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Statement 1: The donor�s tax shall apply, whether the gift is direct or indirect,
and whether the property is real or personal, tangible or intangible, even if the
transfer is merely in trust. Statement 2: Any contribution in cash or in kind to
any candidate, political party or coalition of parties for campaign purposes shall
be subject to donor�s tax. Which statement is correct?
a. Statement 1 only CORRECT
b. Statement 2 only WRONG
c. Both statements are incorrect
d. Both statements are correct WRONG
Statement 1: The gift is perfected from the moment the donor effects the delivery
either actually or constructively of the property donated.
Statement 2: Donor�s tax is a property tax imposed on the property transferred by
way of gift inter-vivos.
Which statement is correct?
a. Both statements are incorrect
b. Statement 2 only CORRECT
c. Both statements are correct WRONG
d. Statement 1 only WRONG
Statement 1: If the value of the movable property donated is P5,000 or more, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Statement 2: Regardless of the value of the immovable property donated, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Which statement is correct?
a. Both statements are correct
b. Statement 1 only
c. Both statements are incorrect CORRECT
d. Statement 2 only
Statement 1: As a rule, donation between husband and wife during the marriage is
void.
Statement 2: Donation can be made to conceived or unborn children
a. Both statements are correct CORRECT
b. Statement 2 only
c. Both statements are incorrect
d. Statement 1 only
Statement 1: For purposes of the donor�s tax before the effectivity of the TRAIN,
second degree cousins are strangers to each other.
Statement 2: Encumbrance on the property donated, if assumed by the donor is
deductible for donor�s tax purposes.
Which statement is correct?
a. Statement 1 only CORRECT
b. Both statements are correct
c. Statement 2 only
d. Both statements are incorrect
A donation which is intended by the donor to take effect during his lifetime
I. Shall be subject to the 6% donor�s tax if more than P250,000
II. Shall be in writing if the value exceeds P5,000
III. Donation inter-vivos
a. I and III only
b. II and III only
c. I, II and III CORRECT
d. I and II only
Andres sold his car to Emilio. The cost of the car is P2,000,000 and its fair
market value was P800,000 at the time of sale. The car was sold for P200,000. For
donor�s tax purposes, which of the following is correct?
a. There is a taxable gift of P350,000. CORRECT
b. The transfer is at a loss and, hence, not subject to donor�s tax nor income tax.
c. There is a taxable gift of P1,800,000.
d. There is a taxable gift of P600,000.
Statement 1: As a general rule, all persons who may contract and dispose of their
property may donate.
Statement 2: Minors can be a donor or donee.
Which statement is correct?
a. Statement 1 only CORRECT
b. Both statements are incorrect
c. Statement 2 only
d. Both statements are correct
Statement 1: A donation can be both a part of the gross gift of the donor and a
taxable income to the donee.
Statement 2: A donation may be exempt from donor�s tax but not necessarily a
deduction from the donor�s gross income.
Which statement is correct?
a. Both statements are correct
b. Statement 1 only
c. Both statements are incorrect
d. Statement 2 only CORRECT
Where the donor has no residence in the Philippines, the donor�s tax return shall
be filed with
a. The Office of the Commissioner. CORRECT
b. The Office of the President.
c. An authorized government depository bank near the residence of the donee.
d. The Revenue District Office having jurisdiction over the place where the donee
is located.
Abram died leaving a house and a lot to Basilano on March 31, 2020, which was
questioned by Cagayano. It is under litigation but the parties started an extra-
judicial settlement.
The last day for filing the estate tax return is
a. March 31, 2023
b. September 30, 2020 WRONG
c. April 30, 2023
d. March 31, 2021 WRONG
Mr. X maintained a joint account with Mrs. X in a bank. The account agreement
allows either of the spouse to withdraw. Mr. X died and the Bureau of Internal
Revenue included the cash in the bank account in the gross estate of Mr. X. Mrs. X
objected on the ground that the account is not really a joint account, and the
account balance has been allowed by the bank to be withdrawn by Mrs. X.
Statement 1. The Bureau of Internal Revenue was correct in including the bank
account balance in the gross estate.
Statement 2. The bank committed an error in allowing the withdrawal of the deposit
if it had knowledge of the death of Mr. X, and the Bureau of Internal Revenue will
not be precluded from collecting the tax by the error of the bank.
a. Both statements are false.
b. Statement 1 is false, statement 2 is true.
c. Statement 1 is true, statement 2 is false.
d. Both statements are true. CORRECT
A person appointed by the testator to carry out the provisions of the will is
called
a. Beneficiary
b. Administrator
c. Enforcer
d. Executor CORRECT
Under the absolute community of property, jewelry for personal and exclusive use of
the wife shall belong to the
a. Children
b. Husband
c. Wife
d. Husband and wife CORRECT
Tax credit for death taxes paid to a foreign country is not allowed to a decedent
who was
a. Resident citizen
b. Non-resident foreigner with reciprocity CORRECT
c. Non-resident citizen of the Philippines
d. Resident foreigner
If the estate includes registrable properties from which a clearance from the BIR
is required as a condition for the transfer of ownership, an estate tax return
should be filed under oath
a. Regardless of the amount CORRECT
b. If the gross estate exceeds P500,000
c. If the gross estate exceeds P5,000,000
d. If the gross estate exceeds P1,000,000
Abram died leaving a house and a lot to Basilano on March 31, 2020, which was
questioned by Cagayano. It is under litigation but the parties started an extra-
judicial settlement.
The last day for the payment of estate tax if extended shall be
a. March 31, 2023 WRONG
b. March 31, 2021 WRONG
c. September 30, 2020 CORRECT
d. April 30, 2023 WRONG
Statement 1: Under the law on legitimes, if the only survivor is the widow or
widower, she or he shall be entitled to one half of the hereditary estate of the
deceased spouse, and the testator may freely dispose of the other half. TRUE
Statement 2: A legitimate and an illegitimate child has equal share under
intestate distribution of estate.
a. Statements 1 & 2 are true.
b. Statement 1 is true but statement 2 is false. CORRECT
c. Statement 1 is false but statement 2 is true.
d. Statements 1 & 2 are false.
Statement 1: When exclusive property is sold during the marriage, the proceeds
become property of the spouses.
Statement 2: The legal heirs of the decedent must be determined first before the
correct estate tax can be ascertained.
a. Both statements are false. TRUE
b. Statement 1 is false, statement 2 is true.
c. Both statements are true.
d. Statement 1 is true, statement 2 is false.
The amount of funeral expense that may be deducted from the gross estate is
a. Actual funeral expenses or P200,000, whichever is lower.
b. 5% of the gross estate or P200,000, whichever is lower.
c. Zero. CORRECT
d. Actual funeral expense or P200,000, whichever is lower.
Statement 1: Unpaid medical expenses incidental to the death of the decedent shall
be included in the claims against the decedent�s gross estate, and shall be
deductible therefrom in computing the net estate.
Statement 2: The administrator or executor shall submit a statement showing the
disposition of the proceeds of a loan if the claim against the estate was
contracted within five years before the death of the decedent.
a. Statement 1 is false, statement 2 is true. WRONG
b. Both statements are false. CORRECT
c. Both statements are true.
d. Statement 1 is true, statement 2 is false.
The decedent is a resident citizen under the absolute community of property regime.
The following data were provided:
Gross estate, Philippines P14,000,000
Gross estate, Italy 6,000,000
Deductions, Philippines 3,000,000
Deductions, Italy 2,000,000
Estate tax paid, Philippines 0
Estate tax paid, Italy 125,000
Community property is composed of 60% of the total estate including a family home
amounting to P8,000,000. The estate tax due after tax credit is
a. P390,000 WRONG
b. P125,000 WRONG
c. P265,000 CORRECT
d. P150,000
Which of the following is regarded as an intestate succession?
a. The will designates a part of the free portion to a stranger.
b. The will disposed the legitime to its rightful heir.
c. The will is designating the State as beneficiary of the free portion.
d. The will was subsequently rendered void by circumstances. CORRECT
Statement 1: Under the ACP, property acquired before marriage by his/her spouse
including fruits and income, if any, shall belong to both spouses.
Statement 2: The cost of burial plot, tombstone, monument or mausoleum, mourning
apparel, expenses of the wake and notice are deductible from gross estate.
a. Both statements are true. WRONG
b. Statement 1 is true, statement 2 is false. CORRECT
c. Statement 1 is false, statement 2 is true. WRONG
d. Both statements are false.
