5 Questions
Which expense is no longer deductible from the gross estate of a nonresident not citizen decedent effective January 1, 2018?
Family home
What is the estate tax payable based on the given data for the decedent?
P 91,800
What is the deductible amount for the standard deduction from the gross estate?
P500,000
Which item is not considered a deduction from the gross estate?
Hospitalization expenses
What is the net estate after ordinary deductions based on the given data for the decedent?
P2,500,000
Study Notes
Estate Tax Deductions
- Effective January 1, 2018, the state tax on real property is no longer deductible from the gross estate of a nonresident non-citizen decedent.
- The estate tax payable is based on the taxable estate, which is the gross estate minus deductions.
- The standard deduction is a deductible amount from the gross estate, and its amount varies depending on the circumstances.
- Life insurance proceeds, or the value of life insurance policies, are not considered a deduction from the gross estate.
- The net estate is calculated by subtracting ordinary deductions from the gross estate, including the standard deduction, funeral expenses, and administration expenses.
Test your knowledge with this CTT examination reviewer featuring multiple choice questions. This quiz covers topics such as deductible expenses, gross estate, and nonresident decedents. Sharpen your understanding of relevant concepts and prepare for the examination.
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