Taxfinalquiz 4

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
a. I and II only WRONG
b. II and III only WRONG
c. I and III only
d. I, II and III CORRECT
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?
a. Both statements are incorrect CORRECT
b. Both statements are correct WRONG
c. Statement 1 only
d. Statement 2 only WRONG
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.
a. Both statements are incorrect
c. Statement 2 only CORRECT
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
The donation of an immovable property shall be made

I. In writing
II. In a public instrument
a. II only CORRECT
b. Neither I nor II
c. I only
d. Either I or II 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.
b. Statement 2 only CORRECT
c. Both statements are correct 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
be void.
a. Both statements are correct
b. Statement 1 only
c. Both statements are incorrect CORRECT
d. Statement 2 only
Statement 1: Beginning January 1, 2018, dowries or gifts made on account of

marriage, on or before its celebration, or within one year thereafter, by parents
to each of their legitimate, recognized natural or adopted children, to the extent
of the first P10,000, shall be exempt from donor�s tax.
Statement 2: Donations in favor of an educational and or charitable, religious,
cultural or social welfare corporations, institutions, accredited non-government
organizations, trust or philanthropic organizations or research institutions or
organizations, provided that no amount of said gifts shall be used by the donee for
administration purposes, shall be exempt from donor�s tax.
a. Both statements are incorrect CORRECT
c. Statement 1 only WRONG
d. Both statements are correct WRONG
The donation of a movable property maybe made

a. Orally
b. In writing WRONG
c. Orally or in writing CORRECT
d. Neither orally nor in writing
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
d. Statement 1 only
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
a. I only
b. Neither I nor II WRONG
c. II only WRONG
d. Either I or II CORRECT
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.
b. Both statements are correct
c. Statement 2 only
d. Both statements are incorrect
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.
a. Both statements are correct WRONG
b. Statement 1 only CORRECT
A religious congregation donated a land and a dormitory building in favor of

another religious organization. Is the donation subject to donor�s tax?
a. Yes, the donation is subject to donor�s tax because the donee is a stranger.
WRONG
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.
CORRECT
c. No, the donation is exempt from all taxes. WRONG
d. 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.
Which of the following is not subject to donor�s tax?

a. 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.
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. CORRECT
c. Gifts made to or for the use of the Philippines Institute of Certified Public
Accountants. WRONG
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. WRONG
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
Which of the following statements is incorrect?

a. The donation in writing of a real property is void.
b. Donations to conceived or unborn children are valid. WRONG
c. Contracts of donation between husband and wife are void in all cases. CORRECT
d. Donations between persons guilty of adultery or concubinage is void.
In a donation involving a movable property, the donation and acceptance should be

in writing if the value of the property donated is
a. More than P5,000 CORRECT
b. P5,000,000 or more WRONG
c. P5,000 or less
d. Less than P5,000
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.
a. Both statements are correct WRONG
b. Both statements are incorrect
c. Statement 2 only CORRECT
d. Statement 1 only
Which is not a required disclosure in the donor�s tax return?

a. Current and past gifts during the year
b. Deductions claimed
c. Donations made last year CORRECT
d. Name of the donee
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.
c. Statement 2 only
d. Both statements are correct
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.
a. Statement 2 only WRONG
c. Both statements are incorrect CORRECT
Statement 1: Gifts in favor of an educational and/or religious organization are

exempt from donor�s tax.
Statement 2: Transfers to educational and/or religious organization are exempt
from income tax.
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.
b. Statement 2 only
c. Both statements are correct
Statement 1: Animo dodandi is a requisite of a valid donation.

Statement 2: An in-officious donation is voidable.
d. Statement 2 only
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.
b. Statement 1 only
d. Statement 2 only CORRECT
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.
b. Both statements are incorrect WRONG
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.
a. Donation to the Development Academy of the Philippines

b. Donation to International Rice Research Institute
c. Donation to the Integrated Bar of the Philippines
d. Donation to the Philippine Institute of Certified Public Accountants CORRECT
An Australian citizen residing in the Philippines, died in 2020 leaving the

following:
Net taxable estate, Philippines P1,200,000
Net taxable estate, Cyprus 600,000
Net taxable estate, Monaco 200,000
Estate tax paid in Cyprus 0
Estate tax paid in Monaco 0
There is no estate tax law in Cyprus and Monaco. The estate tax due after tax
credit is
a. P0
b. P120,000 CORRECT
c. P2,000,000 WRONG
d. P80,000 WRONG
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
a. Free portion
b. Legitimes CORRECT
c. Legacy
d. Bequest
The following are the requisites in order that claims against the decedent�s estate
may be deductible, except:
a. They must be enforced by the claimants.
b. They must be existing against the estate.
c. The must be reasonably certain as to amounts.
d. They must have been prescribed. CORRECT
A decedent left the following properties:

Land in Italy (with P1M unpaid mortgage) P2,000,000
Land in Laguna, Philippines 500,000
Franchise in USA 100,000
Receivable from debtor in Philippines 70,000
Receivable from debtor in USA 100,000
Bank deposits in USA 80,000
Shares of stocks of PLDT, Philippines 75,000
Shares of stock of ABC, foreign corporation, 75% of the business in the Philippines
125,000
Other personal properties 300,000
Zonal value of the land in Laguna 750,000
If the decedent is a non-resident alien, his gross estate is
a. P1,195,000 WRONG
b. P1,320,000
c. P945,000 WRONG
d. P1,070,000 WRONG
Which is not part of the conjugal property?