Which of the following is not an exemption or exclusion from the gross estate?
a. Share of stock of Jollibee Foods Corporation held by a non-resident Chinese
CORRECT
b. Properties outside the Philippines of a non-resident Chinese decedent
c. Capital or exclusive property of the surviving spouse
d. The merger of usufruct in the owner of the naked title
If the decedent is a non-resident alien and there is reciprocity, the gross estate
is
a. P1,195,000 WRONG
b. P1,250,000 WRONG
c. P1,070,000
d. P1,050,000 CORRECT
Succession which results from the designation of an heir, made in a will executed
in the form prescribed by law is known as
a. Ordinary succession
b. Testamentary succession CORRECT
c. Mixed succession
d. Legal or intestate succession
The gross estate includes all the decedent�s property, real and personal, tangible
or intangible, wherever situated, except when the decedent is a
a. Non-resident alien CORRECT
b. Non-resident citizen
c. Resident alien
d. Resident citizen
All of the following are considered intangible personal properties situated in the
Philippines, except
a. Shares, obligations or bonds issued by any foreign corporation doing business in
the Philippines CORRECT
b. Shares, obligations or bonds issued by any corporation or Sociedad anonima
organized or constituted in the Philippines in accordance with its laws WRONG
c. Shares or rights in any partnership, business or industry established in the
Philippines
d. Franchise which must be exercised in the Philippines
Rene Requiestas died leaving a farmland. In his will, he transferred the ownership
thereof to Vandolph but subject to the condition that Pidol will have the right to
use the land for a period of ten years. In the seventh year, however, Pidol died
and Pidol�s will he surrendered his right over the land to Vandolph.
a. The transfer is subject to donor�s tax
b. The transfer is both an inclusion and deduction from the gross estate WRONG
c. The above is a tax-exempt transfer CORRECT
d. The transfer is subject to estate tax
Which of the following is not allowed with tax credit for payments of estate tax on
foreign countries?
a. An American residing in the Philippines at the date of death
b. An alien who was a resident of his own country at the date of death CORRECT
c. A Filipino citizen who migrated in the United States WRONG
d. A Filipino citizen who temporarily left the country. WRONG
In a legal succession
a. Full blood brothers and sisters do not inherit
b. Half blood brothers and sisters are not considered collateral relatives
c. Even half blood brothers and sisters may inherit CORRECT
d. Only full blood brothers and sisters may inherit
In default of testamentary heirs, the law determines who are to succeed to the
inheritance of the deceased. Which one of the following ranks first in the order of
succession?
a. Legitimated children CORRECT
b. Legitimate parents
c. Illegitimate parents
d. Surviving spouse
Under which of the following situations an estate tax return is not required to be
filed?
a. Transfers which are subject to estate tax.
b. The estate contains registered or registrable properties with the Registry of
Deeds/Properties.
c. The gross estate is below P5 million.
d. None of the above. CORRECT
Mrs. Viuda received P1 million under a life insurance of her husband. Should the
proceeds of the insurance be included in the gross estate? Select the incorrect
response.
a. Yes, if Mrs. A was designated as revocable beneficiary.
b. Yes, if the estate, executor or administrator of his husband�s estate was
designated as irrevocable beneficiary.
c. Yes, if Mrs. A was designated as irrevocable beneficiary. CORRECT
d. Yes, if the estate, executor or administrator of his husband�s estate was
designated as revocable beneficiary.
Statement 1: Fruits and income of exclusive property shall belong to the spouses.
Statement 2: Donations made by the decedent during lifetime but to take effect
upon his death shall be exempt from estate tax.
a. Both statements are false. TRUE
b. Both statements are true. WRONG
c. Statement 1 is false, statement 2 is true. WRONG
d. Statement 1 is true, statement 2 is false. WRONG
The tax imposed on the transfer of property without consideration between two or
more persons who are living at the time the transfer is made
a. Personal tax
b. Donor�s tax CORRECT
c. Estate tax
d. Business tax
If the surviving heirs in an intestate succession are the parents and a legitimate
child of the decedent, what is the share of the parents in the legitimes?
a. None CORRECT
b. 1/2 WRONG
c. 1/3
d. 1/4 WRONG
From the decedent�s date of death, the estate tax return shall be filed within
a. 6 months
b. 60 days
c. 30 days CORRECT
d. 3 months
In case where there are no relatives to receive the inheritance, who of the
following has the claim on the estate?
a. The nearest relative beyond fifth degree WRONG
b. The closest associate or friend WRONG
c. The State CORRECT
d. Any charitable institution located in the place where the bulk of the estate is
located
Statement 1: The family home includes the house and the lot where the house
stands.
Statement 2: The value of the house and lot where it stands, if a family home, is
deductible from the estate of the decedent.
a. Both statements are false.
b. Statement 1 is false, statement 2 is true.
c. Both statements are true. CORRECT
d. Statement 1 is true, statement 2 is false. WRONG
Statement 1 - A died giving B power to appoint a person who will inherit A�s house
and lot. B however can only choose among C, D, E and F. B decided to transfer the
property to C, in B�s will when he was old already. The transfer from B to C is
subject to estate tax.
Statement 2 � During A�s lifetime, he decided to give B as gift his car subject to
the condition that if B does not become a CPA within three years, A shall revoke
the transfer. In the second year, however, A died. The car can no longer form part
of A�s gross estate.
a. False, false CORRECT
b. True, true WRONG
c. False, true
d. True, false WRONG
Statement 1: Property brought to the marriage by either spouse shall belong to the
spouses.
Statement 2: The share of the surviving spouse in the conjugal property is part of
the gross estate of the decedent.
a. Both statements are false.
b. Statement 1 is false, statement 2 is true. WRONG
c. Statement 1 is true, statement 2 is false.
d. Both statements are true. CORRECT
If it will cause undue hardship on the part of the estate and in case the estate is
settled through the courts, the estate tax may be paid within
a. 5 years CORRECT
b. 2 years WRONG
c. 4 years WRONG
d. 3 years WRONG
From the decedent�s date of death, the estate tax return shall be filed within
a. 30 days CORRECT
b. 60 days
c. 6 months
d. 3 months
If it will cause undue hardship on the part of the estate and in case the estate is
settled without the court�s intervention, the estate tax may be paid within
a. 2 years CORRECT
b. 3 years WRONG
c. 5 years
d. 4 years
In meritorious cases, the CIR may grant a reasonable extension to file the estate
tax return, for a period not exceeding
a. 60 days WRONG
b. 6 months WRONG
c. 3 months WRONG
d. 30 days CORRECT
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 2 only
d. Statement 1 only
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The correct answer is: Statement 2 only
Question 2
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Statement 1: Donation of a personal property worth P5,000 must be in writing.
Statement 2: Donation of a real property worth P3,000 need not be in writing.
Select one:
a. Both statements are correct
b. Statement 2 only
c. Both statements are incorrect
d. Statement 1 only
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The correct answer is: Both statements are incorrect
Question 3
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Certain parts of the estate of a deceased Filipino citizen cannot be freely
disposed of because Philippine law reserves them for the �compulsory heirs.� This
portion of the decedent�s estate is known as
Select one:
a. Free portion
b. Bequest
c. Legitimes
d. Legacy
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The correct answer is: Legitimes
Question 4
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Statement 1: For purposes of the donor�s tax before the effectivity of the TRAIN,
second degree cousins are strangers to each other.
Statement 2: Encumbrance on the property donated, if assumed by the donor is
deductible for donor�s tax purposes.
Select one:
a. Both statements are incorrect
b. Statement 2 only
c. Statement 1 only
d. Both statements are correct
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The correct answer is: Statement 1 only
Question 5
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No will shall be revoked
Select one:
a. By mutual agreement of the compulsory heirs.
b. By burning, tearing, canceling or obliterating the will with the intention of
revoking it, by the testator himself, or some other person in his presence, and his
express direction.
c. By implication of law.
d. By some will, codicil, or other writing executed as provided in the case of
wills.
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The correct answer is: By mutual agreement of the compulsory heirs.
Question 6
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Statement 1: A sale on installment basis is considered as on onerous transfer.
Select one:
a. Statement 1 is true but statement 2 is false.
b. Statements 1 & 2 are false.
c. Statement 1 is false but statement 2 is true.
d. Statements 1 & 2 are true.
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The correct answer is: Statement 1 is true but statement 2 is false.
Question 7
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Statement 1: A donation can be both a part of the gross gift of the donor and a
taxable income to the donee.
Statement 2: A donation may be exempt from donor�s tax but not necessarily a
deduction from the donor�s gross income.
