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Business Taxation Lecture 1: Estate Tax Part 1

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Business Taxation Lecture 1: Estate Tax Part 1

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Questions and Answers

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?

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?

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?

Those entitled to a portion of the testator's property reserved by law Signup and view all the answers

What happens in intestate succession in the absence of a valid will?

The order of priority for distributing the free portion is specified by law Signup and view all the answers

What is the equivalent term for 'gratuitous transfers' as mentioned in the lecture?

Donations Signup and view all the answers

When must the Estate Tax Return be filed if the decedent died before 2018?

Within 6 months after death Signup and view all the answers

On what does the Estate Tax focus, as explained in the lecture?

Act of passing the ownership of property at the time of death Signup and view all the answers

What is the mode of acquisition by virtue of which property, rights, and obligations are transmitted through death, as explained in the lecture?

Succession Signup and view all the answers

Who is considered the taxpayer of Estate Tax, as mentioned in the lecture?

The 'estate' of the decedent as a juridical person Signup and view all the answers

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.