a. Those acquired by industry or work of either of them
b. Those acquired by onerous title during marriage at the expense of the common
fund
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 CORRECT
Which of the following statements is false?

a. Estate tax is a transfer tax on donations mortis causa. WRONG
b. Estate tax is based on the redistribution of wealth theory.
c. The object of estate tax is to tax the property transferred through succession.
CORRECT
d. Estate tax is a tax on the right or privilege to transfer properties. WRONG
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
Statement 1: Cancellation of existing debt as payment for services rendered by the

debtor to the creditor is a gratuitous transfer.
Statement 2: A sale is a form of transfer transaction that requires payment of
transfer tax.
a. Statement 1 is true but statement 2 is false.
b. Statement 1 is false but statement 2 is true. WRONG
c. Statements 1 & 2 are false. CORRECT
d. Statements 1 & 2 are true. WRONG
The gift tax paid on a donation mortis causa, if any
a. Has no effect since the gift will still be subject to another gift tax WRONG
b. Shall form part as a tax credit to be deducted from the estate tax due CORRECT
c. Exempts the property from estate tax WRONG
d. Is invalid and the tax will not be credited at all 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
The estate tax accrues on the date of

a. Signing of the last will and testament
b. The filing of the estate tax return
c. Death of the decedent CORRECT
d. The submission of notice of death
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
Mortis causa transfer of property is effected

a. When the property is received by the heir
b. Upon payment of the estate tax
c. Upon the death of the decedent CORRECT
d. When the court awarded the ownership of property to a particular heir
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
Justification for the imposition of transfer tax

a. Redistribution of wealth theory CORRECT
b. State cooperative theory
c. Benefits transmission theory
d. Ability to collect theory
The filing of the notice of death

a. Is to be accomplished within one month after death of the decedent WRONG
b. Is only required when the gross estate exceeds P2,000,000 WRONG
c. Is not required CORRECT
d. Is only required when the gross estate exceeds P5,000,000
Who shall file the estate tax return?

a. Executor or administrator only
b. Decedent
c. Claimants from the estate
d. Executor, administrator, or any of the legal heirs CORRECT
Which is not part of the gross estate of the decedent?

a. Share of the surviving spouse
b. Conjugal property
c. Exclusive property of the surviving spouse CORRECT
d. Community property
The compulsory heirs are classified as

I. Primary � legitimate children and/or descendants
II. Secondary � legitimate parents and/or ascendants; illegitimate parents
III. Concurring � surviving spouse; illegitimate children and/or descendants
a. I only
b. I and III only
c. I and II only
d. I, II and III CORRECT
Statement 1: The presence of children does not disqualify parents to inheritance.

Statement 2: The rules on legitimes are substitute for testamentary dispositions.
a. Statements 1 & 2 are false. WRONG
b. Statements 1 & 2 are true
c. Statement 1 is true but statement 2 is false.
d. Statement 1 is false but statement 2 is true.
Heirs, for estate tax purposes, are classified as

I. Voluntary heirs
II. Compulsory heirs
III. Legal or intestate heirs
a. I and II only
b. I, II and III CORRECT
c. I and III only
d. I only
A Filipino taxpayer dies in 2020, leaving the following:

Net taxable estate, Philippines, P3,000,000; Net estate � China, P1,000,000; Estate
tax paid in China, P80,000.
How much is the estate tax credit?
a. P80,000
b. P200,000 WRONG
c. P60,000 CORRECT
d. P240,000 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
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.
The payment of estate tax is a personal liability of

a. The executor in voluntary succession CORRECT
b. The administrator in testamentary succession
c. The heirs or successors
d. The estate itself

125,000
Zonal value of the land in Laguna750,000
Assuming that the PLDT shares of stocks are not listed in the local stock exchange,
and there are 1,000 shares at the time of death, the company�s outstanding shares
were 10,000 shares. Its retained earnings was P2,000,000 par value per share was
P50.The gross estate should show the said shares at
a. P200,000 WRONG
b. Still at P75,00
c. P0
d. P250,000 CORRECT
Statement 1: Compulsory heirs include illegitimate children. TRUE

Statement 2: In the absence of compulsory heirs, relatives to the 3rd degree would
inherit the estate.
a. Statement 1 is true but statement 2 is false. CORRECT
b. Statement 1 is false but statement 2 is true.
c. Statements 1 & 2 are false.
d. Statements 1 & 2 are true.
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
Which of the following statements regarding succession is incorrect?

a. legitimes of the legitimate and illegitimate children takes precedence over the
legitime of the surviving spouse. WRONG
b. When the spouse survives with one legitimate child, the legitime of the spouse
is � of the net distributable estate. WRONG
c. When the spouse survives with two legitimate child, the legitime of the spouse
is � of the net distributable estate. CORRECT
d. Legitimate children share equally in their legitime of � of the net
distributable estate.
Which is true? Legal or intestate succession does not take place

a. If the suspensive condition attached to the institution of heir does not happen
or is not fulfilled. WRONG
b. When the will does not dispose of all the property belonging to the testator.
WRONG
c. When the heir instituted is capable of succeeding. CORRECT
d. If a person dies without a will, or with a void will, or one which has
subsequently lost its validity. WRONG
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

