Chapter 2- Vidivideae FB CHAPTER 3 Co-ownershify Estates ad Trusts co-OWNERSHIP feship ocurs when wo oF more hel here an undivided property from co-onmership occurs Gecedent or a donor makes aft ofan undivided property in favor of wo or more ones. ne: come ofthe co: A coayne ojos x The he Shnerap ll be taxol (bs ncome ts) the Co-nre inthe especie ‘oct cr ov become an The flovng a the stances when the c-omnertip may bec rege gene corprment snd arcoe bres 6 wae corpraion ESTATES AND TRUSTS tine 28 come ofan estate or trust shal be computed inthe same manner and ‘on the same bai asin the ease of individual tanpoves, 1) "te flowing addtional deductions shall be alowed: 2 1) atta of he name ofthe estate otto the taxable year which 5s strut current by the Rducary tothe benetoaes 2 TRG RTAEEA the came coteted ya guaran of an fre which 1s tobe held or clstrbuted as the court may deesCaper Be Co-oonerh, Estates nd Tug Chapter 3: Co-canerhip, Estates and. Tas “erable asa sparse ely Nota asa copa ety “recone of heat tobe deed be enecres. Fucryinseeesthe TRend_ Hs ard benefiiares fe he TR eee on ata theron hotaxde ren ot frou eed tom the ss incon ‘Shown below f be pro‘oona compustion of the taxable income ofthe cx tte eye st ince dung ‘GROSS INCOME OF THE ESTATE : CONSOLIDATION OF TWO OR MORE TRUSTS ‘REQUISITES FOR CONSOLIDATION: 1) "There are two or more busts witch derive income; ke ) vores 3 nometaceen 3 Teeamys On Rae ame ne pesos aaChapter 3: Co-eunershes, F eee . tones Et lu Chapter 3: Co-cerershpy Estate aad Trasts 1. arises when bo or more Rae or bene r heirs or benefice inherit and uni acer, or when a dont mato a tan wees eee PY Sere in favor oto @. Partnership Ray ce oy b. Trust . Co-aanership Answer: D 4 Fer income tax purposes, the hie wil be taxon nat el incoe fom tet property forthe year 2023 as 8. Partners in a commercial parinership 'b._ Partners in a general professional partnership Partners in an unregistered co-parinrship 4., Co-owners Answer: . 4 Whatman tub pred ae ate oa of bcos? 7 ‘a, P50,000,000 ‘Pt 4,980,000 b, 5,000,000 4. PO Answer:D {2 Co-onmersip isnt subject ot Anever:D i {ELL Share of each co-cwner = PYSMIS = 5,000,000. & Answer: A 11. Statement 1: Where an esta ie under judcll administration, the income ofthe estate shale fxabl to the fury or tuste. 4 Satenat The amount tame ofan ata fr ba aor cece Ganache any toate yar, hich property Seton tombe goss noone ef ceca et ener. special tam of * Mewer:0 Caps oth eae (Citi the eta man share tate, rode :9 Chapter 3: Co-caneshy Evtates enf - re, ‘Statement 1: When an estat, under administration, has in come. ‘he annual income ofthe estate becomes pat of the taxable gross ect Pei, a 40. The folowing statements refer to the rules in determining t applicable income tax lability of an estate. Which ofthe si i z i i 3 i 2 Statements 1 and 2 are tue Shaws Gee et tel ict otem tc bans oon, Cees cei ntrsomtiag ‘subject to income tax, |The lems of gross income of the estate are the same items asthe ems of . ht and 4. None of the above * Mev te nme etal cing thy at 4 thelogtee, el or beneficiary s subject to rectal while inal ax ‘ eit of decadent, rncome eosived by the estate of deosased person ding the Pe. ‘administration or settlement ofthe estate. ae atin pio over te apprased vale placed spon be eas vere the property wes sod forthe stlement Of Tryp rclten ate vl of propery pase tothe enix ‘of decedent. ean ot propery in Kn 1 late cr eis. Answer: A leper C3 Co-vonersh Eactates and Urasts town cata fre ott (2 aston: 10,00, ing Na ced leaving anette wort | vn opain no ele n 202 gxpances of P00 000. Fp, the on (000, The esate fs under administration ome of P1,500,000 and the estate ved P'200,000 from the income of income tax due ofthe estate? «. P150,000 4. P160,000 & Answer: A Sold: russ ncome 1,500,000 feted 600.000) of he estate cstrbuted oFelpe (200,00) site's taxable net income '2700,000. 12 Ast ee alo earned nein of 50,000 fo his tading busines, What Se eee his taxable income for the year? s r ‘. P530,000 . P500,000 4. P700,000 © Anawer:D Soliton: Gone gens Amount received from the Income of the eae Teale rttcanecfope mete 00000.Pe Pe : leper 3 Co-venechiy Estetes and, Trusts Chapter 3: Co-oaneriiy Estates Lag5 aT baler 3: Co-oareak Extates and Cast ‘Annual income Tax Return Chapter J: Co-senschis, Estates and Tuts omit esos Tein PI ble ERIBEI BELL 12 173Meptr 3: Co earekiy Estates and. Gust, INCOME TAX OF A TRUST 14, Which ofthe folowing statements isnot coc? ‘a. Aninrevocable trusts subject oncom tax 'b. Anitrevocable trusts taxed in the same manner as an indidul taxpayer, ‘6. Anincome ofa rust whichis distbuted to the beneficiary is a special deduion i pen eel Tm een etapa a eee am ren i irc. te Ana. uring the yar, Ana eared compensa come of 2500.08, br — |v orate eri 1 eon aye on iin ater sc tercrensnrararme cer te TERR i kcane meget om revi Bo cota catncretecin mmamsmnemgrni ten | | Tate sam fotierenmmere teenie ras aa =~ income of P1,000,000. } pa ie. 7 ‘The taxable income ofthe trust is | eno 18, How much the taxable income of Ara? P2900, P,000,000 risen ¢ nnn 8. Przssno00 —. P1t450,000, by, Paeo,000 x & Anower:¢ . Conpenstin income Pesono00 Ca Mie tt groomers ecb nce shal be able be ga: Income pe mst dite Ana 10.0000 16. Based on the above data, how much isthe taxable nce of Mr. Neg-asang=?” ae ee “8. Ttanable income ofthe ris fits administered abroad is Oo aca «, P2s0000 2. Pooqc00 —¢, Pi9.980,000 oe 4. P25 e000 2.480000 © Anower: A & Answer: B Gross comet aqoong00 Expenses 9009 eae oa nse ett het Ae im aS se ince Teale nome tnt ~PaUD00D cane tnst ae cao @ st ase nae cour, cnt of he eo fe Bushes neame et Texte cme Gren 3501000" (Sie ost rte taxable yoar which ted cured by the Scythe a ‘nafs is not cecum the gros cameo te axa us. Basad on Pre ceding ube, th taxable income of Ara shou be Bresette & PH.500000, od rt ab.000 . Anever:B. Conpenston bana ely 15| Captor 3, Ce reel Ee Le 1 ger 3: Cocoany Ets el Tat cd Cu, ee re = —— __paame 2] eerJso known 2s the Revised Corporation Code (RCC) ofthe Pilppines dened snarl being created by operation of law, having the nght of sucesson s ibutes, and properties expressly authorized by law or Incental Rs undertaking by two or more persons, fering that relates tothe dspostion of» single lt of 90088 2 single projec. se