Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

0 Views

Estate Tax Overview

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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?

The value of the property being transferred Signup and view all the answers

What does estate tax specifically target?

The privilege to transmit ownership at the time of death Signup and view all the answers

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

The administrator or executor first Signup and view all the answers

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

Within one year from the date of death Signup and view all the answers

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

To generate revenue for the government Signup and view all the answers

Which entity is considered a juridical person in estate taxation?

The estate itself Signup and view all the answers

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

Transferees of properties Signup and view all the answers

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

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

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.