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are correct
d. Both statements are incorrect
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The correct answer is: Statement 2 only
Question 8
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In a donation of an immovable property, acceptance by the donee may be made
I. In the same donee of donation
II. In a separate document
Select one:
a. I only
b. Neither I nor II
c. II only
d. Either I or II
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The correct answer is: Either I or II
Question 9
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Statement 1: The donor�s tax shall apply, whether the gift is direct or indirect,
and whether the property is real or personal, tangible or intangible, even if the
transfer is merely in trust. Statement 2: Any contribution in cash or in kind to
any candidate, political party or coalition of parties for campaign purposes shall
be subject to donor�s tax. Which statement is correct?
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are correct
d. Both statements are incorrect
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The correct answer is: Statement 1 only
Question 10
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Under which of the following situations an estate tax return is not required to be
filed?
Select one:
a. Transfers which are subject to estate tax.
b. The estate contains registered or registrable properties with the Registry of
Deeds/Properties.
c. The gross estate is below P5 million.
d. None of the above.
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The correct answer is: None of the above.
Question 11
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A decedent left the following properties:
P2,000,000
500,000
Franchise in USA
100,000
70,000
100,000
80,000
75,000
Shares of stock of ABC, foreign corporation, 75% of the business in the Philippines
125,000
300,000
750,000
Select one:
a. P1,195,000
b. P945,000
c. P1,070,000
d. P1,320,000
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The correct answer is: P1,320,000
Question 12
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In meritorious cases, the CIR may grant a reasonable extension to file the estate
tax return, for a period not exceeding
Select one:
a. 3 months
b. 6 months
c. 30 days
d. 60 days
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The correct answer is: 30 days
Question 13
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It is a succession wherein the decedent did not leave a will
Select one:
a. Testamentary succession
b. Voluntary succession
c. Legal succession
d. Mixed succession
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The correct answer is: Legal succession
Question 14
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Which of the following statements regarding succession is incorrect?
Select one:
a. Legitimate children share equally in their legitime of � of the net
distributable estate.
b. When the spouse survives with one legitimate child, the legitime of the spouse
is � of the net distributable estate.
c. When the spouse survives with two legitimate child, the legitime of the spouse
is � of the net distributable estate.
d. legitimes of the legitimate and illegitimate children takes precedence over the
legitime of the surviving spouse.
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The correct answer is: When the spouse survives with two legitimate child, the
legitime of the spouse is � of the net distributable estate.
Question 15
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Which statement is false about succession?
Select one:
a. The successor can be made liable for the unpaid taxes of the decedent beyond the
value of his share in the inheritance.
b. In succession, the successor can repudiate the inheritance.
c. In succession, fruits and credits maturing after death of the decedent pass to
the heirs even if they were not subjected to estate tax.
d. The successor inherits all the transmissible property of a decedent including
his liabilities.
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The correct answer is: The successor can be made liable for the unpaid taxes of the
decedent beyond the value of his share in the inheritance.
Question 16
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The gross estate includes all the decedent�s property, real and personal, tangible
or intangible, wherever situated, except when the decedent is a
Select one:
a. Non-resident citizen
b. Non-resident alien
c. Resident citizen
d. Resident alien
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The correct answer is: Non-resident alien
Question 17
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Rene Requiestas died leaving a farmland. In his will, he transferred the ownership
thereof to Vandolph but subject to the condition that Pidol will have the right to
use the land for a period of ten years. In the seventh year, however, Pidol died
and Pidol�s will he surrendered his right over the land to Vandolph.
Select one:
a. The transfer is both an inclusion and deduction from the gross estate
b. The above is a tax-exempt transfer
c. The transfer is subject to donor�s tax
d. The transfer is subject to estate tax
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The correct answer is: The above is a tax-exempt transfer
Question 18
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If the estate includes registrable properties from which a clearance from the BIR
is required as a condition for the transfer of ownership, an estate tax return
should be filed under oath
Select one:
a. If the gross estate exceeds P500,000
b. Regardless of the amount
c. If the gross estate exceeds P1,000,000
d. If the gross estate exceeds P5,000,000
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The correct answer is: Regardless of the amount
Question 19
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Succession which results from the designation of an heir, made in a will executed
in the form prescribed by law is known as
Select one:
a. Mixed succession
b. Ordinary succession
c. Testamentary succession
d. Legal or intestate succession
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The correct answer is: Testamentary succession
Question 20
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Which of the following is not an exemption or exclusion from the gross estate?
Select one:
a. The merger of usufruct in the owner of the naked title
b. Properties outside the Philippines of a non-resident Chinese decedent
c. Share of stock of Jollibee Foods Corporation held by a non-resident Chinese
d. Capital or exclusive property of the surviving spouse
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The correct answer is: Share of stock of Jollibee Foods Corporation held by a non-
resident Chinese
Question 21
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Which of the following is not subject to donor�s tax?
Select one:
a. Dowries or gifts on account of marriage and before its celebration or within one
year thereafter by parents to each of their legitimate, recognized natural or
adopted children.
b. Gifts made to or for the use of any entity created by the National Government,
which is not conducted for profit, or to any political subdivision of the said
government.
c. Gifts in favor of an educational and/or social institution; provided that more
than thirty (30%) percent of the said gifts shall be used by such donee for
administrative purpose.
d. Gifts made to or for the use of the Philippines Institute of Certified Public
Accountants.
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The correct answer is: Gifts made to or for the use of any entity created by the
National Government, which is not conducted for profit, or to any political
subdivision of the said government.
Question 22
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Which is not part of the conjugal property?
Select one:
a. The fruits, rents or interest received or due during the marriage coming from
the conjugal property or from the exclusive properties of the spouses
b. Those acquired by industry or work of either of them
c. Those acquired by onerous title during marriage at the expense of the common
fund
d. Those acquired during the marriage by gratuitous title
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The correct answer is: Those acquired during the marriage by gratuitous title
Question 23
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It is a mode of acquisition by virtue of which, the property, rights and
obligations, to the extent of the value of the inheritance, of a person are
transmitted through his death to another either by his will or by operation of law.
Select one:
a. Purchase
b. Barter
c. Donation
d. Succession
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The correct answer is: Succession
Question 24
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Statement 1: Any contribution in cash or in kind to any candidate, political party
or coalition of parties for campaign purposes shall be governed by the election
code and not the tax code.
Statement 2: When the donee or beneficiary is a stranger, the tax payable by the
donor shall be 30% of the net gifts.
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 2 only
d. Statement 1 only
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The correct answer is: Statement 1 only
Question 25
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Question text
All of the following are considered intangible personal properties situated in the
Philippines, except
Select one:
a. Franchise which must be exercised in the Philippines
b. Shares, obligations or bonds issued by any foreign corporation doing business in
the Philippines
c. Shares or rights in any partnership, business or industry established in the
Philippines
d. Shares, obligations or bonds issued by any corporation or Sociedad anonima
organized or constituted in the Philippines in accordance with its laws
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The correct answer is: Shares, obligations or bonds issued by any foreign
corporation doing business in the Philippines
Question 26
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Statement 1: The presence of children does not disqualify parents to inheritance.
Statement 2: The rules on legitimes are substitute for testamentary dispositions.
Select one:
a. Statements 1 & 2 are true
b. Statement 1 is true but statement 2 is false.
c. Statements 1 & 2 are false.
d. Statement 1 is false but statement 2 is true.
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The correct answer is: Statement 1 is true but statement 2 is false.
Question 27
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Which is not a required disclosure in the donor�s tax return?
Select one:
a. Name of the donee
b. Deductions claimed
c. Current and past gifts during the year
d. Donations made last year
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The correct answer is: Donations made last year
Question 28
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A religious congregation donated a land and a dormitory building in favor of
another religious organization. Is the donation subject to donor�s tax?
Select one:
a. No, the donation is not subject to donor�s tax because the donee is a non-stock,
non-profit organization engaged principally for religious vocation.
b. Yes, the donation is subject to donor�s tax because it did not mention whether
the donee did not use more than 30% of the donation for administrative purposes.
c. Yes, the donation is subject to donor�s tax because the donee is a stranger.
d. No, the donation is exempt from all taxes.
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The correct answer is: Yes, the donation is subject to donor�s tax because it did
not mention whether the donee did not use more than 30% of the donation for
administrative purposes.
Question 29
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Statement 1: Unpaid medical expenses incidental to the death of the decedent shall
be included in the claims against the decedent�s gross estate, and shall be
deductible therefrom in computing the net estate.
Statement 2: The administrator or executor shall submit a statement showing the
disposition of the proceeds of a loan if the claim against the estate was
contracted within five years before the death of the decedent.
Select one:
a. Both statements are false.
b. Statement 1 is false, statement 2 is true.
c. Statement 1 is true, statement 2 is false.
d. Both statements are true.
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The correct answer is: Both statements are false.
