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Questions and Answers
What is the gross value threshold for estate tax returns to require additional certification by a Certified Public Accountant?
What is the gross value threshold for estate tax returns to require additional certification by a Certified Public Accountant?
- Five million pesos (P5,000,000) (correct)
- Ten million pesos (P10,000,000)
- Three million pesos (P3,000,000)
- One million pesos (P1,000,000)
Which item must be included in the statement certified by a Certified Public Accountant for estate tax purposes?
Which item must be included in the statement certified by a Certified Public Accountant for estate tax purposes?
- The decedent's marital status
- The decedent's last will and testament
- Gross income of the decedent for the last year
- Itemized deductions from gross estate (correct)
What is the time frame for filing the estate tax return after the decedent's death?
What is the time frame for filing the estate tax return after the decedent's death?
- Within one year (correct)
- Within two years
- Within three months
- Within six months
Who has the authority to grant an extension for filing the estate tax return?
Who has the authority to grant an extension for filing the estate tax return?
What is the maximum extension period that the Commissioner can grant for filing the estate tax return?
What is the maximum extension period that the Commissioner can grant for filing the estate tax return?
Where must the estate tax return be filed unless the Commissioner permits otherwise?
Where must the estate tax return be filed unless the Commissioner permits otherwise?
Which document must be furnished to the Commissioner after a court order for partition?
Which document must be furnished to the Commissioner after a court order for partition?
What must be included in the statement certified by a Certified Public Accountant regarding the estate tax?
What must be included in the statement certified by a Certified Public Accountant regarding the estate tax?
What is the tax rate applied to the transfer of the net estate of a decedent in the Philippines?
What is the tax rate applied to the transfer of the net estate of a decedent in the Philippines?
Which section outlines the rate of estate tax in the National Internal Revenue Code?
Which section outlines the rate of estate tax in the National Internal Revenue Code?
Which legislative act amends the National Internal Revenue Code concerning estate taxation?
Which legislative act amends the National Internal Revenue Code concerning estate taxation?
The estate tax applies to the estate of which type of individuals?
The estate tax applies to the estate of which type of individuals?
What is the basis for calculating the estate tax according to the content provided?
What is the basis for calculating the estate tax according to the content provided?
What is the primary function of the Bureau of Internal Revenue as suggested by the content?
What is the primary function of the Bureau of Internal Revenue as suggested by the content?
Which of the following titles in the tax code addresses Estate and Donor's Taxes?
Which of the following titles in the tax code addresses Estate and Donor's Taxes?
What type of tax is levied on the net estate as defined in the content?
What type of tax is levied on the net estate as defined in the content?
What happens when new obligations of the decedent appear after the estate tax payment?
What happens when new obligations of the decedent appear after the estate tax payment?
What is required for the transfer of shares or rights in the Philippines?
What is required for the transfer of shares or rights in the Philippines?
What tax is imposed on withdrawals from a deceased person's bank account?
What tax is imposed on withdrawals from a deceased person's bank account?
What statement must withdrawal slips include after a person's death?
What statement must withdrawal slips include after a person's death?
What type of tax is imposed under Section 98?
What type of tax is imposed under Section 98?
If the decedent's obligations are satisfied by the court, what is the next step for interested parties?
If the decedent's obligations are satisfied by the court, what is the next step for interested parties?
What is necessary before a new owner can be recorded in the corporate books after a decedent's transfer?
What is necessary before a new owner can be recorded in the corporate books after a decedent's transfer?
Which of the following is a consequence if tax obligations are not paid before share transfer?
Which of the following is a consequence if tax obligations are not paid before share transfer?
What conditions must be met for deductions to be allowed regarding a donor's tax or estate tax?
What conditions must be met for deductions to be allowed regarding a donor's tax or estate tax?
To what extent can deductions be claimed for properties given prior to a decedent's death?
To what extent can deductions be claimed for properties given prior to a decedent's death?
How should the value of multiple items be computed for the purpose of deductions?
How should the value of multiple items be computed for the purpose of deductions?
What happens to deductions if a mortgage or lien was partially paid before the decedent's death?
What happens to deductions if a mortgage or lien was partially paid before the decedent's death?
What must occur when determining the net estate of a prior decedent concerning allowable deductions?
What must occur when determining the net estate of a prior decedent concerning allowable deductions?
What is considered as the amount of the gift when made in property?
What is considered as the amount of the gift when made in property?
Under what condition can deductions for a decedent's gross estate be claimed?
Under what condition can deductions for a decedent's gross estate be claimed?
Which of the following is NOT required to be included in the donor's return?
Which of the following is NOT required to be included in the donor's return?
When must the donor file the return and pay the tax?
When must the donor file the return and pay the tax?
What is required for a deduction to be allowable related to transfers for public use?
What is required for a deduction to be allowable related to transfers for public use?
Which of the following is NOT a requirement for determining the allowable deductions?
Which of the following is NOT a requirement for determining the allowable deductions?
What is the consequence if the donor does not file the return within the specified time?
What is the consequence if the donor does not file the return within the specified time?
Who can file the donor's return and payment of tax?
Who can file the donor's return and payment of tax?
What type of property requires special provisions for valuation?
What type of property requires special provisions for valuation?
What further information may be required in the donor's return?
What further information may be required in the donor's return?
What is the significance of Section 88(B) in relation to gifting real property?
What is the significance of Section 88(B) in relation to gifting real property?
Study Notes
Estate Tax Regulations
- Estate tax returns are required for estates with a gross value exceeding P5,000,000.
- Returns must include:
- Itemized assets of the decedent, outlining their gross value at the time of death.
- Itemized deductions from gross estate as permitted under Section 86.
- Amount of tax due, whether paid or outstanding.
Filing Requirements
- Estate tax returns must be filed within one year of the decedent's death.
- Certified copies of the schedule of partition and court approval must be submitted within 30 days after the court's order.
Extensions and Filing Methods
- The Commissioner may grant extensions up to 30 days for filing under special circumstances.
- Returns should typically be filed electronically or manually with authorized banks, Revenue District Offices, or tax software providers.
Tax Rates and Gross Estate
- A six percent (6%) tax is levied on the net estate as outlined in Sections 85 and 86.
- Deductions are only valid if the estate tax imposed is finally determined and paid.
Transfers of Assets
- No transfers of shares, bonds, or rights can occur without a certification proving tax payment.
- Banks may allow withdrawals from accounts of deceased individuals, subject to a final 6% withholding tax.
Donor's Tax Regulations
- Gifts made in property are taxed based on fair market value at the time of the gift.
- Individuals making gifts must file a return under oath detailing each gift and any deductions claimed.
Timeframe for Donor's Tax
- The donor's tax return is due within 30 days of making the gift, with payment due at the time of filing.
- Returns can be filed electronically or manually at authorized locations similar to estate tax returns.
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Description
This quiz covers the essentials of estate tax regulations, including the filing requirements and deadlines for estate tax returns. It highlights the necessary documentation and tax rates applicable to estates exceeding specific gross values.