125,000
Zonal value of the land in Laguna 750,000
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
Statement 1: If the property is inherited before marriage it will belong to both

spouses while if it is inherited during marriage it is exclusive. TRUE
Statement 2: Unless stipulated, the property relations shall be governed by
conjugal partnership of gains for marriages celebrated on or before August 3, 1988.
a. Statement 1 is true, statement 2 is false. CORRECT
b. Both statements are true.
c. Statement 1 is false, statement 2 is true.
A person who inherits a real property thru a will is called a

a. Successor
b. Legatee
c. Heir
d. Devisee CORRECT
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
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.
a. Statement 1 is false but statement 2 is true.
b. Statements 1 & 2 are true CORRECT
d. Statement 1 is true but statement 2 is false.
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
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.
a. Statement 1 is false, statement 2 is true.
b. Both statements are false.
c. Both statements are true
d. Statement 1 is true, statement 2 is false. CORRECT
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 statement is incorrect about vanishing deduction?

a. The property was received by the decedent within 5 years prior to his death.
WRONG
b. It pertains to a property presently found in the gross estate.
c. The property must be located in the Philippines. WRONG
d. The property must be previously subject to a transfer tax or income tax. CORRECT
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.
a. I and II only WRONG
b. I, III and IV only WRONG
c. I, II, III and IV
d. All of the statements pertain to relatives by consanguinity CORRECT
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

a. Those acquired by onerous title during marriage at the expense of the common
fund
b. Those acquired during the marriage by gratuitous title CORRECT
d. Those acquired by industry or work of either of them
No will shall be revoked

a. By implication of law.
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. WRONG
c. By mutual agreement of the compulsory heirs.
d. By some will, codicil, or other writing executed as provided in the case of
wills. WRONG
A person who inherits a personal property thru a will is called a

a. Heir
b. Devisee
c. Legatee CORRECT
d. Successor
Which is not true about inheritance?

a. Inheritance includes devise and legacy.
b. Inheritance includes property, rights and obligations of a person that have
accrued since the opening of the succession.
c. Inheritance includes property, rights and obligations extinguished by a person�s
death. CORRECT
d. Inheritance includes property, rights and obligations of a person existing at
the time of death.
How many degrees (of generation) apart are third cousins?

a. Six
b. Eight CORRECT
c. Four
d. Two
The estate should be valued at the time
a. The decedent died CORRECT
b. The estate is ready for distribution to the heirs
c. The estate tax is paid
d. The heirs are ascertained
Heir who inherits personal property by will is known as

a. Legatee CORRECT
b. Compulsory heir
c. Done
d. Devisee
The estate of citizen or resident decedent may claim a standard deduction of

a. P5,000,000 CORRECT
b. P 500,000
c. P2,000,000
d. P 200,000
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
Probate of a will involves the following processes, except

a. Collecting the decedent�s estate
b. Liquidating liabilities and paying the necessary taxes WRONG
c. Collecting the heir�s estate CORRECT
d. Distributing property to the heirs
Choose the incorrect statement. Claims against insolvent persons

a. Is an allowable deduction even if the debtor had some properties.
b. Should always be included in the gross estate.
c. Should be omitted in the computation of the net taxable estate if entirely
uncollectible. CORRECT
d. Is an allowable deduction even if secured by a mortgage.
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.
b. Statements 1 & 2 are false.
d. Statements 1 & 2 are true CORRECT
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
Which of the following could legally effect transfer of properties through

succession?
a. By virtue of a will
b. By onerous transfer
c. By operation of law WRONG
d. Both by virtue of a will or by operation of law CORRECT
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.
b. Statements 1 & 2 are true CORRECT

a. Statement 1 is true but statement 2 is false. CORRECT
c. Statements 1 & 2 are true
Which of the following is a valid will?

a. That which increase the share of one heir without impairing the legitime of the
other heirs. CORRECT
b. That which transfer the legitime of one heir to the other heir. WRONG
c. That which impair the legitime of compulsory heirs.
d. That which reduces the legitime of compulsory heirs.
Statement 1: A sale on installment basis is considered as on onerous transfer.

Statement 2: A gift out of love to former girlfriend is an onerous transfer.
c. Statement 1 is true but statement 2 is false. CORRECT
If the decedent is a non-resident citizen, his gross estate is

a. P2,650,000 WRONG
b. P2,500,000 WRONG
c. P3,650,000 WRONG
d. P3,600,000
Statement 1: Taxation of the estate shall be governed by the statute or law in

force at the time of the distribution of the estate to the heirs.
Statement 2: Succession takes place upon the determination of the respective shares
of the heirs in the estate of the decedent.
a. Both statements are false. CORRECT
b. Statement 1 is false, statement 2 is true. WRONG
c. Statement 1 is true, statement 2 is false. WRONG
d. Both statements are true. WRONG
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
Who is not an intestate heir?

a. Legitimate parents/ascendants
b. Legitimate children/descendants
c. State
d. Collateral relatives within the 6th degree CORRECT
Which shall not form part of the gross estate of a decedent?

a. Life insurance proceeds where the executor is the beneficiary and it is
irrevocable WRONG
b. Intangible personal property of a non-resident citizen without reciprocity law
WRONG
c. Revocable transfer
d. Transfer under special power of appointment CORRECT
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
Which of the following statements is true?

a. The sharing of heirs in intestate succession does not satisfy the rules on
legitimes.
b. A compulsory heir cannot receive more than his legitimes.
c. There cannot be disinheritance for compulsory heir.
d. The sharing of heirs in testamentary succession must satisfy the rules on
legitimes. CORRECT
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
Statement 1. The estate tax is a property tax.

