is:
a. Part of gross income regardless whether the beneficiary is revocable or irrevocable
b. Not part of gross estate if the beneficiary is irrevocable
c. Part of gross income if the beneficiary is revocable
d. Part of gross estate regardless whether the beneficiary is revocable or irrevocable
8. A property is transferred for less than full consideration when it is sold
a. Above the fair value of the property
b. Below the fair value of the property
c. At the fair value of the property
d. At any price which is deemed unacceptable to the seller
9. Which is subject to transfer tax?
a. A and C
b. Gratuitous transfers
c. Complex transfers
d. Onerous transfers
10. The list provided below is not included in the gross estate of a decedent except
a. Intangible personal property…
b. Exclusive property…
c. Share in common properties…
d. Properties outside the Philippines of a non-resident alien decedent
11. The payment for obligations and expenses after death is added back to the amount of gross estate. T or F?
12. The loss of separate properties of the surviving spouse is not deductible against gross estate. T or F?
13. Five years ago, Edu borrowed P4,000,000 from Countryside Premier Bank… The amount of allowable deduction
of Edu from his gross estate is
a. 5,800,000
b. 1,000,000
c. 5,200,000
d. 3,000,000
14. Properties owed before marriage and brought into the marriage are generally classified as:
I. Conjugal properties under conjugal partnership of gains.
II. Exclusive properties under absolute community of properties.
a. Only II is correct
b. Only I is correct
c. Both incorrect
d. Both correct
15. The decedent owns 200,000 shares of Saint Peter Corporation, a listed company… The 200,000 shares shall be
included in the gross estate at.
a. 9,600,000
b. was
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 c. 4,700,000
d. 9,900,000
16. The reciprocity rule may apply to movable personal property located in the Philippines. T or F?
17. Pedro, decedent, owns a property valued at P1,500,000 at the time of death…
a. 500,000
b. 0
c. 800,000
d. 1,200,000
18. A. if property is inherited before marriage, it will belong to both spouses while…
B. unless, stipulated, the property relations shall be governed by conjugal…
a. T, F
b. T, T
c. F, F
d. F, T
19. In the absence of a marriage settlement, or when the regime agreed upon is void, the property relations of the
spouses who married on or after August 3, 1998 shall be governed by
a. None of the choices
b. Absolute community of properties
c. Complete separation of properties
d. Conjugal partnership of gains
20. Real properties owned by the decedent at the time of death shall be valued at
a. Acquisition cost
b. Acquisition cost or fair market value whichever is higher
c. Zonal value or value per tax declaration whichever is higher
d. Book value or acquisition cost, whichever is clearly determinate
21. A decedent died in a wild fire which totally guttered his home. Which is correct?
a. With or without reimbursement, a loss is claimable
b. If the property is insured…
c. No deduction is allowed with or without insurance reimbursement
d. If the property is not insured…
22. Transfer in contemplation of death are donations made inter-vivos but are actually donation mortis causa. T or F
23. Who is subject to transfer tax?
a. Transferee
b. None of these
c. Both transfer and transferee
d. Transferor
24. Gross estate consists of all real properties and tangible personal properties wherever situated, at the point of
death. T or F?
25. Exclusive property of the husband is called
a. Paraphernal
b. Capital
c. Income
d. Equity
26. Which of the following value is not generally used for estate valuation purposes?
a. Fair market value at the time the return is field
b. Book value, in case of shares of stock not traded int the local stock exchange
c. Fair market value at the time of death
d. Fair market value assessed value or zonal value whichever is the highest in case of real prop.
27. Every will must be in writing and executed in a language known to the testator. T or F?
28. One of the following is not included in the gross estate of a decedent
a. Cash dividend that accrued before death
b. Rent income on property that accrued before death
c. Land held in trust but in the decedent’s possession before death
d. Shares of stock transferred in contemplation of death
29. One of the following statements is wrong. Claims against insolvent persons
a. Can be a deduction even if secured by a mortgage
b. If entirely uncollectible, may be omitted in the computation for the next taxable estate
c. Should always be included in the gross estate
d. was
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 30. The conjugal partnership of gains operates retrospectively and prospectively. T or F?
31. Taxable transfers consist of properties passed to other persons before death but are still owned by the decedent
at the point of death. T or F?
