Qedw

Which of the following decedents cannot claim special deductions for family home?

Question 1 options:

Non-resident alien

Resident citizen

Resident alien

Non-resident citizen

Question 2 (1 point)

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Mr. Bantay died leaving a used car as part of his estate. Mr. Bantay bought the car at P400,000. Brand
new units of the same car model sell at P500,000. The car sells at P250,000 if sold as is at the point of
death. What value shall be included in the gross estate computation?

Question 2 options:

P0

P400,000

P500,000

P250,000

Question 3 (1 point)

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The following data relates to the estate of a single resident decedent without dependents:

Gross estate, including P15M family home P30,000,000

Ordinary deductions 2,800,000

What is the estate tax payable?

P732,000

P1,332,000

P1,632,000

P432,000

Question 4 (1 point)

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A decedent left 10,000 Pinoy Telecom shares. The shares were traded in the local stock exchange. At the
time of death, the following were available:

Highest quotation P800 per share

Lowest quotation P200 per share

Book value P350 per share

Determine the correct amount to be included in the gross estate of the decedent.

Question 4 options:

P2,000,000

P3,500,000

P6,000,000

P5,000,000

Question 5 (1 point)

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In the absence of a marriage settlement or when the regime agreed was void, the property relations of
the spouses who were married before August 3, 1988 would be:

Question 5 options:

Absolute separation of property

Conjugal partnership of gains

Absolute community of property

Question 6 (1 point)

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Which is incorrect regarding fruits of separate properties during the marriage?

Question 6 options:

None of the choices

Exclusive under conjugal partnership of gains

Exclusive under absolute community of property

Exclusive under absolute separation of property

Question 7 (1 point)

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In 2020, Pedro died, leaving a property worth P1,000,000 which he inherited 4 ½ years ago from Juan.
The property's fair market value at the time of Juan's death was P800,000. An unpaid mortgage of
P100,000 was also assumed by Pedro which remained unpaid at the time of his death. Other properties
in Pedro's gross estate had fair market value of P3,000,000. The losses, taxes and transfer for public
purpose amounted to P800,000 including P100,000 medical expenses and family home of P400,000.

In computing for the vanishing deduction, what percentage will be used and how much will be the
vanishing deduction?

Question 7 options:

20%; P144,000

40%; P144,000

20%; P128,000

40%: P128,000
Question 8 (1 point) 1,200,000

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Mr. Jose married Josie on February 2, 1988. Josie died on February 14, 2019. On that date, the spouses
had the following properties:

Car, donated to Mr. Jose on June 14, 2015 P1,200,000

Investments – inherited by Josie on

Feb. 4, 1995 when its value was P2M 2,800,000 ----800k

House and lot – salaries of Mr. Jose and Josie 4,000,000

Cash income of car 400,000

Compute the separate property of Mr. Josie.

Question 8 options:

P0

P3,200,000

P2,800,000

P2,000,000

Question 9 (1 point)

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A married decedent died intestate leaving behind P1,500,000 of his separate property and P6,000,000
common properties with his surviving spouse. He has three children and one illegitimate child.

Compute the total properties of the surviving spouse after partition of the properties.

Question 9 options:

P3,900,000

P0

P3,000,000

P4,000,000
Question 10 (1 point)

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The following data relates to the estate of a single resident decedent without dependents:

Gross estate, including P15M family home P30,000,000

Ordinary deductions 2,800,000

What is the net taxable estate?

Question 10 options:

P12,200,000

P27,200,000

P7,200,000

P22,200,000

Question 11 (1 point)

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During his birthday, Mr. Bandalan donated the following properties:

Cash donation to his wife P500,000

Donation of house and lot 3,000,000

Compute the taxable amount of donation inter-vivos.

