BUSINESS TAX (Identification

It is a gratuitous transfer of property from a deceased person upon death to his heirs.

Involves the transmission of property by a person without consideration.

A transfer tax theory which states that even without a deliberate intent to evade income tax, transfers have a natural effect of decreasing future income tax collection of the government.

A tax of a fixed percentage.

These are transfers that are prohibited by law or those that do not conform to legal
requirements for their validity.

Consists of all properties of the decedent, tangible and intangible, real and personal, and wherever situated at the point of death.

These are properties that are owned by the decedent but not subject to estate tax since they are exempted by law.

Under the Family Code, the property relation between the spouses must be agreed upon by the spouses before their marriage.

Under this property relation, all present properties owned by the spouses at the date of celebration shall become common properties including future fruits of their separate or joint industry.

These are items that do not reduce the inheritance but are nonetheless allowed by the law as deductions against the gross estate in the determination of the net taxable estate.

It includes all expenses of the decedent’s death until interment.

Expenses incurred in the inventory-taking of assets comprising the gross estate, their administration, payment of debts, as well as distribution of the estate among the heirs.

The absolute deduction that does not need any necessary documentation.

Includes the dwelling house and the land on which it is situated, where the decedent and/or members of his family reside as certified by the Barangay Captain of the locality.

It includes the amount of all bequests, legacies, devises or transfer to or for the use of the Government of the Republic of the Philippines, or any of its political subdivision thereof, for the exclusive public purpose.

The citizenship of a juridical person is determined by this kind of test for tax purposes

It is a tax where the impact and incidence falls on the same person

A DONATION IS ______ when rhe donor knows the acceptance of the donee.

A WILL WHICH WAS ENTIRELY WRITTEN, DATED, AND SIGNED BY THE HAND OF THE TESTOR HIMSELF.

A PERSON TO WHOM GIFTS OF PERSONAL PROPERTY IS GIVEN BY VIRTUE OF A WILL

The estate tax return shall be filed ____ year from the date of death of decedent

GRATUITOUS TRANSFER OF PROPERTY FROM A LIVING DONOR TO A DONEE

these are sales made at prices which are significantly lower than the fair value of the property sold.

It is a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another or others either by his will or by operations law.

A PERSON WHOM GIFTS OF REAL PROPERTY IS GIVEN BY VIRTUE OF WILL

Under this property regime, fruits, either from exclusive or conjugal property, os considered properties of the spouses.

under this property regime, properties are presumed seperate of either spouse unless proven to be joint properties of the spouse.