Statement 2. The estate tax is an excise tax.
a. Both statements are true.
c. Statement 1 is false, statement 2 is true. CORRECT
Which of the following is not a compulsory heir?

a. Relative by affinity CORRECT
b. Widow or widower
c. Legitimate children and descendants, with respect to their legitimate parents or
ascendants
d. Legitimate parents or ascendants, with respect to their legitimate children or
descendants
Which of the following statements regarding degree of relationship is correct?

I. In the direct line, ascent is made to the common ancestor. Thus, the child is
one degree removed from the parent, two from the grandfather, and three from the
great-grandparent.
II. In the collateral line, ascent is made to the common ancestor and then
descent is made to the person with whom the computation is to be made. Thus, a
person is two degrees removed from his brother, three from his uncle, who is the
brother of his father, four from his first cousin, and so forth.
a. Statement I only.
b. Statement II only.
c. Both statements are incorrect.
d. Both statements are correct. CORRECT
Which is not true about relationships?

a. Affinity is connection existing in consequence of a marriage between each of the
married spouse and kindred of the other. WRONG
b. Consanguinity is the relation of persons ascending from the same stock or common
descendants. CORRECT
c. Collateral consanguinity is that which subsists between persons who have the
same ancestors, but who do not descend or ascend one from the other. WRONG
d. The relation subsisting between son, father and grandfather, in that order is an
example of an ascending lineal consanguinity.
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: 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.
b. Statements 1 & 2 are false. WRONG
c. Statements 1 & 2 are true. CORRECT
d. Statement 1 is true but statement 2 is false. WRONG
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.
c. Both statements are true. CORRECT
d. Statement 1 is true, statement 2 is false. WRONG
In filing the estate tax return, a CPA Certificate is required

a. Only when the gross estate reaches P5 million. WRONG
b. Only when the gross estate exceeds P2 million.
c. Only when the gross estate exceeds P5 million. CORRECT
d. Whenever an estate tax return is filed. 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.
b. Statement 1 is false, statement 2 is true. WRONG
d. Both statements are true. CORRECT
Which statement is false about succession?

a. In succession, the successor can repudiate the inheritance. WRONG
b. The successor inherits all the transmissible property of a decedent including
his liabilities. WRONG
c. The successor can be made liable for the unpaid taxes of the decedent beyond the
value of his share in the inheritance. CORRECT
d. In succession, fruits and credits maturing after death of the decedent pass to
the heirs even if they were not subjected to estate tax.
Which statement is incorrect?

a. Claims against insolvent persons should be included in the gross estate even if
uncollectible.
b. Transfer in contemplation of death for adequate and full consideration is still
includible in the gross estate. CORRECT
c. Revocable transfers are includible whether or not the right to revoke is
exercised. WRONG
d. Transfers passing under special power of appointment is excluded from the gross
estate.
The object of estate tax is the

a. Decedent
b. Properties of the decedent
c. Right to transmit CORRECT
d. Beneficiaries
Which of the following taxes is deductible from the gross estate?

a. Property tax not accrued prior to death WRONG
b. Estate tax paid to a foreign country WRONG
c. Income tax on income received after death WRONG
d. Donor�s tax accrued prior to or before death CORRECT
Which of the following statements is false? Transfer tax is

a. Imposed upon gratuitous transfer of property
b. Classified as national tax
c. Imposed upon the right of a person to onerously transfer his property, rights
and obligations. CORRECT
d. Of two kinds: estate tax and donor�s tax
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
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


