Fair Value of Receivables and Domicile of Debtors Quiz

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For loans and receivables, the fair value is generally calculated as what?

The market value of the receivable on the date of transfer

The amount fixed in the contract including accrued income thereto (correct)

The fair value at the point of death

The net book value of the receivable

What is the situs (location) of a real property donated by a person in Australia to a Japanese living in the United States, if the property is located in Cebu, Philippines?

Australia

Japan

Philippines (correct)

United States

For the purpose of computing the gross estate, what value should be used when a real property has a zonal value of P5,000,000, assessed value of P3,500,000, and net book value of P6,000,000?

The average of the three values

Zonal value of P5,000,000 (correct)

Assessed value of P3,500,000

Net book value of P6,000,000

Which of the following properties transferred by Mario via succession would be considered to have a business situs in the Philippines?

Bonds issued by a foreign corporation but 60% of the business is operating in the Philippines Signup and view all the answers

Which of the following properties transferred by Mario via succession would be considered to have a business situs outside the Philippines?

HSBC account (Hong Kong Branch) Signup and view all the answers

Which of the following properties transferred by Mario via succession would be considered to have a business situs in the Philippines?

Bonds issued by a foreign corporation but acquired business situs in the Philippines Signup and view all the answers

What is the general rule for valuing the right of usufruct for estate tax purposes?

The probable life of the beneficiary based on the latest mortality table Signup and view all the answers

What is the general rule for valuing shares of stock for estate tax purposes?

The arithmetic mean between the highest and lowest quotation on the date nearest to the date of death Signup and view all the answers

How should shares of stock issued by a foreign corporation be valued for estate tax purposes?

The shares, obligations, or bonds shall be considered located outside the Philippines unless at least 85% of the business is located in the Philippines Signup and view all the answers

How should bank deposits be valued for estate tax purposes?

The peso value translated using the prevailing exchange rate at the date of death Signup and view all the answers

What is the valuation method for preferred stocks issued by a domestic enterprise for estate tax purposes?

Par value Signup and view all the answers

What is the valuation method for ordinary stocks issued by a domestic enterprise for estate tax purposes?

Book value using the adjusted net asset method Signup and view all the answers

What does the gross estate consist of?

All properties and interests of the decedent at the time of death Signup and view all the answers

Where is real property situs determined for estate taxation purposes?

Based on where the property is located at the point of death Signup and view all the answers

How should bonds be considered for valuation in the Philippines?

Using the fair value per provincial/city assessor's office Signup and view all the answers

If fair value is not determinable, what cost should be used for brand-new property?

Acquisition cost Signup and view all the answers

Where should intangible property be considered to be exercised for valuation purposes?

At the point of death Signup and view all the answers

How should participation in clubs or associations be valued for estate taxation purposes?

At the bid price nearest to the date of death Signup and view all the answers

Fair Value of Receivables and Domicile of Debtors Quiz

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Questions and Answers

For loans and receivables, the fair value is generally calculated as what?

What is the situs (location) of a real property donated by a person in Australia to a Japanese living in the United States, if the property is located in Cebu, Philippines?

For the purpose of computing the gross estate, what value should be used when a real property has a zonal value of P5,000,000, assessed value of P3,500,000, and net book value of P6,000,000?

Which of the following properties transferred by Mario via succession would be considered to have a business situs in the Philippines?

Which of the following properties transferred by Mario via succession would be considered to have a business situs outside the Philippines?

Which of the following properties transferred by Mario via succession would be considered to have a business situs in the Philippines?

What is the general rule for valuing the right of usufruct for estate tax purposes?

What is the general rule for valuing shares of stock for estate tax purposes?

How should shares of stock issued by a foreign corporation be valued for estate tax purposes?

How should bank deposits be valued for estate tax purposes?

What is the valuation method for preferred stocks issued by a domestic enterprise for estate tax purposes?

What is the valuation method for ordinary stocks issued by a domestic enterprise for estate tax purposes?

What does the gross estate consist of?

Where is real property situs determined for estate taxation purposes?

How should bonds be considered for valuation in the Philippines?

If fair value is not determinable, what cost should be used for brand-new property?

Where should intangible property be considered to be exercised for valuation purposes?

How should participation in clubs or associations be valued for estate taxation purposes?

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