Podcast
Questions and Answers
What is a testamentary succession?
What is a testamentary succession?
- Succession that occurs when the will is void or lost its validity
- Succession that occurs when there is no will
- Succession resulting from a will executed in the prescribed form by law (correct)
- Succession that is partly by will and partly by operation of law
What is a holographic will?
What is a holographic will?
- A will executed in accordance with the formalities prescribed by the New Civil Code
- A supplement or addition to a will made after the execution of a will
- A written will entirely written, dated, and signed by the hand of the testator himself, without any witness (correct)
- A will that is created for the testator by a third party and follows proper form
What is the decedent's estate?
What is the decedent's estate?
- A portion of the testator's property reserved for compulsory heirs
- All the property, rights, and obligations of a person not extinguished by death (correct)
- The part of the estate that can be disposed of freely through a written will
- The inheritance received by voluntary heirs
Who are considered compulsory heirs?
Who are considered compulsory heirs?
What happens in intestate succession in the absence of a valid will?
What happens in intestate succession in the absence of a valid will?
What is the equivalent term for 'gratuitous transfers' as mentioned in the lecture?
What is the equivalent term for 'gratuitous transfers' as mentioned in the lecture?
When must the Estate Tax Return be filed if the decedent died before 2018?
When must the Estate Tax Return be filed if the decedent died before 2018?
On what does the Estate Tax focus, as explained in the lecture?
On what does the Estate Tax focus, as explained in the lecture?
What is the mode of acquisition by virtue of which property, rights, and obligations are transmitted through death, as explained in the lecture?
What is the mode of acquisition by virtue of which property, rights, and obligations are transmitted through death, as explained in the lecture?
Who is considered the taxpayer of Estate Tax, as mentioned in the lecture?
Who is considered the taxpayer of Estate Tax, as mentioned in the lecture?
Study Notes
Testamentary Succession
- A mode of acquisition where property, rights, and obligations are transmitted through death, according to the will of the deceased.
Types of Wills
- Holographic Will: A will written entirely in the handwriting of the testator, and signed by the testator.
Decedent's Estate
- Consists of all property, rights, and obligations that the deceased owned at the time of death.
Compulsory Heirs
- Heirs who are entitled to a certain portion of the decedent's estate, including:
- Spouses
- Children
- Parents
Intestate Succession
- In the absence of a valid will, the estate is divided according to the law of intestate succession, where:
- The spouse receives half of the estate
- The remaining half is divided among the children
- If there are no children, the spouse receives the entire estate
Gratuitous Transfers
- Equivalent term: Donations
Estate Tax Return
- Must be filed within a specific time period:
- If the decedent died before 2018, the return must be filed within 15 months from the date of death
Focus of Estate Tax
- Focuses on the transfer of wealth from one generation to the next, and taxes the transfer of property at death.
Taxpayer of Estate Tax
- The executor or administrator of the estate is considered the taxpayer of the Estate Tax.
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Description
Test your knowledge on estate tax and transfer tax in business taxation. This quiz covers the taxes imposed on gratuitous disposition of private properties or rights, applicable taxes on gratuitous transfers, and more.