from income tax.
Select one:
c. Statement 2 only
d. Statement 1 only
Feedback
Your answer is correct.
The correct answer is: Statement 2 only
Question 2
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Select one:
b. Statement 2 only
d. Statement 1 only
Feedback
The correct answer is: Both statements are incorrect
Question 3
Correct
Question text
Select one:
a. Free portion
b. Bequest
c. Legitimes
d. Legacy
Feedback
The correct answer is: Legitimes
Question 4
Correct
Question text
Select one:
b. Statement 2 only
c. Statement 1 only
Feedback
Question 5
Correct
Question text
Select one:
a. By mutual agreement of the compulsory heirs.
b. By burning, tearing, canceling or obliterating the will with the intention of
express direction.
c. By implication of law.
d. By some will, codicil, or other writing executed as provided in the case of
wills.
Feedback
The correct answer is: By mutual agreement of the compulsory heirs.
Question 6
Correct
Question text
Select one:
c. Statement 1 is false but statement 2 is true.
d. Statements 1 & 2 are true.
Feedback
The correct answer is: Statement 1 is true but statement 2 is false.
Question 7
Correct
Question text
Select one:
a. Statement 1 only
b. Statement 2 only
Feedback
Question 8
Correct
Question text
Select one:
a. I only
b. Neither I nor II
c. II only
d. Either I or II
Feedback
The correct answer is: Either I or II
Question 9
Correct
Question text
Select one:
a. Statement 1 only
b. Statement 2 only
Feedback
Question 10
Correct
Question text
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.
Feedback
The correct answer is: None of the above.
Question 11
Correct
Question text
Land in Italy (with P1M unpaid mortgage)
P2,000,000
Land in Laguna, Philippines
500,000
Franchise in USA
100,000
Receivable from debtor in Philippines
70,000
Receivable from debtor in USA
100,000
Bank deposits in USA
80,000
Shares of stocks of PLDT, Philippines
75,000
125,000
Other personal properties
300,000
Zonal value of the land in Laguna
750,000
Select one:
a. P1,195,000
b. P945,000
c. P1,070,000
d. P1,320,000
Feedback
The correct answer is: P1,320,000
Question 12
Correct
Question text
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
Feedback
The correct answer is: 30 days
Question 13
Correct
Question text
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
Feedback
The correct answer is: Legal succession
Question 14
Correct
Question text
Select one:
a. Legitimate children share equally in their legitime of � of the net
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
d. legitimes of the legitimate and illegitimate children takes precedence over the
legitime of the surviving spouse.
Feedback
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
Correct
Question text
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
d. The successor inherits all the transmissible property of a decedent including
his liabilities.
Feedback
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
Correct
Question text
Select one:
a. Non-resident citizen
b. Non-resident alien
c. Resident citizen
d. Resident alien
Feedback
The correct answer is: Non-resident alien
Question 17
Correct
Question text
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
Feedback
The correct answer is: The above is a tax-exempt transfer
Question 18
Correct
Question text
Select one:
a. If the gross estate exceeds P500,000
b. Regardless of the amount
Feedback
The correct answer is: Regardless of the amount
Question 19
Correct
Question text
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
Feedback
The correct answer is: Testamentary succession
Question 20
Correct
Question text
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
Feedback
The correct answer is: Share of stock of Jollibee Foods Corporation held by a non-
resident Chinese
Question 21
Incorrect
Question text
Select one:
a. Dowries or gifts on account of marriage and before its celebration or within one
adopted children.
b. Gifts made to or for the use of any entity created by the National Government,
government.
c. Gifts in favor of an educational and/or social institution; provided that more
d. Gifts made to or for the use of the Philippines Institute of Certified Public
Accountants.
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Your answer is incorrect.
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
Incorrect
Question text
Select one:
a. The fruits, rents or interest received or due during the marriage coming from
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
Feedback
The correct answer is: Those acquired during the marriage by gratuitous title
Question 23
Correct
Question text
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
Feedback
The correct answer is: Succession
Question 24
Correct
Question text
Select one:
c. Statement 2 only
d. Statement 1 only
Feedback
Question 25
Correct
Question text
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
Philippines
d. Shares, obligations or bonds issued by any corporation or Sociedad anonima
organized or constituted in the Philippines in accordance with its laws
Feedback
The correct answer is: Shares, obligations or bonds issued by any foreign
corporation doing business in the Philippines
Question 26
Correct
Question text
Select one:
a. Statements 1 & 2 are true
b. Statement 1 is true but statement 2 is false.
Feedback
Question 27
Correct
Question text
Select one:
a. Name of the donee
c. Current and past gifts during the year
d. Donations made last year
Feedback
The correct answer is: Donations made last year
Question 28
Correct
Question text
Select one:
a. No, the donation is not subject to donor�s tax because the donee is a non-stock,
b. Yes, the donation is subject to donor�s tax because it did not mention whether
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.
Feedback
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
Correct
Question text
Select one:
d. Both statements are true.
Feedback
The correct answer is: Both statements are false.
Question 30
Incorrect
Question text
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
Feedback
The correct answer is: 5 years
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 III only
b. I and II only
c. I, II and III
d. I only
Feedback
The correct answer is: I, II and III
Question 2
Correct
Question text
P2,000,000
500,000
Franchise in USA
100,000

70,000
100,000
80,000
75,000
125,000
300,000
750,000
If the decedent is a non-resident citizen, his gross estate is
Select one:
a. P3,600,000
b. P3,650,00
c. P2,500,000
d. P2,650,000
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Question 3
Correct
Question text
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.
Feedback
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
Correct
Question text
P2,000,000
500,000
Franchise in USA
100,000
70,000
100,000
80,000
75,000
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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Question 5
Correct
Question text
Select one:
b. Statement 1 only
d. Statement 2 only
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Question 6
Correct
Question text
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
Correct
Question text
Select one:
a. Estate tax
b. Business tax
c. Donor�s tax
d. Personal tax
Feedback
The correct answer is: Donor�s tax
Question 8
Correct
Question text
Select one:
a. Legitimes
b. Free portion
c. Bequest
d. Legacy
Feedback
The correct answer is: Legitimes
Question 9
Correct
Question text
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
Correct
Question text
Select one:
a. Yes, the donation is subject to donor�s tax because it did not mention whether
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,
Feedback
Question 11
Correct
Question text

Select one:
b. Statement 2 only
d. Statement 1 only
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Question 12
Correct
Question text
Which of the following is subject to donor�s tax?
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
Feedback
The correct answer is: Donation to the Philippine Institute of Certified Public
Accountants
Question 13
Correct
Question text
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:
Feedback
The correct answer is: Statement 1 is true, statement 2 is false.
Question 14
Incorrect
Question text
be void.
be void.

