Estate Tax Overview
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Questions and Answers

What is the primary basis for the imposition of an estate tax?

  • The income generated by the estate after death
  • The size of the estate in terms of assets
  • The value of the property being transferred
  • The privilege of controlling the disposition of property upon death (correct)

    • When does the right of the State to impose estate tax arise?

  • At the time of death of the property owner (correct)
  • When the property owner files an estate tax return
  • When the estate is distributed to the heirs
  • When the estate is valued and assessed by tax authorities

    • Which of the following statements is true regarding estate tax?

  • Estate tax applies only to properties exceeding a certain value
  • Estate tax is calculated based on the annual income of the deceased
  • Estate tax is levied on gifts made during the lifetime of the individual
  • Estate tax is an excise tax imposed on the act of passing property ownership (correct)

    • Which aspect of property transfer does the estate tax not consider?

    <p>The value of the property being transferred (D)</p> Signup and view all the answers

    What does estate tax specifically target?

    <p>The privilege to transmit ownership at the time of death (D)</p> Signup and view all the answers

    Who is primarily responsible for filing and paying the estate tax in the Philippines?

    <p>The administrator or executor first (B)</p> Signup and view all the answers

    What is the due date for the estate tax to be paid in the Philippines?

    <p>Within one year from the date of death (B)</p> Signup and view all the answers

    What is one of the main purposes of the estate tax in the Philippines?

    <p>To generate revenue for the government (A)</p> Signup and view all the answers

    Which entity is considered a juridical person in estate taxation?

    <p>The estate itself (D)</p> Signup and view all the answers

    Which of the following has the lowest priority when it comes to the obligation to pay estate tax?

    <p>Transferees of properties (A)</p> Signup and view all the answers

    Flashcards

    Estate Tax

    A tax on the right to pass on property at death.

    Estate Tax: Nature

    It's levied on the act of transferring ownership, not on the value of the property itself.

    Estate Tax: Accrual

    The moment a person dies, the right of the government to tax this privilege arises.

    Privilege to Transmit Estate

    The power to control the disposition of your property before death.

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    Passing Ownership

    The act of ownership being transferred from the deceased to the beneficiaries.

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    When does estate tax accrue?

    The moment the person dies, the government's right to tax this privilege arises.

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    What is the nature of estate tax?

    It's a tax on the right to pass on property at death, not on the value of the property itself.

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    Who is the taxpayer in estate taxation?

    The estate as a legal entity is responsible for paying the estate tax.

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    Who is primarily responsible for filing estate tax?

    The executor or administrator is primarily responsible for filing and paying the estate tax.

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    Who is responsible for paying estate tax if the primary parties fail?

    They are responsible for paying the estate tax if the executor, administrator, or heirs fail to do so.

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    Study Notes

    Estate Tax Overview

    • Estate tax is a tax levied on the transfer of property upon death.
    • It's an excise tax, not a tax on the property itself or the right to it.
    • The right to tax the estate transfer arises at the moment of death.
    • The accrual of the tax is distinct from the obligation to pay the same.
    • Accrual: Right upon death of the decedent.
    • Due Date: Within one year from death.
    • Purpose of Estate Tax: To generate revenue for the government and to ensure fair and equitable distribution of wealth within society.

    Taxpayer in Estate Taxation

    • The estate as a juridical person.

    Personal Obligation to File and Pay

    • In the Philippines, the responsibility for paying the estate tax generally falls to:
      • The administrator or executor
      • Any of the heir
      • Beneficiaries of the Estate
      • Transferees of Properties
      • Donees
      • Order of priority: 1. Administrator/Executor; 2. Heirs; 3. Beneficiaries; 4. Transferees; 5. Donees

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    Description

    Explore the fundamentals of estate tax in this quiz. Learn how estate tax is assessed upon the transfer of property after death, and understand its implications as an excise tax. Test your knowledge on the criteria and timing of estate tax liability.

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