BM1903

Name: Padilla, Aries Christian S. Section: BSMA 401

EMPTY OUTLINES (15 points)
Fill in the missing concepts for each item.

Estate Tax Return and Contents

According to R.A. 10963, properties included as estate must be registered or registrable property for which a
(1) Certificate Authorizing Registration from the Bureau of Internal Revenue (BIR) is required.

Certified Public Accountant (CPA) Certification

Provided that the estate tax returns showing a gross value exceeding (2) P5,000,000
shall be supported with a statement duly certified to by a Certified Public Accountant.

Time for Filing

For determining the estate tax provided for the application the rate for the estate tax, the estate tax return required
shall be filed within (3) one (1) year from the decedent's death.

Extension of Time for Filing

The Commissioner is authorized to grant, in meritorious cases, a reasonable extension not exceeding
(4) 30 days for filing the return.

Place of Filing
Except in cases where the Commissioner otherwise permits, the return required under estate tax returns shall be filed
with the following:
1. (5) Authorized Agent Bank (AAB); ;
2. (6) Revenue District Office (RDO); ;
3. (7) Collection Agent; ;
4. Duly authorized Treasurer of the City or Municipality in which the decedent was domiciled at the time of his death;
or
5. With the Office of the Commissioner if there be no legal residence in the Philippines.

Payment of Taxes
The estate tax shall be paid at the time the return is filed by the executor, administrator, or the heirs following the (8)
“pay as you file” system.

05 Activity 1 *Property of STI

Page 1 of 2
 BM1903

Extension of Time for Payment

When the Commissioner finds that the payment on the due date of the estate tax or of any part thereof would impose an
undue hardship upon the estate or any of the heirs, he may extend the time for payment of such tax or any part thereof not
to exceed:
1. (9) Five (5) years in case the estate is settled through courts; or
2. (10) Two (2) years in case the estate is settled extrajudicially.

Payment of the Estate Tax by Installment and Partial Disposition of Estate [New Provision]
In case the available cash of the estate is insufficient to pay the total estate tax due, the estate may be disallowed to pay
the estate tax due through the following options:
a. payment by installment which shall be allowed (11) within two (2) years from
the statutory date of payment, without civil penalty and interest;
b. partial disposition of estate and application of its proceeds to the estate tax due which shall be approved by the BIR
upon submission of written request for the partial disposition

Request for Extension of Time, Installment Payment and Partial Disposition of Estate
The request for extension of time to file the return, extension to pay the estate tax and payment by installment shall be
filed with the (12) RDO where the estate is required to secure its TIN
and file the estate tax return. This request shall be approved by the Commissioner or his duly authorized representative.

Liability for Payment of the Estate Tax

The estate tax shall be paid by the (13) executor or administration before delivery to any heir of
his distributive share of the estate. Such beneficiary shall, to the extent of his distributive share of the estate, be
subsidiarily liable for the payment of such portion of the estate tax as his distributive share bears to the value of the total
net estate.

Payment of Tax Antecedent to the Transfer of Shares, Bonds, or Rights

If a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another,
it shall (14) allow any withdrawal from the said deposit account, subject to a (15)
Final withholding tax of 6% .

05 Activity 1 *Property of STI

Page 2 of 2