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Questions and Answers
What is the subject matter of a transfer tax?
What is the subject matter of a transfer tax?
- Privilege of the transferor to gratuitously transfer property or rights (correct)
- Privilege of the transferee
- Ownership of the property
- Value of the property
Who is liable to pay Donor's Tax?
Who is liable to pay Donor's Tax?
- Donee
- Donor's creditors
- Donor's beneficiaries
- Donor (correct)
When does Estate Tax accrue?
When does Estate Tax accrue?
- At the time of property transfer
- Date of death of the decedent (correct)
- At the time of donation
- Annually
In which type of transfer tax is the timing of valuation of donation based on the date of death?
In which type of transfer tax is the timing of valuation of donation based on the date of death?
Which party is liable to pay Estate Tax?
Which party is liable to pay Estate Tax?
Which law governs the imposition of Estate Tax?
Which law governs the imposition of Estate Tax?
What is the difference between lineal consanguinity and collateral consanguinity?
What is the difference between lineal consanguinity and collateral consanguinity?
In the context of consanguinity, what does affinity refer to?
In the context of consanguinity, what does affinity refer to?
How is the proximity of relationships determined in terms of degrees?
How is the proximity of relationships determined in terms of degrees?
Under what category do surviving spouses fall in terms of priority in estate distribution?
Under what category do surviving spouses fall in terms of priority in estate distribution?
What is the main distinction between legitimate and illegitimate children in the context of inheritance?
What is the main distinction between legitimate and illegitimate children in the context of inheritance?
What relationship does i.Collateral consanguinity describe?
What relationship does i.Collateral consanguinity describe?
What is the nature of donor's tax?
What is the nature of donor's tax?
When is a donation considered to be perfected?
When is a donation considered to be perfected?
What must occur for a completed gift in donation?
What must occur for a completed gift in donation?
Which element is necessary for a donation but refers to the power to transfer ownership without consideration?
Which element is necessary for a donation but refers to the power to transfer ownership without consideration?
What is the motive or purposes classification of donation based on?
What is the motive or purposes classification of donation based on?
What determines if a donor is capacitated to make a donation?
What determines if a donor is capacitated to make a donation?
What is the period for settlement of the estate for an incurred indebtedness to be considered deductible?
What is the period for settlement of the estate for an incurred indebtedness to be considered deductible?
Which of the following is NOT a criterion for indebtedness or claims against the estate to be deductible?
Which of the following is NOT a criterion for indebtedness or claims against the estate to be deductible?
What type of obligations may arise out of Contract, Tort, or Operation of Law for claims against the estate?
What type of obligations may arise out of Contract, Tort, or Operation of Law for claims against the estate?
What is the substantiation requirement for a simple loan or advance as an incurred indebtedness?
What is the substantiation requirement for a simple loan or advance as an incurred indebtedness?
Which condition must be met for an indebtedness contracted by the deceased to be deductible?
Which condition must be met for an indebtedness contracted by the deceased to be deductible?
In what situation are deductions allowed when a decedent leaves property encumbered by a mortgage or indebtedness?
In what situation are deductions allowed when a decedent leaves property encumbered by a mortgage or indebtedness?
What is the main mode of acquiring ownership of property through a deceased person?
What is the main mode of acquiring ownership of property through a deceased person?
Which type of transfer takes effect during the lifetime of both the donor and the donee?
Which type of transfer takes effect during the lifetime of both the donor and the donee?
When does a donation mortis causa take effect?
When does a donation mortis causa take effect?
What is the main characteristic of a gratuitous transfer?
What is the main characteristic of a gratuitous transfer?
Which of the following is NOT a mode of acquiring ownership as mentioned in the text?
Which of the following is NOT a mode of acquiring ownership as mentioned in the text?
When does tradition occur according to the text?
When does tradition occur according to the text?
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