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Questions and Answers
What is a testamentary succession?
What is a holographic will?
What is the decedent's estate?
Who are considered compulsory heirs?
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What happens in intestate succession in the absence of a valid will?
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What is the equivalent term for 'gratuitous transfers' as mentioned in the lecture?
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When must the Estate Tax Return be filed if the decedent died before 2018?
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On what does the Estate Tax focus, as explained in the lecture?
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What is the mode of acquisition by virtue of which property, rights, and obligations are transmitted through death, as explained in the lecture?
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Who is considered the taxpayer of Estate Tax, as mentioned in the lecture?
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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.
