Deductions for Citizens and Resident Aliens

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Questions and Answers

In the calculation of family home deduction, what percentage is applied to the FMV of purely common property?

  • 100%
  • 50% (correct)
  • 25%
  • 75%

Under RA 4917, what is a requisite for deducting retirement benefits from the Gross Estate?

  • The retirement benefits must exceed P10,000,000
  • The retirement benefits must be less than P1,000,000
  • The retirement benefits must be included in the Gross Estate (correct)
  • The retirement benefits must be fully taxable

What is the limit for the family home deduction?

  • P1,000,000
  • P5,000,000
  • P10,000,000 (correct)
  • P500,000

What happened to the deduction of medical expenses under the TRAIN Law?

<p>No longer allowed as a deduction (A)</p> Signup and view all the answers

For mixed property in family home deduction calculation, what percentage is used for exclusive property?

<p>100% (B)</p> Signup and view all the answers

What does RA 4917 provide regarding retirement benefits of employees of private firms?

<p>Exempting benefits from inclusion in Gross Estate (C)</p> Signup and view all the answers

What was the limit on medical expenses deduction before the TRAIN Law?

<p>P500,000 (B)</p> Signup and view all the answers

'One family home' rule limits a person to claim how many family homes for deduction purposes?

<p>One (D)</p> Signup and view all the answers

'Purely Exclusive' property in family home deduction refers to property owned by:

<p>'Exclusive Property' (D)</p> Signup and view all the answers

What is the deductible amount under RA 4917 from the heirs' perspective?

<p>The retirement benefits received by each individual heir. (A)</p> Signup and view all the answers

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