Question 11 options:

P3,500,000

P0

P3,000,000

P500,000
Question 12 (1 point)

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Transfers in contemplation of death:

Consideration FMV upon FMV upon

received transfer death

Land P1,500,000 P1,500,000 P2,000,000

Shares of stock 100,000 50,000 150,000

Vintage car 50,000 80,000 100,000

Painting 250,000 400,000 500,000

The correct gross estate should be

Question 12 options:

P250,000

P120,000

P350,000

P300,000

Question 13 (1 point)

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Which is incorrect regarding the taxation of incomplete transfers which are eventually completed?

Question 13 options:

They are subject to estate tax.

They are subject to either donor's tax and estate tax.

They are subject to both donor's tax and estate tax.

They are subject to donor's tax.

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Which is excluded in the gross estate of a deceased husband under the absolute community of property?

Question 14 options:

Properties inherited by the husband

Fruits of common properties during marriage

Fruits of properties of the spouses before their marriage

Fruits of properties inherited by the wife during marriage

Question 15 (1 point)

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Santi died leaving his wife, Santa, the following net conjugal properties:

Gross estate, including P12M family home P28,000,000

Less: Ordinary deductions 2,400,000

Net conjugal properties P25,600,000

Compute the net taxable estate.

Question 15 options:

P10,600,000

P1,800,000

P8,600,000

P0

Question 11 (1 point)

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During his birthday, Mr. Bandalan donated the following properties:

Cash donation to his wife P500,000

Compute the taxable amount of donation inter-vivos.

Question 11 options:

P3,500,000

P0

P3,000,000

P500,000

Question 12 (1 point)

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Transfers in contemplation of death:

Consideration FMV upon FMV upon

received transfer death

Land P1,500,000 P1,500,000 P2,000,000

Shares of stock 100,000 50,000 150,000

Vintage car 50,000 80,000 100,000

Painting 250,000 400,000 500,000

The correct gross estate should be

Question 12 options:

P250,000

P120,000

P350,000

P300,000

Question 13 (1 point)

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Which is incorrect regarding the taxation of incomplete transfers which are eventually completed?

Question 13 options:

They are subject to estate tax.

They are subject to either donor's tax and estate tax.

They are subject to both donor's tax and estate tax.

They are subject to donor's tax.

Question 14 (1 point)

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Which is excluded in the gross estate of a deceased husband under the absolute community of property?

Question 14 options:

Properties inherited by the husband

Fruits of common properties during marriage

Fruits of properties of the spouses before their marriage

Fruits of properties inherited by the wife during marriage

Question 15 (1 point)

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Santi died leaving his wife, Santa, the following net conjugal properties:

Gross estate, including P12M family home P28,000,000

Less: Ordinary deductions 2,400,000

Net conjugal properties P25,600,000

Compute the net taxable estate.

Question 15 options:

P10,600,000
P1,800,000

P8,600,000

P0

In January 2020, John sold for P5,000,000 an apartment with carrying value of P3,500,000 to Peter. At
the time of sale, the property ha s a prevailing market price of P7,000,000. John died on June 2020. At
the time of death, the prevailing fair market value of the property was P8,000,000.

What amount should be included in the gross estate of the decedent?

Question 19 options:

P5,000,000

P3,500,000

P3,000,000

P8,000,000

Question 20 (1 point)

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Mr. Jose married Josie on February 2, 1988. Josie died on February 14, 2019. On that date, the spouses
had the following properties:

Car, donated to Mr. Jose on June 14, 2015 P1,200,000

Investments – inherited by Josie on

Feb. 4, 1995 when its value was P2M 2,800,000

House and lot – salaries of Mr. Jose and Josie 4,000,000

Cash income of car 400,000

Compute the gross estate.

Question 20 options:

P8,000,000

P7,200,000

P5,000,000
P6,400,000

Before their marriage, Erwan and Anne had properties respectively of car P1,000,000 car and P2,000,000
residential lot. During the marriage, Erwan and Anne acquired properties respectively totaling P500,000
and P800,000 from their separate labor. Anne sold her residential lot for P5,000,000 cash.

Compute the amount to be included in the communal properties of the spouses under absolute
community of property.

