BM1903

NAME: Vicente, Christal Jean L. DATE: March 16,2023 SCORE:

Estate Tax (13 items x 3 points: 2 points for each correct answer and 1 point for the justification)
Identify whether each statement is TRUE or FALSE and justify your answer on the space provided.

TRUE 1. Succession is a mode of acquisition of property similar to donation.

Succession is also a gratuitous transfer of property.

TRUE 2. Inheritance refers to the property which will be transmitted to the heirs.
Everything the decedent owns will be transferred to their heirs and that is called inheritance

TRUE 3. The right to succession is transmitted from the moment of death of the decedent.
Succession is a form of donation effected by death

FALSE 4. A decedent with a last will and testament is said to be intestate.

Intestate only takes place when a person dies without a will or with a void will.

FALSE 5. The succession over properties of a decedent who prepared a will but covers only a portion of his
estate is called mixed succession.
The taxpayer in the estate taxation is the estate of the decedent represented by the administrator, executor or
legal heir.

FALSE 6. A person who prepared a will is referred to as the executor.

Testator is the person who is making the will and signing his or her name

TRUE 7. A person who died with a will is said to be testate.

A person had a valid will in place at the time of his or her death

TRUE 8. The succession by operation of law is called intestate succession.

If no will was left by the decedent then his heirs shall inherit by operation of law

FALSE 9. The will may be prepared by the heirs of the decedent.

Because there should be a determination of who are the legal heirs of the deceased and it should be made in
the proper proceedings.

FALSE 10. The will may be prepared after the death of the decedent.
The will should be prepared before the death of the decedent

FALSE 11. Only testamentary successions are subject to estate tax.

There are three kinds of succession that are subjected to estate tax

TRUE 12. Successions whether testamentary, intestate, or mixed are subject to estate tax.
The three kinds of succession must be subjected to estate tax

TRUE 13. The decedent’s successors in interest are referred to as heirs.

Heirs are the person called to the succession either by the provision of the will or by operation by law.

TRUE 14. With a last will and testament, the decedent can name any person which he wants as heir.
Because the decedent has the right to transfer his or her property

TRUE 15. The secondary compulsory heirs shall inherit only in default of concurring heirs.
Because the concurring heirs should be the first priority in inheriting the property of the decedent

02 Quiz 1 *Property of STI

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