Question 30
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If it will cause undue hardship on the part of the estate and in case the estate is
settled through the courts, the estate tax may be paid within
Select one:
a. 3 years
b. 2 years
c. 5 years
d. 4 years
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Your answer is incorrect.
The correct answer is: 5 years
Select one:
a. I and III only
b. I and II only
c. I, II and III
d. I only
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The correct answer is: I, II and III
Question 2
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Question text
A decedent left the following properties:
P2,000,000
500,000
Franchise in USA
100,000
100,000
80,000
75,000
Shares of stock of ABC, foreign corporation, 75% of the business in the Philippines
125,000
300,000
750,000
Select one:
a. P3,600,000
b. P3,650,00
c. P2,500,000
d. P2,650,000
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The correct answer is: P3,600,000
Question 3
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Estate
Select one:
a. Is a person appointed by the court and performs the same duty, in lieu of an
executor, if the latter refused to accept the appointment, failed to qualify under
the law or the last will and testament did not appoint one.
b. Is the sum of all the property of the deceased individual which are available
for disposition to his heirs, successors or beneficiaries, represented by an
executor or administrator as the case may be.
c. Is a person who performs a fiduciary duty such as taking care of the decedent�s
estate prior to final disposition to the heirs.
d. Is a person designated in the last will and testament to carry out the
provisions of the decedent�s will.
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The correct answer is: Is the sum of all the property of the deceased individual
which are available for disposition to his heirs, successors or beneficiaries,
represented by an executor or administrator as the case may be.
Question 4
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A decedent left the following properties:
P2,000,000
500,000
Franchise in USA
100,000
70,000
100,000
80,000
75,000
Shares of stock of ABC, foreign corporation, 75% of the business in the Philippines
125,000
300,000
750,000
Select one:
a. P1,195,000
b. P1,320,000
c. P1,070,000
d. P945,000
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The correct answer is: P1,320,000
Question 5
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Statement 1: Renunciation of one�s share in the legitime is a taxable gift.
Statement 2: Gift splitting is a form of tax evasion.
Select one:
a. Both statements are incorrect
b. Statement 1 only
c. Both statements are correct
d. Statement 2 only
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The correct answer is: Both statements are incorrect
Question 6
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Which statement is incorrect about vanishing deduction?
Select one:
a. It pertains to a property presently found in the gross estate.
b. The property must be previously subject to a transfer tax or income tax.
c. The property must be located in the Philippines.
d. The property was received by the decedent within 5 years prior to his death.
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The correct answer is: The property must be previously subject to a transfer tax or
income tax.
Question 7
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The tax imposed on the transfer of property without consideration between two or
more persons who are living at the time the transfer is made
Select one:
a. Estate tax
b. Business tax
c. Donor�s tax
d. Personal tax
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The correct answer is: Donor�s tax
Question 8
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Certain parts of the estate of a deceased Filipino citizen cannot be freely
disposed of because Philippine law reserves them for the �compulsory heirs.� This
portion of the decedent�s estate is known as
Select one:
a. Legitimes
b. Free portion
c. Bequest
d. Legacy
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The correct answer is: Legitimes
Question 9
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Which of the following statements is false?
Select one:
a. Estate tax is a tax on the right or privilege to transfer properties.
b. The object of estate tax is to tax the property transferred through succession.
c. Estate tax is a transfer tax on donations mortis causa.
d. Estate tax is based on the redistribution of wealth theory.
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The correct answer is: The object of estate tax is to tax the property transferred
through succession.
Question 10
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A religious congregation donated a land and a dormitory building in favor of
another religious organization. Is the donation subject to donor�s tax?
Select one:
a. Yes, the donation is subject to donor�s tax because it did not mention whether
the donee did not use more than 30% of the donation for administrative purposes.
b. Yes, the donation is subject to donor�s tax because the donee is a stranger.
c. No, the donation is not subject to donor�s tax because the donee is a non-stock,
non-profit organization engaged principally for religious vocation.
d. No, the donation is exempt from all taxes.
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Your answer is correct.
The correct answer is: Yes, the donation is subject to donor�s tax because it did
not mention whether the donee did not use more than 30% of the donation for
administrative purposes.
Question 11
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Statement 1: The gift is perfected from the moment the donor effects the delivery
either actually or constructively of the property donated.
Statement 2: Donor�s tax is a property tax imposed on the property transferred by
way of gift inter-vivos.
Select one:
a. Donation to the Integrated Bar of the Philippines
b. Donation to the Philippine Institute of Certified Public Accountants
c. Donation to the Development Academy of the Philippines
d. Donation to International Rice Research Institute
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The correct answer is: Donation to the Philippine Institute of Certified Public
Accountants
Question 13
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Statement 1: The underlying reason for vanishing deduction is to offer a relief
from heavy burden of taxation if the same property is subjected to two estate taxes
within a short period of time because of proximate dates.
Statement 2: In order that there can be vanishing deduction, the estate tax on a
prior succession must have been previously finally determined and paid, and the
vanishing deduction is claimed in the prior succession.
Select one:
a. Statement 1 is false, statement 2 is true.
b. Both statements are true.
c. Statement 1 is true, statement 2 is false.
d. Both statements are false.
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The correct answer is: Statement 1 is true, statement 2 is false.
Question 14
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Statement 1: If the value of the movable property donated is P5,000 or more, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Statement 2: Regardless of the value of the immovable property donated, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Select one:
a. Mixed succession
b. Voluntary succession
c. Legal succession
d. Testamentary succession
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The correct answer is: Legal succession
Question 16
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Justification for the imposition of transfer tax
Select one:
a. Redistribution of wealth theory
b. Benefits transmission theory
c. Ability to collect theory
d. State cooperative theory
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The correct answer is: Redistribution of wealth theory
Question 17
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Statement 1: Gifts in favor of an educational and/or religious organization are
exempt from donor�s tax.
Select one:
a. Statement 2 only
b. Both statements are incorrect
c. Statement 1 only
d. Both statements are correct
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The correct answer is: Statement 2 only
Question 18
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The payment of estate tax is a personal liability of
Select one:
a. The estate itself
b. The executor in voluntary succession
c. The heirs or successors
d. The administrator in testamentary succession
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The correct answer is: The executor in voluntary succession
Question 19
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The gift tax paid on a donation mortis causa, if any
Select one:
a. Shall form part as a tax credit to be deducted from the estate tax due
b. Is invalid and the tax will not be credited at all
c. Has no effect since the gift will still be subject to another gift tax
d. Exempts the property from estate tax
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The correct answer is: Shall form part as a tax credit to be deducted from the
estate tax due
Question 20
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The estate should be valued at the time
Select one:
a. The heirs are ascertained
b. The decedent died
c. The estate tax is paid
d. The estate is ready for distribution to the heirs
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The correct answer is: The decedent died
Question 21
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The estate tax accrues on the date of
Select one:
a. The submission of notice of death
b. The filing of the estate tax return
c. Death of the decedent
d. Signing of the last will and testament
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The correct answer is: Death of the decedent
Question 22
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Which of the following is not subject to donor�s tax?
Select one:
a. Gifts made to or for the use of the Philippines Institute of Certified Public
Accountants.
b. Gifts in favor of an educational and/or social institution; provided that more
than thirty (30%) percent of the said gifts shall be used by such donee for
administrative purpose.
c. Gifts made to or for the use of any entity created by the National Government,
which is not conducted for profit, or to any political subdivision of the said
government.
d. Dowries or gifts on account of marriage and before its celebration or within one
year thereafter by parents to each of their legitimate, recognized natural or
adopted children.
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Your answer is correct.
The correct answer is: Gifts made to or for the use of any entity created by the
National Government, which is not conducted for profit, or to any political
subdivision of the said government.
Question 23
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Statement 1: A �will� is an act whereby a person is permitted, with the
formalities prescribed by law, to control to a certain degree the disposition of
his estate upon his death.
Statement 2: A �codicil� is a supplement or an addition to a will, made after the
execution of a will and annexed to be taken as a part thereof, by any disposition
made in the original will is explained, added to, or altered.
Select one:
a. Statement 1 is false but statement 2 is true.
b. Statement 1 is true but statement 2 is false.
c. Statements 1 & 2 are true
d. Statements 1 & 2 are false.
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The correct answer is: Statements 1 & 2 are true
Question 24
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A person who inherits a real property thru a will is called a
Select one:
a. Devisee
b. Legatee
c. Successor
d. Heir
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The correct answer is: Devisee
Question 25
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Statement 1: Inheritance refers to all the property, rights and obligations of a
person which are not extinguished by death and all which have accrued thereto since
the opening of the succession.
Statement 2: Rights which are purely personal are not transmissible for they are
extinguishable by death.
