Estate Taxation Flashcards

1
Q

Deductions allowed to NRA

A
  • Prorated CLUT (PHGE/WOGE),
  • TPU,
  • Vanishing Deduction,
  • P500,000 standard deduction,
  • Net Share of the Surviving Spouse
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2
Q

Formula for Net Taxable Estate

A
Gross Estate
(CLUT)
(TPU)
(Vanishing Deduction)
(RA4917 Amts Rcvd by Heirs-Retirement Benefits*)
-------------------------------
Net Estate before Special Deductions
(Standard Deduction)
(Family Home)
(RA4917 Amts Received by Heirs-Retirement Benefits)*-1/2only?
-------------------------------
Net Estate before Share of Surviving Spouse
(Share of Surviving Spouse)
--------------------------------
Net Taxable Estate
x6%
---------------------------------
PET Due
(Foreign Tax Credit)- PETDuexFoNTE/WoNTE v Actual v PETDUExToFoNTE/ToWoNTE
---------------------------------
PET Payable
====================
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3
Q

When are you not required to file estate tax?

A

If the gross value of the estate consists of non-registrable property not exceeding P5,000,000

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4
Q

Time of payment of estate tax due

A

5 years if judicial settlement and 2 yrs if extrajudicial settlement.

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5
Q

Properties considered located in the Philippines

A
  • Shares, receivables, issued by an foreign corp 85% of business located in the Philippines
  • Franchise exercisable in PH
  • Shares or rights in any pshp or business est. in PH
  • Any personal property, whether tangible or intangible located in PH
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6
Q

Exempt Transfers

A
  • Transfer under SPA
  • Delivery of inheritance by the fiduciary heir to the fideicommissary
  • Properties held in trust by decedent
  • Transfers by way of bona fide sales
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