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    Reviewer On Transfer and Business Taxes

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    Andre Carreras
    Estate tax is imposed on the right of transmitting property at death and is calculated based on the taxable net estate. It is imposed primarily to raise government revenue. The document discusses estate tax vs donor's tax, the theories for imposing estate tax including benefit received, state partnership, and redistribution of wealth. It provides an example calculation of estate tax for a single person and married person. The document then begins discussing succession as a mode of acquiring property through death and the elements of a decedent and heir.

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    Reviewer On Transfer and Business Taxes

    Uploaded by

    Andre Carreras
    714 views2 pages
    Estate tax is imposed on the right of transmitting property at death and is calculated based on the taxable net estate. It is imposed primarily to raise government revenue. The document discusses estate tax vs donor's tax, the theories for imposing estate tax including benefit received, state partnership, and redistribution of wealth. It provides an example calculation of estate tax for a single person and married person. The document then begins discussing succession as a mode of acquiring property through death and the elements of a decedent and heir.

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    REVIEWER ON TRANSFER AND BUSINESS TAXES.docx

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    Estate tax is imposed on the right of transmitting property at death and is calculated based on the taxable net estate. It is imposed primarily to raise government revenue. The document discusses estate tax vs donor's tax, the theories for imposing estate tax including benefit received, state partnership, and redistribution of wealth. It provides an example calculation of estate tax for a single person and married person. The document then begins discussing succession as a mode of acquiring property through death and the elements of a decedent and heir.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    714 views2 pages

    Reviewer On Transfer and Business Taxes

    Uploaded by

    Andre Carreras
    Estate tax is imposed on the right of transmitting property at death and is calculated based on the taxable net estate. It is imposed primarily to raise government revenue. The document discusses estate tax vs donor's tax, the theories for imposing estate tax including benefit received, state partnership, and redistribution of wealth. It provides an example calculation of estate tax for a single person and married person. The document then begins discussing succession as a mode of acquiring property through death and the elements of a decedent and heir.

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    REVIEWER ON TRANSFER AND BUSINESS TAXES Exemption 200,000 100,000

    per table

    CHAPTER 1
    INTRODUCTION TO ESTATE TAX
    Transfer Tax
    - A tax imposed upon the gratuitous Estate tax is imposed primarily for the
    transfer of property ownership. government to raise revenue for public purpose
    - A privilege tax imposed on the act of or for the support of the government.
    passing ownership of property Theories for the imposition of ESTATE TAX:
    - Not a tax on the property itself 1. Benefit – Received Theory
    - The state renders services in the
    Two Kinds of Transfer Tax distribution of the decedent’s estate
    1. Estate Tax either by law or in accordance with his
    2. Donor’s Tax will

    ESTATE TAX 2. Privilege Theory (State Partnership


    - An excise tax imposed upon the right of Theory)
    transmitting property at the time of - Succession of property of the deceased
    death and the privilege of controlling is not a fundamental right but a
    the disposition of one’s property to take privilege granted by the estate. The
    effect upon death state, who is the silent and passive
    - Mortis causa donation partner can collect the share that is due
    to it.
    DONOR’S TAX
    - A tax on the privilege of transmitting 3. Redistribution of Wealth Theory
    one’s property to another during his - Imposition of estate tax will result to a
    lifetime without adequate and full more equitable distribution of wealth in
    valuable consideration the society
    - Donation inter vivos
    Computation of Estate Tax
    Estate and Donor’s Tax distinguished 1. If the decedent was single at the time of
    his death
    ESTATE DONOR’s Gross Estate XX
    Nature Tax imposed Tax imposed Less: Deductions
    on the upon one’s Ordinary XX
    privilege to privilege to Special XX XX
    transmit transfer Taxable Net XX
    property property Estate
    upon one’s during X Applicable Rate X%
    death lifetime in the Tax Table
    Rates Higher than Lower than Estate Tax Due XX
    DT ET
    Extensions Allowed Provision
    for filing and deleted
    payments
    2. If the decedent was married at the time
    of death
    Conjugal / Exclusive Total
    Community
    Real Properties XX XX
    Personal Properties XX XX
    Gross Estate XX XX XX
    Less: Deductions
    Ordinary XX XX (XX)
    Special (XX)
    Net Estate XX
    Less: Share of (XX)
    Surviving Spouse in
    the net
    conjugal/community
    property
    Taxable Net Estate XX
    X Tax Rate X%
    Estate Tax Due XX

    CHAPTER 2

    Succession
    - 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 or others
    by will or by operation of law.

    Elements
    1. Decedent
    - The person whose property is
    transmitted through succession,
    whether or not he left a will
    2. Heir
    -

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