Select one:
a. Statements 1 & 2 are false.
b. Statement 1 is true but statement 2 is false.
c. Statements 1 & 2 are true.
d. Statement 1 is false but statement 2 is true.
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Your answer is correct.
The correct answer is: Statements 1 & 2 are true.
Question 26
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In filing the estate tax return, a CPA Certificate is required
Select one:
a. Only when the gross estate exceeds P5 million.
b. Whenever an estate tax return is filed.
c. Only when the gross estate reaches P5 million.
d. Only when the gross estate exceeds P2 million.
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Your answer is correct.
The correct answer is: Only when the gross estate exceeds P5 million.
Question 27
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Andres sold his car to Emilio. The cost of the car is P2,000,000 and its fair
market value was P800,000 at the time of sale. The car was sold for P200,000. For
donor�s tax purposes, which of the following is correct?
Select one:
a. There is a taxable gift of P1,800,000.
b. The transfer is at a loss and, hence, not subject to donor�s tax nor income tax.
c. There is a taxable gift of P600,000.
d. There is a taxable gift of P350,000.
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Your answer is correct.
The correct answer is: There is a taxable gift of P350,000.
Question 28
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The elements of succession are
I. Decedent
II. Estate
III. Heirs
IV. Administrator/Executor
Select one:
a. I, II and III only
b. I and II only
c. I and III only
d. I, II, III and IV
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The correct answer is: I, II and III only
Question 29
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Statement 1: Any contribution in cash or in kind to any candidate, political party
or coalition of parties for campaign purposes shall be governed by the election
code and not the tax code.
Statement 2: When the donee or beneficiary is a stranger, the tax payable by the
donor shall be 30% of the net gifts.
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are incorrect
d. Both statements are correct
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The correct answer is: Statement 1 only
Question 30
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Statement 1: The pay-as-you-file system is followed in donor�s taxation.
Statement 2: The donor�s tax return is filed within 6 months from the date of
donation.
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 2 only
d. Statement 1 only
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Your answer is correct.
The correct answer is: Statement 1 only
Select one:
a. When the heir instituted is capable of succeeding.
b. If the suspensive condition attached to the institution of heir does not happen
or is not fulfilled.
c. When the will does not dispose of all the property belonging to the testator.
d. If a person dies without a will, or with a void will, or one which has
subsequently lost its validity.
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The correct answer is: When the heir instituted is capable of succeeding.
Question 2
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Statement 1. The estate tax is a property tax.
Statement 2. The estate tax is an excise tax.
Select one:
a. Both statements are false.
b. Statement 1 is false, statement 2 is true.
c. Both statements are true.
d. Statement 1 is true, statement 2 is false.
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The correct answer is: Statement 1 is false, statement 2 is true.
Question 3
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In a legal succession
Select one:
a. Even half blood brothers and sisters may inherit
b. Half blood brothers and sisters are not considered collateral relatives
c. Only full blood brothers and sisters may inherit
d. Full blood brothers and sisters do not inherit
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The correct answer is: Even half blood brothers and sisters may inherit
Question 4
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Statement 1: In testamentary and legal succession, the compulsory heirs are
assured of their legitimes.
Statement 2: In every inheritance, the relative nearest in degree excludes the
more distant ones, saving the right of representation when it properly takes place.
Select one:
a. Statement 1 is true but statement 2 is false.
b. Statements 1 & 2 are false.
c. Statements 1 & 2 are true
d. Statement 1 is false but statement 2 is true.
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The correct answer is: Statements 1 & 2 are true
Question 5
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Which statement is false about succession?
Select one:
a. In succession, fruits and credits maturing after death of the decedent pass to
the heirs even if they were not subjected to estate tax.
b. In succession, the successor can repudiate the inheritance.
c. The successor inherits all the transmissible property of a decedent including
his liabilities.
d. The successor can be made liable for the unpaid taxes of the decedent beyond the
value of his share in the inheritance.
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The correct answer is: The successor can be made liable for the unpaid taxes of the
decedent beyond the value of his share in the inheritance.
Question 6
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Statement 1: Property brought to the marriage by either spouse shall belong to the
spouses.
Statement 2: The share of the surviving spouse in the conjugal property is part of
the gross estate of the decedent.
Select one:
a. Statement 1 is true, statement 2 is false.
b. Both statements are true.
c. Both statements are false.
d. Statement 1 is false, statement 2 is true.
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The correct answer is: Both statements are true.
Question 7
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The donation of an immovable property shall be made
I. In writing
II. In a public instrument
Select one:
a. Either I or II
b. I only
c. Neither I nor II
d. II only
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The correct answer is: II only
Question 8
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Which of the following statements is false? Transfer tax is
Select one:
a. Imposed upon the right of a person to onerously transfer his property, rights
and obligations.
b. Of two kinds: estate tax and donor�s tax
c. Imposed upon gratuitous transfer of property
d. Classified as national tax
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The correct answer is: Imposed upon the right of a person to onerously transfer his
property, rights and obligations.
Question 9
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Statement 1: In general, where real property is transferred during lifetime for
less than adequate and full consideration in money or money�s worth, then the
amount by which the value of the property exceeds the value of the consideration
shall, for the purpose of the donor�s tax, be deemed a gift.
Statement 2: Gifts of conjugal property made by both spouses shall be considered
as having been made one-half by the husband and other half by the wife, and is
taxable � to each donor spouse.
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are incorrect
d. Both statements are correct
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The correct answer is: Statement 2 only
Question 10
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Statement 1: As a general rule, all persons who may contract and dispose of their
property may donate.
Statement 2: Minors can be a donor or donee.
Select one:
a. Both statements are correct
b. Statement 1 only
c. Both statements are incorrect
d. Statement 2 only
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The correct answer is: Statement 1 only
Question 11
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The following statements pertain to relatives by consanguinity, except
I. Consanguinity is the relation subsisting among all the different persons
descending from the same stock or common ancestor.
II. Portion of the blood of the common ancestor flows through the veins of all
his descendants, and though mixed with the blood flowing from many other families,
yet it constitutes the kindred of alliance by blood between any two of the
individuals.
III. This relation is also known as relation by blood.
IV. Relation by consanguinity is one of two kinds: lineal and collateral.
Select one:
a. All of the statements pertain to relatives by consanguinity
b. I, III and IV only
c. I, II, III and IV
d. I and II only
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Your answer is correct.
The correct answer is: All of the statements pertain to relatives by consanguinity
Question 12
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Statement 1: Gifts in favor of an educational and/or religious organization are
exempt from donor�s tax.
Select one:
a. Both statements are incorrect
b. Statement 2 only
c. Statement 1 only
d. Both statements are correct
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The correct answer is: Statement 2 only
Question 13
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Which of the following statements is true?
Select one:
a. A compulsory heir cannot receive more than his legitimes.
b. The sharing of heirs in testamentary succession must satisfy the rules on
legitimes.
c. There cannot be disinheritance for compulsory heir.
d. The sharing of heirs in intestate succession does not satisfy the rules on
legitimes.
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The correct answer is: The sharing of heirs in testamentary succession must satisfy
the rules on legitimes.
Question 14
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It is a mode of acquisition by virtue of which, the property, rights and
obligations, to the extent of the value of the inheritance, of a person are
transmitted through his death to another either by his will or by operation of law.
Select one:
a. Succession
b. Barter
c. Donation
d. Purchase
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The correct answer is: Succession
Question 15
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The gross estate includes all the decedent�s property, real and personal, tangible
or intangible, wherever situated, except when the decedent is a
Select one:
a. Non-resident citizen
b. Non-resident alien
c. Resident alien
d. Resident citizen
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The correct answer is: Non-resident alien
Question 16
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If the estate includes registrable properties from which a clearance from the BIR
is required as a condition for the transfer of ownership, an estate tax return
should be filed under oath
Select one:
a. If the gross estate exceeds P500,000
b. Regardless of the amount
c. If the gross estate exceeds P1,000,000
d. If the gross estate exceeds P5,000,000
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The correct answer is: Regardless of the amount
Question 17
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A person who inherits a real property thru a will is called a
Select one:
a. Devisee
b. Successor
c. Heir
d. Legatee
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The correct answer is: Devisee
Question 18
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Which is not a required disclosure in the donor�s tax return?
Select one:
a. Current and past gifts during the year
b. Name of the donee
c. Donations made last year
d. Deductions claimed
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The correct answer is: Donations made last year
Question 19
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Statement 1: For purposes of the donor�s tax before the effectivity of the TRAIN,
second degree cousins are strangers to each other.
Statement 2: Encumbrance on the property donated, if assumed by the donor is
deductible for donor�s tax purposes.