Select one:
b. Statement 2 only
d. Statement 1 only
Feedback
Question 15
Correct
Question text
It is a succession wherein the decedent did not leave a will
Select one:
a. Mixed succession
b. Voluntary succession
c. Legal succession
d. Testamentary succession
Feedback
The correct answer is: Legal succession
Question 16
Correct
Question text
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
Feedback
The correct answer is: Redistribution of wealth theory
Question 17
Correct
Question text

from income tax.
Select one:
a. Statement 2 only
c. Statement 1 only
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Question 18
Correct
Question text
Select one:
a. The estate itself
b. The executor in voluntary succession
d. The administrator in testamentary succession
Feedback
The correct answer is: The executor in voluntary succession
Question 19
Correct
Question text
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
Feedback
The correct answer is: Shall form part as a tax credit to be deducted from the
estate tax due
Question 20
Correct
Question text
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
Feedback
The correct answer is: The decedent died
Question 21
Correct
Question text
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
Feedback
The correct answer is: Death of the decedent
Question 22
Correct
Question text
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
c. Gifts made to or for the use of any entity created by the National Government,
government.
d. Dowries or gifts on account of marriage and before its celebration or within one
adopted children.
Feedback
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
Correct
Question text
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:
Feedback
The correct answer is: Statements 1 & 2 are true
Question 24
Correct
Question text
Select one:
a. Devisee
b. Legatee
c. Successor
d. Heir
Feedback
The correct answer is: Devisee
Question 25
Correct
Question text
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.
c. Statements 1 & 2 are true.
Feedback
The correct answer is: Statements 1 & 2 are true.
Question 26
Correct
Question text
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.
Feedback
The correct answer is: Only when the gross estate exceeds P5 million.
Question 27
Correct
Question text
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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The correct answer is: There is a taxable gift of P350,000.
Question 28
Correct
Question text
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
Feedback
The correct answer is: I, II and III only
Question 29
Correct
Question text
Select one:
a. Statement 1 only
b. Statement 2 only
Feedback
Question 30
Correct
Question text
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:
c. Statement 2 only
d. Statement 1 only
Feedback
Which is true? Legal or intestate succession does not take place
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.
Feedback
The correct answer is: When the heir instituted is capable of succeeding.
Question 2
Correct
Question text
Select one:
Feedback
The correct answer is: Statement 1 is false, statement 2 is true.
Question 3
Correct
Question text
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
Feedback
The correct answer is: Even half blood brothers and sisters may inherit
Question 4
Correct
Question text
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:
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Question 5
Correct
Question text
Select one:
a. In succession, fruits and credits maturing after death of the decedent pass to
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.
Feedback
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
Correct
Question text
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.
c. Both statements are false.
d. Statement 1 is false, statement 2 is true.
Feedback
The correct answer is: Both statements are true.
Question 7
Correct
Question text
I. In writing
Select one:
a. Either I or II
b. I only
c. Neither I nor II
d. II only
Feedback
The correct answer is: II only
Question 8
Correct
Question text
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
Feedback
The correct answer is: Imposed upon the right of a person to onerously transfer his
property, rights and obligations.
Question 9
Correct
Question text
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
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Question 10
Correct
Question text
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:
b. Statement 1 only
d. Statement 2 only
Feedback
Question 11
Correct
Question text
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
Feedback
The correct answer is: All of the statements pertain to relatives by consanguinity
Question 12
Correct
Question text

