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Questions and Answers
Which expense is no longer deductible from the gross estate of a nonresident not citizen decedent effective January 1, 2018?
Which expense is no longer deductible from the gross estate of a nonresident not citizen decedent effective January 1, 2018?
- Medical expenses
- Standard deduction
- Family home (correct)
- Judicial expenses
What is the estate tax payable based on the given data for the decedent?
What is the estate tax payable based on the given data for the decedent?
- P 391,800
- P 141,230
- P 91,800 (correct)
- P 97,400
What is the deductible amount for the standard deduction from the gross estate?
What is the deductible amount for the standard deduction from the gross estate?
- P250,000
- P500,000 (correct)
- P100,000
- P200,000
Which item is not considered a deduction from the gross estate?
Which item is not considered a deduction from the gross estate?
What is the net estate after ordinary deductions based on the given data for the decedent?
What is the net estate after ordinary deductions based on the given data for the decedent?
Flashcards
Nonresident not citizen decedent's deductible expense
Nonresident not citizen decedent's deductible expense
Family home expenses are no longer deductible from the gross estate of a nonresident not citizen decedent, effective 2018.
Estate tax payable (example)
Estate tax payable (example)
The estate tax owed in a specific example is P 91,800.
Standard deduction of gross estate
Standard deduction of gross estate
The standard deduction amount from the gross estate is P500,000.
Non-deductible estate item
Non-deductible estate item
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Net estate after ordinary deductions
Net estate after ordinary deductions
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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.
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Description
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.