Select one:
a. Statement 2 only
b. Statement 1 only
c. Both statements are correct
d. Both statements are incorrect
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The correct answer is: Statement 1 only
Question 20
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A decedent left the following properties:
P2,000,000
500,000
Franchise in USA
100,000
Receivable from debtor in Philippines
70,000
100,000
80,000
75,000
Shares of stock of ABC, foreign corporation, 75% of the business in the Philippines
125,000
300,000
750,000
Select one:
a. P1,070,000
b. P1,195,000
c. P1,320,000
d. P945,000
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The correct answer is: P1,320,000
Question 21
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Statement 1: The donor�s tax shall apply, whether the gift is direct or indirect,
and whether the property is real or personal, tangible or intangible, even if the
transfer is merely in trust. Statement 2: Any contribution in cash or in kind to
any candidate, political party or coalition of parties for campaign purposes shall
be subject to donor�s tax. Which statement is correct?
Select one:
a. Both statements are incorrect
b. Statement 1 only
c. Statement 2 only
d. Both statements are correct
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The correct answer is: Statement 1 only
Question 22
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Statement 1: Unpaid medical expenses incidental to the death of the decedent shall
be included in the claims against the decedent�s gross estate, and shall be
deductible therefrom in computing the net estate.
Statement 2: The administrator or executor shall submit a statement showing the
disposition of the proceeds of a loan if the claim against the estate was
contracted within five years before the death of the decedent.
Select one:
a. Statement 1 is false, statement 2 is true.
b. Statement 1 is true, statement 2 is false.
c. Both statements are false.
d. Both statements are true.
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The correct answer is: Both statements are false.
Question 23
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Statement 1: Fruits and income of exclusive property shall belong to the spouses.
Statement 2: Donations made by the decedent during lifetime but to take effect
upon his death shall be exempt from estate tax.
Select one:
a. Both statements are true.
b. Statement 1 is true, statement 2 is false.
c. Statement 1 is false, statement 2 is true.
d. Both statements are false.
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The correct answer is: Both statements are false.
Question 24
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Question text
Which of the following statements regarding succession is incorrect?
Select one:
a. When the spouse survives with two legitimate child, the legitime of the spouse
is � of the net distributable estate.
b. legitimes of the legitimate and illegitimate children takes precedence over the
legitime of the surviving spouse.
c. Legitimate children share equally in their legitime of � of the net
distributable estate.
d. When the spouse survives with one legitimate child, the legitime of the spouse
is � of the net distributable estate.
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The correct answer is: When the spouse survives with two legitimate child, the
legitime of the spouse is � of the net distributable estate.
Question 25
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Question text
The tax imposed on the transfer of property without consideration between two or
more persons who are living at the time the transfer is made
Select one:
a. Personal tax
b. Donor�s tax
c. Estate tax
d. Business tax
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The correct answer is: Donor�s tax
Question 26
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Question text
Which of the following is not a compulsory heir?
Select one:
a. Legitimate parents or ascendants, with respect to their legitimate children or
descendants
b. Widow or widower
c. Relative by affinity
d. Legitimate children and descendants, with respect to their legitimate parents or
ascendants
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The correct answer is: Relative by affinity
Question 27
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Statement 1: A person can donate all his present property unconditionally.
Statement 2: No person may receive or give by way of donation more than he may
give or receive.
Select one:
a. Statement 2 only
b. Statement 1 only
c. Both statements are incorrect
d. Both statements are correct
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The correct answer is: Statement 2 only
Question 28
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Question text
In a donation of an immovable property, acceptance by the donee may be made
I. In the same donee of donation
II. In a separate document
Select one:
a. II only
b. Either I or II
c. Neither I nor II
d. I only
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The correct answer is: Either I or II
Question 29
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No will shall be revoked
Select one:
a. By implication of law.
b. By mutual agreement of the compulsory heirs.
c. By some will, codicil, or other writing executed as provided in the case of
wills.
d. By burning, tearing, canceling or obliterating the will with the intention of
revoking it, by the testator himself, or some other person in his presence, and his
express direction.
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The correct answer is: By mutual agreement of the compulsory heirs.
Question 30
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Statement 1: As a rule, donation between husband and wife during the marriage is
void.
Statement 2: Donation can be made to conceived or unborn children
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 1 only
d. Statement 2 only
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The correct answer is: Both statements are correct
Select one:
a. Current and past gifts during the year
b. Deductions claimed
c. Donations made last year
d. Name of the donee
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The correct answer is: Donations made last year
Question 2
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Statement 1: Renunciation of one�s share in the legitime is a taxable gift.
Statement 2: Gift splitting is a form of tax evasion.
Which statement is correct?
Select one:
a. Statement 2 only
b. Both statements are incorrect
c. Both statements are correct
d. Statement 1 only
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The correct answer is: Both statements are incorrect
Question 3
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Which is not true about inheritance?
Select one:
a. Inheritance includes devise and legacy.
b. Inheritance includes property, rights and obligations of a person existing at
the time of death.
c. Inheritance includes property, rights and obligations of a person that have
accrued since the opening of the succession.
d. Inheritance includes property, rights and obligations extinguished by a person�s
death.
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The correct answer is: Inheritance includes property, rights and obligations
extinguished by a person�s death.
Question 4
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In a legal succession
Select one:
a. Even half blood brothers and sisters may inherit
b. Full blood brothers and sisters do not inherit
c. Half blood brothers and sisters are not considered collateral relatives
d. Only full blood brothers and sisters may inherit
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The correct answer is: Even half blood brothers and sisters may inherit
Question 5
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Statement 1: A person can donate all his present property unconditionally.
Statement 2: No person may receive or give by way of donation more than he may
give or receive.
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 1 only
d. Statement 2 only
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The correct answer is: Statement 2 only
Question 6
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Statement 1: The gift is perfected from the moment the donor effects the delivery
either actually or constructively of the property donated.
Statement 2: Donor�s tax is a property tax imposed on the property transferred by
way of gift inter-vivos.
Select one:
a. Statement 1 only
b. Both statements are correct
c. Both statements are incorrect
d. Statement 2 only
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The correct answer is: Statement 2 only
Question 7
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Where the donor has no residence in the Philippines, the donor�s tax return shall
be filed with
Select one:
a. The Office of the President.
b. An authorized government depository bank near the residence of the donee.
c. The Office of the Commissioner.
d. The Revenue District Office having jurisdiction over the place where the donee
is located.
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The correct answer is: The Office of the Commissioner.
Question 8
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Who shall file the estate tax return?
Select one:
a. Decedent
b. Executor or administrator only
c. Claimants from the estate
d. Executor, administrator, or any of the legal heirs
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Your answer is correct.
The correct answer is: Executor, administrator, or any of the legal heirs
Question 9
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The gross estate includes all the decedent�s property, real and personal, tangible
or intangible, wherever situated, except when the decedent is a
Select one:
a. Non-resident alien
b. Resident citizen
c. Non-resident citizen
d. Resident alien
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The correct answer is: Non-resident alien
Question 10
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Statement 1. The estate tax is a property tax.
Statement 2. The estate tax is an excise tax.
Select one:
a. Both statements are true.
b. Statement 1 is true, statement 2 is false.
c. Statement 1 is false, statement 2 is true.
d. Both statements are false.
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The correct answer is: Statement 1 is false, statement 2 is true.
Question 11
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Mr. X maintained a joint account with Mrs. X in a bank. The account agreement
allows either of the spouse to withdraw. Mr. X died and the Bureau of Internal
Revenue included the cash in the bank account in the gross estate of Mr. X. Mrs. X
objected on the ground that the account is not really a joint account, and the
account balance has been allowed by the bank to be withdrawn by Mrs. X.
Statement 1. The Bureau of Internal Revenue was correct in including the bank
account balance in the gross estate.
Statement 2. The bank committed an error in allowing the withdrawal of the deposit
if it had knowledge of the death of Mr. X, and the Bureau of Internal Revenue will
not be precluded from collecting the tax by the error of the bank.
Select one:
a. Both statements are true.
b. Both statements are false.
c. Statement 1 is true, statement 2 is false.
d. Statement 1 is false, statement 2 is true.
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The correct answer is: Both statements are true.
Question 12
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The gift tax paid on a donation mortis causa, if any
Select one:
a. Is invalid and the tax will not be credited at all
b. Has no effect since the gift will still be subject to another gift tax
c. Exempts the property from estate tax
d. Shall form part as a tax credit to be deducted from the estate tax due
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The correct answer is: Shall form part as a tax credit to be deducted from the
estate tax due
Question 13
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Question text
A religious congregation donated a land and a dormitory building in favor of
another religious organization. Is the donation subject to donor�s tax?