from income tax.
Select one:
b. Statement 2 only
c. Statement 1 only
Feedback
Question 13
Correct
Question text
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.
Feedback
The correct answer is: The sharing of heirs in testamentary succession must satisfy
the rules on legitimes.
Question 14
Correct
Question text
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
Feedback
The correct answer is: Succession
Question 15
Correct
Question text
Select one:
a. Non-resident citizen
b. Non-resident alien
c. Resident alien
d. Resident citizen
Feedback
Question 16
Correct
Question text
Select one:
a. If the gross estate exceeds P500,000
b. Regardless of the amount
Feedback
The correct answer is: Regardless of the amount
Question 17
Correct
Question text
Select one:
a. Devisee
b. Successor
c. Heir
d. Legatee
Feedback
The correct answer is: Devisee
Question 18
Correct
Question text
Select one:
b. Name of the donee
c. Donations made last year
d. Deductions claimed
Feedback
Question 19
Correct
Question text
Select one:
a. Statement 2 only
b. Statement 1 only
Feedback
Question 20
Correct
Question text
P2,000,000
500,000
Franchise in USA
100,000
70,000
100,000
80,000
75,000
125,000
300,000
750,000
Select one:
a. P1,070,000
b. P1,195,000
c. P1,320,000
d. P945,000
Feedback
Question 21
Correct
Question text
Select one:
b. Statement 1 only
c. Statement 2 only
Feedback
Question 22
Correct
Question text
Select one:
b. Statement 1 is true, statement 2 is false.
d. Both statements are true.
Feedback
Question 23
Correct
Question text
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:
Feedback
Question 24
Correct
Question text
Select one:
a. When the spouse survives with two legitimate child, the legitime of the spouse
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
d. When the spouse survives with one legitimate child, the legitime of the spouse
Feedback
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
Correct
Question text
Select one:
a. Personal tax
b. Donor�s tax
c. Estate tax
d. Business tax
Feedback
The correct answer is: Donor�s tax
Question 26
Correct
Question text
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
Feedback
The correct answer is: Relative by affinity
Question 27
Correct
Question text
give or receive.
Select one:
a. Statement 2 only
b. Statement 1 only
Feedback
Question 28
Correct
Question text
Select one:
a. II only
b. Either I or II
c. Neither I nor II
d. I only
Feedback
Question 29
Correct
Question text
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
express direction.
Feedback
The correct answer is: By mutual agreement of the compulsory heirs.
Question 30
Correct
Question text
void.
Select one:
c. Statement 1 only
d. Statement 2 only
Feedback
The correct answer is: Both statements are correct
Select one:
c. Donations made last year
d. Name of the donee
Feedback
Question 2
Correct
Question text
Select one:
a. Statement 2 only
d. Statement 1 only
Feedback
Question 3
Correct
Question text
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
d. Inheritance includes property, rights and obligations extinguished by a person�s
death.
Feedback
The correct answer is: Inheritance includes property, rights and obligations
extinguished by a person�s death.
Question 4
Correct
Question text
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
Feedback
Question 5
Correct
Question text
give or receive.
Select one:
c. Statement 1 only
d. Statement 2 only
Feedback
Question 6
Correct
Question text
Select one:
a. Statement 1 only
d. Statement 2 only
Feedback
Question 7
Correct
Question text
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.
Feedback
The correct answer is: The Office of the Commissioner.
Question 8
Correct
Question text
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
Feedback
The correct answer is: Executor, administrator, or any of the legal heirs
Question 9
Correct
Question text
Select one:
a. Non-resident alien
b. Resident citizen
c. Non-resident citizen
d. Resident alien
Feedback
Question 10
Correct
Question text
Select one:
Feedback
The correct answer is: Statement 1 is false, statement 2 is true.
Question 11
Correct
Question text
Select one:
Feedback
Question 12
Correct
Question text
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
Feedback
The correct answer is: Shall form part as a tax credit to be deducted from the
estate tax due
Question 13
Correct
Question text
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,
c. Yes, the donation is subject to donor�s tax because it did not mention whether
Feedback
Question 14
Correct
Question text
A person who inherits a personal property thru a will is called a
Select one:
a. Successor
b. Devisee
c. Legatee
d. Heir
Feedback
The correct answer is: Legatee
Question 15
Incorrect
Question text
Select one:
a. I only
b. II only
c. Neither I nor II
d. Either I or II
Feedback
Question 16
Correct
Question text
Select one:
b. Statements 1 & 2 are true
Feedback
Question 17
Correct
Question text
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.
Feedback
The correct answer is: Should be omitted in the computation of the net taxable
estate if entirely uncollectible.
Question 18
Correct
Question text
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.
Statement 2: A legitimate and an illegitimate child has equal share under

intestate distribution of estate.
Select one:
b. Statements 1 & 2 are true.
Feedback
Question 19
Correct
Question text
Select one:
b. Statement 1 only
c. Statement 2 only
Feedback
Question 20
Correct
Question text
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
Feedback
Question 21
Correct
Question text
Select one:
b. Statement 2 only
c. Statement 1 only
Feedback
Question 22
Correct
Question text
Select one:
a. Statement 1 only
b. Statement 2 only
Feedback
Question 23
Correct
Question text
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
Feedback
The correct answer is: Is not required
Question 24
Correct
Question text
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
Philippines
d. Franchise which must be exercised in the Philippines
Feedback
The correct answer is: Shares, obligations or bonds issued by any foreign
corporation doing business in the Philippines
Question 25
Correct
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
Feedback
The correct answer is: Executor
Question 26
Correct
Question text
Select one:
a. The administrator in testamentary succession
b. The executor in voluntary succession
d. The estate itself
Feedback
The correct answer is: The executor in voluntary succession
Question 27
Correct
Question text
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
Feedback
The correct answer is: Upon the death of the decedent
Question 28
Correct
Question text
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
Feedback
The correct answer is: Non-resident foreigner with reciprocity
Question 29
Correct
Question text
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
Feedback
The correct answer is: Exclusive property of the surviving spouse
Question 30
Correct
Question text
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
Feedback
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
Feedback
The correct answer is: Inheritance includes property, rights and obligations
extinguished by a person�s death.
Question 2
Correct
Question text
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
Feedback
The correct answer is: Imposed upon the right of a person to onerously transfer his
property, rights and obligations.
Question 3
Correct
Question text
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
Feedback
The correct answer is: False, false
Question 4
Correct
Question text
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.
Feedback
The correct answer is: The sharing of heirs in testamentary succession must satisfy
the rules on legitimes.
Question 5
Correct
Question text
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
Feedback
The correct answer is: I, II and III only
Question 6
Correct
Question text
Select one:
Feedback
Question 7
Correct
Question text
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
Feedback
The correct answer is: Is not required
Question 8
Correct
Question text
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
Feedback
The correct answer is: Legitimated children
Question 9
Correct
Question text
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
d. Those acquired during the marriage by gratuitous title
Feedback
The correct answer is: Those acquired during the marriage by gratuitous title
Question 10
Correct
Question text
void.
Select one:
a. Statement 1 only
d. Statement 2 only
Feedback
The correct answer is: Both statements are correct
Question 11
Correct
Question text
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
Feedback
Question 12
Correct
Question text
Select one:
a. Donations made last year
c. Name of the donee
d. Current and past gifts during the year
Feedback
Question 13
Correct
Question text
Select one:
b. Statement 2 only
c. Statement 1 only
Feedback
Question 14
Correct
Question text
Select one:
a. Statement 1 only
d. Statement 2 only
Feedback
Question 15
Correct
Question text
I. In writing
Select one:
a. Neither I nor II
b. II only
c. Either I or II
d. I only
Feedback
The correct answer is: II only
Question 16
Correct
Question text
Select one:
Feedback
Question 17
Correct
Question text
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
c. Statement 2 only
Feedback
Question 18
Correct
Question text
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:
Feedback
Question 19
Correct
Question text
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
Feedback
Question 20
Correct
Question text
Select one:
a. Statement 2 only
b. Statement 1 only
Feedback
Question 21
Correct
Question text
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.
Feedback
The correct answer is: They must have been prescribed.
Question 22
Correct
Question text
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
Feedback
The correct answer is: Donor�s tax accrued prior to or before death
Question 23
Correct
Question text
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:
Feedback
Question 24
Correct
Question text
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
Feedback
The correct answer is: Both by virtue of a will or by operation of law
Question 25
Correct
Question text
An Australian citizen residing in the Philippines, died in 2020 leaving the
following:
Net taxable estate, Philippines
P1,200,000
Net taxable estate, Cyprus