32. Among the properties included in the gross estate of Bhoo Ngo… The amount of deductible loss is
a. 6,500,000
b. 6,000,000
c. 0
d. 6,250,000
33. The reciprocity exemption covers which properties?
a. Tangible and intangible property located abroad
b. Intangible personal property located in the Philippines
c. Tangible and intangible property located in the Philippines
d. Intangible personal property located abroad
34. The property regime of the spouses may be agreed upon during the marriage. T or F?
35. Mr. X died. He was survived by his wife and children…The gross estate of Mr. X would include:
a. Common and paraphernal properties
b. Common properties only
c. Common, capital and paraphernal properties
d. Common and capital properties
36. If the decedent is married under the conjugal partnership of gains…
a. Neither exclusive nor conjugal properties
b. Either exclusive or conjugal properties
c. Conjugal
d. Exclusive
37. Deductions from gross estate are highly disfavored in law… T or F?
38. Donation to the national government is an exempt transaction… T or F?
39. Doh Thirty, a widower, died with the following properties and obligations…
a. 1,110,000
b. 998,000
c. 1,000,000
d. 1,908,000
40. The reciprocity on exemption of intangible properties located in the Philippines pf non-resident aliens may…
a. Has estate tax only to residents or citizens therein
b. Has no income…
c. Do not have an estate tax law
d. Has estate tax only to properties of a citizen thereon regardless of nature
41. Gross estate means
a. Present properties in the possession…
b. Properties owned by the decedent…
c. Any of these
d. Properties whether or not owned by…
42. Which is correct regarding deductible obligations of the estate?
a. It must be incurred before the filing of the estate tax return
b. It must always be notarized
c. It must be incurred before the death of the decedent
d. It must be paid before the filing of the estate tax return
43. Estate tax is tax on the property left by the decedent. T or F?
44. Which is excluded in the gross estate of a deceased wide under the conjugal partnership…
a. Professional income of the wife
b. Property brought into the marriage by the husband
c. Property received by way of inheritance by the wife
d. Business income of the husband
45. A. unless stipulated, the property relations shall be governed by absolute community of property for marriages
celebrated on or after Aug 3, 1998
B. under the regime…
a. F, F
b. T, F
c. T, T
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 46. Which is correct regarding deductible obligations of the estate?
a. It must always be notarized
b. It must be incurred before the death of the decedent
c. It must be incurred before the filing of the estate tax return
d. It must be paid before the filing of the estate tax return
47. The properties of a spouse with a descendant from a prior marriage are exclusive properties. T or F?
48. The net fruits as well as the income received during the marriage from the exclusive properties of the spouses
are classified as:
…
a. Only II is correct
b. Only I is correct
c. Both correct
d. Both incorrect
49. Mr. angel died leaving the following properties… How much is the gross estate under CPG?
a. 18,510,000
b. 23,610,000
c. 22,310,000
d. 12,510,000
50. Exclusive property of the wife is called
a. Paraphernal
b. Income
c. Equity
d. Capital
51. A. under the absolute community of property…
B. the cost of burial plot…
a. T, T
b. F, F
c. F, T
d. T, F
52. Which is taxable on all transfers regardless of location?
a. All of these
b. Resident alien
c. Non-resident citizen
d. Resident citizen
53. I. In taxable transfers, the value to include in gross estate…
II in taxable transfers, if the fair value at the time of death is…
III in taxable transfres,…
a. II only
b. II and III only
c. I and II only
d. I only
54. Ms. May Sakit died on November 1, 2019… What is the amount of gross estate?
a. 7,000,000
b. 6,700,000
c. 7,300,000
d. 7,900,000
55. Mr. Angel died leaving the following properties… How much is the conjugal properties under CPG?
a. 22,310,000
b. 18,510,000
c. 23,610,000
d. 12,510,000
56. ….
57. The rights to the succession are transmitted from the moment of death of the heir. T or F?
58. All claims against the insolvent person are deductible from the decedent’s gross estate. T or F?
59. Fa Thaina, just before death, has total claims of P2,000,000… The claims against insolvent person as allowable
deduction from the gross estate would be:
a. 350,000
b. 2,000,000
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 d. 150,000
60. On September 24, 2020, Tay Gokna, died leaving an apartment… What percentage will be used and how much
will be the vanishing deduction?
a. 40%; P306,000
b. 60%; P300,000
c. 20%; P305,000
d. 40%; P323,000

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