INCLUSION IN GROSS ESTATE Exclusions

RIP C CaRe GiVeR FUSS WUSS

Retirement benefits from employer Fiduciary heir-fideicommisary
Insufficient consideration Usufruct-owner of naked title
Proceeds of Life Ins. SPA
Contemp. Of death Social welfae, charit/cultural
Cont’l transfer War damge
Revoc. Transfer US Veterans
GPA SSS/GSIS
Void transfer
Reserv./Retention of Rights
CPG (EXCLUSIVE) ACP (EXCLUSIVE)
SO GREEM GRABE U
Spouses own Grat. Title
Grautious title Before marriage
Right of Redemption/Exchange Exclusive/personal use
Exclusive Money
VOID DONATIONS INCLUSIONS (GROSS GIFTS)
OFFICIALS SHARED CORE
Public Official Spouses renounce share in common prop.
Future property/inherit Heir renounce share in inheritance
Failure to comply with reqs Adequate consideration (less than)
Incapacitated persons w/o legal reps Retention/Reservation of right
Criminal offense Reserved-ET
Inexistent object Xpn: Waived during lifetime – DT
Adultery/concubinage Unreserved (DT)
Lack of Acceptance Donations (valid/erfect/absolute)
Spouses (xpn: moderate Conditional
gifts/complete separation) Revocable
TRANSACTIONS DEEMED SALES
SCoReCrO
Shareholders-distrib of profits
(property divs.)
Consigment
Retirement/cessation from bus./VAT
status
Creditor-payment (dacion en pago)
Originally intended for sale

VAT EXEMPT TRANSACTIONS OMNI CODE

1. AFFECTED SA BONE BODIES
2. FEVER Bonded trading/mnfg warehouse
3. GOD COMES Diplomatic missions
4. PASS DAMI BEER Export process zones
5. PROPER RES SBMA
1. AFFECTED SA BONE 2. FEVER
Agri/marine food prods. Fuel-import of fuel for int’l ops
Fertilizers/seeds Export sales by nonvat
Feeds-livestock, poultry, fish xpn: Vessels/vehicles-domestic transport/intl ops
specialty feeds Real Properties (residential purpose)
Coops-agri/credit 3. GOD COMES
Threshold-below 3M Gold to BSP
Drugs and meds (diabetes, Differently abled
hypertension, cholesterol) Coops-non agri, credit, electric (members
Special Laws contib. Less than 15k)
International Agree Merger and consolidation
Books Senior Citizens
Newspaper
4. PASS DAMI BEER 5. PROPER RES
Percentage tax Prof tools/implements
Assoc dues Personal/household effects
Senior citizens Requisites: Sealed in PH
Differently abled Not in commercial qty
Agri conract growers Reasonable time, tools will
Medical,dental, hosps. Vets institute. follow
(xpn:prof fee) Residential props (Lease)
Int’l transport ops of passengers/cargo
Banks an non-banks performing quasi
banking
Educ insti.
Employer-employee relationship
RAHQs

ZERO RATED SALE OF ZERO RATE SERCIVES AND LEASE

GOODS/PROPS SA NExT Train, Bus, CaR
InFoRM SA NEXT COmInG Special laws
Intl air/ship ops Intl agreements
Foreign county bound Non-resident outside PH not engaged in
Raw Mats trade/bus
Special aws Export-oriented enterprise
Intl Agreements TIEZA
TIEZA Transport by domestic air/sea carrier
Customs territory (foreign bound)
Omnibus Intl air/ship ops
Gold to BSP (TRAIN:Exempt) Business outside
Customs territory
Renewable source of energy
AMUSEMENT TAX INSURANCE
BEx BaCa MuKa Co JR HAIR Pin (2%)
Boxing 10 Health and accident ins.
Basketball games 15 Reissuance/Reinstatement/renewal fees
Cabarets 18 Penalties
Music Louge 18 Investment Income
Karaoke/Videokes 18
Cockpits 18
Jai Alai 30
Race tracks 30
MaRe CO (VAT) ORDINARY ASSETS
Mngt fees SIT n d RUB
Rental fees Stock in trade
Commisions Inventoriable
Others (unrelated) Depreciable
RP used in bus.
INCOME TAX INCLUSIONS PWD/SENIOR CITIZENS(20%
ROYAL CoBRA PEPSI DD DISCOUNT)
Royalties FATHER I SIN
Compensation PM D hot FarMer
Bus/trade Di Lab
Rentals Fare
Annuties Theater
Pensions Recreation
Sinehan
Prize/winnings P
Share of partners from distib Medical
Interest Dental
Dividends Hotel
Gains on Dealings in props Diagnostic
Laboratory

DEMINIMIS IAET
CuTe SmALL CRiMe ADD: FENCE
Clothing and Uniform – 6000/yr Final Taxes (Income)
Tangible: employee achievement Excluded in GI (income)
award – 10k/yr NOLCO deducted
Shift:Night/graveyard CGT (income)
Meal allowance Exempted (income)
Anniv celeb of entity (major)
Laundry allowance DEDUCT: REDI
Leaves (monetized unused) Retention for reasonable needs
Private: VL – 10 days Dividents actually/constructively paid
Govt – VL and SL – unlimited Income tax paid
CBA -10k/employee
Rice subsidy 2000/mo. Or 1 sack/mo.
Medical benefits
Employee 10k/yr
Dependents 350/mo.
CORPORATIONS SPECIAL RFCs
PA JOIN ACCO AS IN BORACAI
Partnership BPRT
Joint accts/stoco cos. OBUs
Associations RAHQ/ROHQ
Insurance cos. intl Carriers
xpn: GPP, Companied organized for
petroleum, geothermal, coal, other
energy resources.
CORPS EXEMPTED WITH NO CARCURVES
MCIT/RCIT nonstock/nonprofit org/corps
HALa MALE BuBuCo LIMUT Co Charitable
Horizontal orgs (non profit) Athletic
Agricultural (non profit) Religious
Labor (non profit) Cultural
Mutual Aid assoc Rehab of veterans
Fraternal orgs under lodge sys. FARTED SA FACE
Orgs. Organized by employees for Farmers/typhoons/fire insurance
common benefit Mutual telephone
Business league Mutual Ditch/irrigation
Board of trade Sales agents (farmers/fruit growers)
Chamber of Commerce Civic league--->social welfare
Libingan/cemetery Cos. Educ institutions
Mutual savings bank/coop bank
PERCENTAGE TAX SPECIAL DCs
DI3T OF WALA Proprietary educ. Inst.
STOP BF Non proft
Domestic carriers GOCC
Intl carrier
3m threshold (below)
Overseas comm.
Franchise tax
Winnigs
Amusement
Life insirance
Agent of foreign insurnace
Stock trans. Tax
Publi offering of shares
Bank
Financial institurions