600,000
Net taxable estate, Monaco
200,000
Estate tax paid in Cyprus
Estate tax paid in Monaco
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
Feedback
The correct answer is: P120,000
Question 26
Correct
Question text
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
Feedback
Question 27
Correct
Question text
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
Feedback
The correct answer is: The above is a tax-exempt transfer
Question 28
Correct
Question text
Select one:
Feedback
Question 29
Correct
Question text
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
Feedback
Question 30
Correct
Question text
be void.
be void.
Select one:
c. Statement 2 only
d. Statement 1 only
Feedback

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Taxfinalquiz 4

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A donation which takes effect upon the death of the donor

I. Donation mortis causa

Statement 1: Renunciation of one�s share in the legitime is a taxable gift.

Statement 1: In general, where real property is transferred during lifetime for

The donation of an immovable property shall be made

Statement 1: Beginning January 1, 2018, dowries or gifts made on account of

The donation of a movable property maybe made

In a donation of an immovable property, acceptance by the donee may be made

Statement 1: Any contribution in cash or in kind to any candidate, political party

A religious congregation donated a land and a dormitory building in favor of

Which of the following is not subject to donor�s tax?

Which of the following statements is incorrect?

In a donation involving a movable property, the donation and acceptance should be

Statement 1: A person can donate all his present property unconditionally.

Which is not a required disclosure in the donor�s tax return?

Statement 1: Donation of a personal property worth P5,000 must be in writing.

Statement 1: Gifts in favor of an educational and/or religious organization are

Statement 1: The pay-as-you-file system is followed in donor�s taxation.

Statement 1: Animo dodandi is a requisite of a valid donation.

Donor�s tax as distinguished from estate tax:

a. Donation to the Development Academy of the Philippines

An Australian citizen residing in the Philippines, died in 2020 leaving the

Certain parts of the estate of a deceased Filipino citizen cannot be freely

A decedent left the following properties:

Which is not part of the conjugal property?

Which of the following statements is false?

Statement 1: Cancellation of existing debt as payment for services rendered by the

The estate tax accrues on the date of

Mortis causa transfer of property is effected

Justification for the imposition of transfer tax

The filing of the notice of death

Who shall file the estate tax return?

Which is not part of the gross estate of the decedent?

The compulsory heirs are classified as

Statement 1: The presence of children does not disqualify parents to inheritance.

Heirs, for estate tax purposes, are classified as

A Filipino taxpayer dies in 2020, leaving the following:

The payment of estate tax is a personal liability of

A decedent left the following properties:

Statement 1: Compulsory heirs include illegitimate children. TRUE

Which of the following statements regarding succession is incorrect?

Which is true? Legal or intestate succession does not take place

A decedent left the following properties:

Statement 1: If the property is inherited before marriage it will belong to both

A person who inherits a real property thru a will is called a

Statement 1: A �will� is an act whereby a person is permitted, with the

Statement 1: The underlying reason for vanishing deduction is to offer a relief

Which statement is incorrect about vanishing deduction?

Which is not part of the conjugal property?

No will shall be revoked

A person who inherits a personal property thru a will is called a

Which is not true about inheritance?

How many degrees (of generation) apart are third cousins?

Heir who inherits personal property by will is known as

The estate of citizen or resident decedent may claim a standard deduction of

Probate of a will involves the following processes, except

Choose the incorrect statement. Claims against insolvent persons

Statement 1: In testamentary and legal succession, the compulsory heirs are

Which of the following could legally effect transfer of properties through

Statement 1: A free portion of the estate could be transferred to compulsory heirs

Statement 1: The presence of children does not disqualify parents to inheritance.

Which of the following is a valid will?

Statement 1: A sale on installment basis is considered as on onerous transfer.