Podcast
Questions and Answers
For loans and receivables, the fair value is generally calculated as what?
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?
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?
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?
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 outside the Philippines?
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 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 the right of usufruct for estate tax purposes?
What is the general rule for valuing shares of stock 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 shares of stock issued by a foreign corporation be valued for estate tax purposes?
How should bank deposits 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 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 is the valuation method for ordinary stocks issued by a domestic enterprise for estate tax purposes?
What does the gross estate consist of?
What does the gross estate consist of?
Where is real property situs determined for estate taxation purposes?
Where is real property situs determined for estate taxation purposes?
How should bonds be considered for valuation in the Philippines?
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?
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?
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?
How should participation in clubs or associations be valued for estate taxation purposes?