Select one:
a. Yes, the donation is subject to donor�s tax because the donee is a stranger.
b. No, the donation is not subject to donor�s tax because the donee is a non-stock,
non-profit organization engaged principally for religious vocation.
c. Yes, the donation is subject to donor�s tax because it did not mention whether
the donee did not use more than 30% of the donation for administrative purposes.
d. No, the donation is exempt from all taxes.
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Your answer is correct.
The correct answer is: Yes, the donation is subject to donor�s tax because it did
not mention whether the donee did not use more than 30% of the donation for
administrative purposes.
Question 14
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A person who inherits a personal property thru a will is called a
Select one:
a. Successor
b. Devisee
c. Legatee
d. Heir
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The correct answer is: Legatee
Question 15
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In a donation of an immovable property, acceptance by the donee may be made
I. In the same donee of donation
II. In a separate document
Select one:
a. I only
b. II only
c. Neither I nor II
d. Either I or II
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Your answer is incorrect.
The correct answer is: Either I or II
Question 16
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Statement 1: The presence of children does not disqualify parents to inheritance.
Statement 2: The rules on legitimes are substitute for testamentary dispositions.
Select one:
a. Statement 1 is false but statement 2 is true.
b. Statements 1 & 2 are true
c. Statement 1 is true but statement 2 is false.
d. Statements 1 & 2 are false.
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Your answer is correct.
The correct answer is: Statement 1 is true but statement 2 is false.
Question 17
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Choose the incorrect statement. Claims against insolvent persons
Select one:
a. Should always be included in the gross estate.
b. Is an allowable deduction even if secured by a mortgage.
c. Is an allowable deduction even if the debtor had some properties.
d. Should be omitted in the computation of the net taxable estate if entirely
uncollectible.
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The correct answer is: Should be omitted in the computation of the net taxable
estate if entirely uncollectible.
Question 18
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Statement 1: Under the law on legitimes, if the only survivor is the widow or
widower, she or he shall be entitled to one half of the hereditary estate of the
deceased spouse, and the testator may freely dispose of the other half.
Select one:
a. Statement 1 is true but statement 2 is false.
b. Statements 1 & 2 are true.
c. Statements 1 & 2 are false.
d. Statement 1 is false but statement 2 is true.
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Your answer is correct.
The correct answer is: Statement 1 is true but statement 2 is false.
Question 19
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Statement 1: A donation can be both a part of the gross gift of the donor and a
taxable income to the donee.
Statement 2: A donation may be exempt from donor�s tax but not necessarily a
deduction from the donor�s gross income.
Select one:
a. Both statements are correct
b. Statement 1 only
c. Statement 2 only
d. Both statements are incorrect
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The correct answer is: Statement 2 only
Question 20
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Which among the following are the kinds of succession?
I. Testamentary or testate succession
II. Legal or intestate succession
III. Mixed succession
Select one:
a. I and II only
b. I only
c. I and III only
d. I, II and III
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The correct answer is: I, II and III
Question 21
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Statement 1: Donation of a personal property worth P5,000 must be in writing.
Statement 2: Donation of a real property worth P3,000 need not be in writing.
Select one:
a. Both statements are correct
b. Statement 2 only
c. Statement 1 only
d. Both statements are incorrect
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The correct answer is: Both statements are incorrect
Question 22
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Statement 1: Any contribution in cash or in kind to any candidate, political party
or coalition of parties for campaign purposes shall be governed by the election
code and not the tax code.
Statement 2: When the donee or beneficiary is a stranger, the tax payable by the
donor shall be 30% of the net gifts.
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are correct
d. Both statements are incorrect
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The correct answer is: Statement 1 only
Question 23
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The filing of the notice of death
Select one:
a. Is only required when the gross estate exceeds P5,000,000
b. Is not required
c. Is only required when the gross estate exceeds P2,000,000
d. Is to be accomplished within one month after death of the decedent
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Your answer is correct.
The correct answer is: Is not required
Question 24
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All of the following are considered intangible personal properties situated in the
Philippines, except
Select one:
a. Shares, obligations or bonds issued by any foreign corporation doing business in
the Philippines
b. Shares, obligations or bonds issued by any corporation or Sociedad anonima
organized or constituted in the Philippines in accordance with its laws
c. Shares or rights in any partnership, business or industry established in the
Philippines
d. Franchise which must be exercised in the Philippines
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Your answer is correct.
The correct answer is: Shares, obligations or bonds issued by any foreign
corporation doing business in the Philippines
Question 25
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Question text
A person appointed by the testator to carry out the provisions of the will is
called
Select one:
a. Enforcer
b. Beneficiary
c. Executor
d. Administrator
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The correct answer is: Executor
Question 26
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The payment of estate tax is a personal liability of
Select one:
a. The administrator in testamentary succession
b. The executor in voluntary succession
c. The heirs or successors
d. The estate itself
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The correct answer is: The executor in voluntary succession
Question 27
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Mortis causa transfer of property is effected
Select one:
a. Upon payment of the estate tax
b. Upon the death of the decedent
c. When the property is received by the heir
d. When the court awarded the ownership of property to a particular heir
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Your answer is correct.
The correct answer is: Upon the death of the decedent
Question 28
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Tax credit for death taxes paid to a foreign country is not allowed to a decedent
who was
Select one:
a. Resident citizen
b. Non-resident citizen of the Philippines
c. Non-resident foreigner with reciprocity
d. Resident foreigner
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The correct answer is: Non-resident foreigner with reciprocity
Question 29
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Which is not part of the gross estate of the decedent?
Select one:
a. Exclusive property of the surviving spouse
b. Share of the surviving spouse
c. Community property
d. Conjugal property
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The correct answer is: Exclusive property of the surviving spouse
Question 30
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Which of the following is not a compulsory heir?
Select one:
a. Widow or widower
b. Legitimate children and descendants, with respect to their legitimate parents or
ascendants
c. Relative by affinity
d. Legitimate parents or ascendants, with respect to their legitimate children or
descendants
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Your answer is correct.
The correct answer is: Relative by affinity
Select one:
a. Inheritance includes property, rights and obligations of a person existing at
the time of death.
b. Inheritance includes property, rights and obligations extinguished by a person�s
death.
c. Inheritance includes devise and legacy.
d. Inheritance includes property, rights and obligations of a person that have
accrued since the opening of the succession.
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Your answer is correct.
The correct answer is: Inheritance includes property, rights and obligations
extinguished by a person�s death.
Question 2
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Which of the following statements is false? Transfer tax is
Select one:
a. Imposed upon the right of a person to onerously transfer his property, rights
and obligations.
b. Classified as national tax
c. Imposed upon gratuitous transfer of property
d. Of two kinds: estate tax and donor�s tax
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The correct answer is: Imposed upon the right of a person to onerously transfer his
property, rights and obligations.
Question 3
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Statement 1 - A died giving B power to appoint a person who will inherit A�s house
and lot. B however can only choose among C, D, E and F. B decided to transfer the
property to C, in B�s will when he was old already. The transfer from B to C is
subject to estate tax.
Statement 2 � During A�s lifetime, he decided to give B as gift his car subject to
the condition that if B does not become a CPA within three years, A shall revoke
the transfer. In the second year, however, A died. The car can no longer form part
of A�s gross estate.
Select one:
a. False, false
b. True, true
c. True, false
d. False, true
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The correct answer is: False, false
Question 4
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Which of the following statements is true?
Select one:
a. There cannot be disinheritance for compulsory heir.
b. A compulsory heir cannot receive more than his legitimes.
c. The sharing of heirs in testamentary succession must satisfy the rules on
legitimes.
d. The sharing of heirs in intestate succession does not satisfy the rules on
legitimes.
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Your answer is correct.
The correct answer is: The sharing of heirs in testamentary succession must satisfy
the rules on legitimes.
Question 5
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The elements of succession are
I. Decedent
II. Estate
III. Heirs
IV. Administrator/Executor
Select one:
a. I, II, III and IV
b. I, II and III only
c. I and III only
d. I and II only
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The correct answer is: I, II and III only
Question 6
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Mr. X maintained a joint account with Mrs. X in a bank. The account agreement
allows either of the spouse to withdraw. Mr. X died and the Bureau of Internal
Revenue included the cash in the bank account in the gross estate of Mr. X. Mrs. X
objected on the ground that the account is not really a joint account, and the
account balance has been allowed by the bank to be withdrawn by Mrs. X.
Statement 1. The Bureau of Internal Revenue was correct in including the bank
account balance in the gross estate.