Question 21 options:

P7,300,000

P4,300,000

P9,300,000

P6,300,000

Question 22 (1 point)

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Statement I. Unilateral transfers include sales and barters.

Statement II. Bilateral transfers include inheritance and donations.

Question 22 options:

Only statement II is true

Both statements are false

Only statement I is true

Both statements are true

Question 23 (1 point)

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The heirs of the decedent compiled the following accrued taxes:

Before death After death

Income tax 190,000 110,000

Estimated estate tax - 400,000

Compute the deductible taxes.

Question 23 options:

P120,000

P510,000

P0

P230,000

Question 24 (1 point)

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Claims against the estate of the decedent who died on February 2020:

Notes payable for money borrowed, notarized P500,000

Accounts payable for supplies used in business 200,000

Debts from gambling losses 120,000

How much is the deductible claim against the estate?

Question 24 options:

P200,000
P320,000

P620,000

P700,000

Question 25 (1 point)

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Pedro died leaving a car he acquired by purchase from Juan 4 years ago. The car was correctly included
in his gross estate. The applicable vanishing rate is

Question 25 options:

60%

40%

20%

0%

Piolo

Piolo Escoton

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Vanishing deduction is allowed if the property subject to vanishing deduction is acquired

Question 26 options:

More than one year before death

More than five years before death

Within five years before death

One year before death

Question 27 (1 point)

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Mr. Jose married Josie on February 2, 1988. Josie died on February 14, 2019. On that date, the spouses
had the following properties:

Car, donated to Mr. Jose on June 14, 2015 P1,200,000

Feb. 4, 1995 when its value was P2M 2,800,000

House and lot – salaries of Mr. Jose and Josie 4,000,000

Cash income of car 400,000

Compute the separate property of Mr. Jose.

Question 27 options:

P1,200,000

P1,600,000

P0

P400,000

Question 28 (1 point)

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The spouses own a residential lot as their only real property. The lot had an assessed value of
P15,000,000, zonal value of P18,000,000 and an independent appraisal value of P25,000,000.

How much is the deductible family home?

Question 28 options:

P0

P10,000,000

P9,000,000

P7,500,000

Question 29 (1 point)

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One of the following is allowed as a deduction from gross estate of a non-resident alien under the Tax
Code as amended by RA 10963 (TRAIN Law) but is prorated between Philippine gross estate and the total
or world gross estate

Question 29 options:
Standard deductio

Vanishing deduction

Share of the surviving spouse

Losses, indebtedness, claims against the estate and taxes

Question 30 (1 point)

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Statement I. Residents are subject to tax on transfers of properties regardless of location.

Statement II. Non-residents are taxed only on transfers of property located in the Philippines.

Question 30 options:

Both statements are true

Both statements are false

Only statement I is true

Only statement II is true

Mr. Jose, a widower, died leaving P30,000,000 estate for his two legitimate children, Joe and Jos, and two
illegitimate children, Jon and Jan.

How much is the share of Jon?

Question 31 options:

P0

P750,000

P500,000

P1,000,000

Question 32 (1 point)

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Statement I. Cancellation of existing debt as payment for services rendered by the debtor to the creditor
is a gratuitous transfer.
Statement II. A sale is a form of transfer transaction that requires payment of transfer tax.

Question 32 options:

Only statement I is true

Only statement II is true

Both statements are false

Both statements are true

Question 33 (1 point)

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Under the absolute community of property, which of the following is a community property?

Question 33 options:

Personal belongings bought during the marriage for the exclusive use of the decedent

Property inherited by the surviving spouse during the marriage

Property bought during the marriage using the salary of the decedent earned before marriage

None of the choices

Question 34 (1 point)

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Which of the following losses is not deductible?

Question 34 options:

Losses arising from theft or embezzlement

Losses arising from storms or shipwreck

Losses of properties compensated for by insurance

Losses arising from fires

Question 35 (1 point)

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A CPA Certification is required if the gross estate

Exceeds P2,000,000

Contains registrable properties without regard to the value of the estate

Exceeds P5,000,000

Exceeds P1,000,000