Statement 2. The bank committed an error in allowing the withdrawal of the deposit
if it had knowledge of the death of Mr. X, and the Bureau of Internal Revenue will
not be precluded from collecting the tax by the error of the bank.
Select one:
a. Statement 1 is false, statement 2 is true.
b. Both statements are true.
c. Statement 1 is true, statement 2 is false.
d. Both statements are false.
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The correct answer is: Both statements are true.
Question 7
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The filing of the notice of death
Select one:
a. Is to be accomplished within one month after death of the decedent
b. Is only required when the gross estate exceeds P5,000,000
c. Is only required when the gross estate exceeds P2,000,000
d. Is not required
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The correct answer is: Is not required
Question 8
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In default of testamentary heirs, the law determines who are to succeed to the
inheritance of the deceased. Which one of the following ranks first in the order of
succession?
Select one:
a. Surviving spouse
b. Legitimate parents
c. Illegitimate parents
d. Legitimated children
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The correct answer is: Legitimated children
Question 9
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Which is not part of the conjugal property?
Select one:
a. Those acquired by onerous title during marriage at the expense of the common
fund
b. Those acquired by industry or work of either of them
c. The fruits, rents or interest received or due during the marriage coming from
the conjugal property or from the exclusive properties of the spouses
d. Those acquired during the marriage by gratuitous title
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The correct answer is: Those acquired during the marriage by gratuitous title
Question 10
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Statement 1: As a rule, donation between husband and wife during the marriage is
void.
Statement 2: Donation can be made to conceived or unborn children
Select one:
a. Statement 1 only
b. Both statements are correct
c. Both statements are incorrect
d. Statement 2 only
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The correct answer is: Both statements are correct
Question 11
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In a legal succession
Select one:
a. Full blood brothers and sisters do not inherit
b. Only full blood brothers and sisters may inherit
c. Half blood brothers and sisters are not considered collateral relatives
d. Even half blood brothers and sisters may inherit
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The correct answer is: Even half blood brothers and sisters may inherit
Question 12
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Which is not a required disclosure in the donor�s tax return?
Select one:
a. Donations made last year
b. Deductions claimed
c. Name of the donee
d. Current and past gifts during the year
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The correct answer is: Donations made last year
Question 13
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Statement 1: For purposes of the donor�s tax before the effectivity of the TRAIN,
second degree cousins are strangers to each other.
Statement 2: Encumbrance on the property donated, if assumed by the donor is
deductible for donor�s tax purposes.
Select one:
a. Both statements are incorrect
b. Statement 2 only
c. Statement 1 only
d. Both statements are correct
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The correct answer is: Statement 1 only
Question 14
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Statement 1: The donor�s tax shall apply, whether the gift is direct or indirect,
and whether the property is real or personal, tangible or intangible, even if the
transfer is merely in trust. Statement 2: Any contribution in cash or in kind to
any candidate, political party or coalition of parties for campaign purposes shall
be subject to donor�s tax. Which statement is correct?
Select one:
a. Statement 1 only
b. Both statements are correct
c. Both statements are incorrect
d. Statement 2 only
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The correct answer is: Statement 1 only
Question 15
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The donation of an immovable property shall be made
I. In writing
II. In a public instrument
Select one:
a. Neither I nor II
b. II only
c. Either I or II
d. I only
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The correct answer is: II only
Question 16
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Statement 1: Unpaid medical expenses incidental to the death of the decedent shall
be included in the claims against the decedent�s gross estate, and shall be
deductible therefrom in computing the net estate.
Statement 2: The administrator or executor shall submit a statement showing the
disposition of the proceeds of a loan if the claim against the estate was
contracted within five years before the death of the decedent.
Select one:
a. Statement 1 is true, statement 2 is false.
b. Both statements are true.
c. Both statements are false.
d. Statement 1 is false, statement 2 is true.
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Your answer is correct.
The correct answer is: Both statements are false.
Question 17
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Donor�s tax as distinguished from estate tax:
Statement 1: The rate for donor�s tax is lower than the estate tax rate.
Statement 2: In donor�s tax, the exemption is P250,000 while in estate tax there
is none.
Select one:
a. Statement 1 only
b. Both statements are incorrect
c. Statement 2 only
d. Both statements are correct
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The correct answer is: Statement 2 only
Question 18
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Statement 1: A free portion of the estate could be transferred to compulsory heirs
by virtue of a will.
Statement 2: The surviving spouse is always entitled to his or her legitimes that
varies according to the number and classes of the other surviving compulsory heirs.
Select one:
a. Statement 1 is false but statement 2 is true.
b. Statements 1 & 2 are false.
c. Statements 1 & 2 are true
d. Statement 1 is true but statement 2 is false.
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The correct answer is: Statements 1 & 2 are true
Question 19
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Heirs, for estate tax purposes, are classified as
I. Voluntary heirs
II. Compulsory heirs
III. Legal or intestate heirs
Select one:
a. I, II and III
b. I and II only
c. I and III only
d. I only
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The correct answer is: I, II and III
Question 20
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Statement 1: Donation of a personal property worth P5,000 must be in writing.
Statement 2: Donation of a real property worth P3,000 need not be in writing.
Select one:
a. Statement 2 only
b. Statement 1 only
c. Both statements are correct
d. Both statements are incorrect
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The correct answer is: Both statements are incorrect
Question 21
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The following are the requisites in order that claims against the decedent�s estate
may be deductible, except:
Select one:
a. They must be existing against the estate.
b. They must be enforced by the claimants.
c. The must be reasonably certain as to amounts.
d. They must have been prescribed.
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The correct answer is: They must have been prescribed.
Question 22
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Which of the following taxes is deductible from the gross estate?
Select one:
a. Estate tax paid to a foreign country
b. Donor�s tax accrued prior to or before death
c. Property tax not accrued prior to death
d. Income tax on income received after death
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The correct answer is: Donor�s tax accrued prior to or before death
Question 23
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Statement 1: When exclusive property is sold during the marriage, the proceeds
become property of the spouses.
Statement 2: The legal heirs of the decedent must be determined first before the
correct estate tax can be ascertained.
Select one:
a. Statement 1 is true, statement 2 is false.
b. Both statements are true.
c. Statement 1 is false, statement 2 is true.
d. Both statements are false.
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The correct answer is: Both statements are false.
Question 24
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Which of the following could legally effect transfer of properties through
succession?
Select one:
a. By operation of law
b. Both by virtue of a will or by operation of law
c. By onerous transfer
d. By virtue of a will
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The correct answer is: Both by virtue of a will or by operation of law
Question 25
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An Australian citizen residing in the Philippines, died in 2020 leaving the
following:
P1,200,000
200,000
There is no estate tax law in Cyprus and Monaco. The estate tax due after tax
credit is
Select one:
a. P120,000
b. P0
c. P80,000
d. P2,000,000
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The correct answer is: P120,000
Question 26
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A donation which is intended by the donor to take effect during his lifetime
I. Shall be subject to the 6% donor�s tax if more than P250,000
II. Shall be in writing if the value exceeds P5,000
III. Donation inter-vivos
Select one:
a. I and II only
b. I and III only
c. I, II and III
d. II and III only
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The correct answer is: I, II and III
Question 27
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Rene Requiestas died leaving a farmland. In his will, he transferred the ownership
thereof to Vandolph but subject to the condition that Pidol will have the right to
use the land for a period of ten years. In the seventh year, however, Pidol died
and Pidol�s will he surrendered his right over the land to Vandolph.
Select one:
a. The transfer is both an inclusion and deduction from the gross estate
b. The transfer is subject to donor�s tax
c. The above is a tax-exempt transfer
d. The transfer is subject to estate tax
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The correct answer is: The above is a tax-exempt transfer
Question 28
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Statement 1: A sale on installment basis is considered as on onerous transfer.
Select one:
a. Statements 1 & 2 are true.
b. Statement 1 is false but statement 2 is true.
c. Statement 1 is true but statement 2 is false.
d. Statements 1 & 2 are false.
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The correct answer is: Statement 1 is true but statement 2 is false.
Question 29
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A donation which takes effect upon the death of the donor
I. Donation mortis causa
II. Partakes of the nature of a testamentary disposition
III. Shall be governed by the law on succession
Select one:
a. II and III only
b. I and III only
c. I and II only
d. I, II and III
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The correct answer is: I, II and III
Question 30
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Statement 1: If the value of the movable property donated is P5,000 or more, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Statement 2: Regardless of the value of the immovable property donated, the
donation and the acceptance shall be made in writing, otherwise the donation shall
be void.
Select one:
a. Both statements are correct
b. Both statements are incorrect
c. Statement 2 only
d. Statement 1 only
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Your answer is correct.
The correct answer is: Both statements are incorrect