Exercises: Estate Tax death to another or others either by his will or by

operation of law.
1. Estate Tax is a. Succession
a. A property tax because it is imposed on the b. Donation
property transmitted by the decedent to his heirs. c. Prescription
b. An indirect tax because the burden of paying the d. Exchanges
tax id shifted on the executor or any of the heirs
of the decedent. 8. Which statement is false about succession?
c. An excise tax because the object of which is the a. The successor inherits all the transmissible
shifting of economic benefits and enjoyment of property of a decedent including his liabilities.
property from the dead to the living. b. The successor can be made liable for the
d. A poll tax because it is also imposed on residents obligations of the decedent beyond the value of
of the Philippines whether Filipino citizens or the asset he received.
not. c. In succession, fruits and credits maturing after
the death of the decedent pass to the heirs even if
2. Estate tax accrues from: the they were not subjected to estate tax.
a. The moment of death of the decedent d. In succession, the successor can refuse the
b. The moment the notice of death is filed inheritance.
c. The moment the estate tax return is filed
d. The moment the properties are delivered to the 9. Which of the following could legally effect transfer of
heirs properties through succession?
I. By virtue of a will
3. The taxpayer in estate tax is: II. By operations of law
a. The decedent III. By onerous transfer
b. The estate as a juridical entity
c. The heirs or succession a. I only
d. The administrator or executor b. I and II only
c. I and III only
4. Who has the personal liability to pay estate tax? d. I, II, III
a. The decedent
b. The estate as a juridical entity 10. An act whereby a person is permitted, with the
c. The heirs or successors formalities prescribed by law, to control to a certain
d. The administrator or executor degree the disposition of his estate, to take effect after the
death.
5. It is a well settled rule that estate taxation is governed a. Contract
by the statute in force at the time of: b. Trust
a. Creation of the last will and testament or death of c. Will
the decedent in case of intestate succession. d. Executor
b. Death of the decedent
c. Filing of the estate tax return 11. The following are the elements of succession, except:
d. Either letter “b” or “c” whichever will result to a. Decedent
higher estate tax liability. b. Estate
c. Heir
6. An executor or administrator, after paying the estate d. Executor
tax, and to escape a future liability for a deficiency estate
tax, must secure a written discharge from personal 12. The properties, rights and obligations of a person
liability from: which are not extinguished by his death and those which
a. The heirs. have accrued thereto since the opening of succession.
b. The Commissioner of Internal Revenue a. Inheritance
c. The court where the estate was being settled b. Capital
d. Need not to secure a written discharge as long as c. Estate
he has a receipt on payment of estate tax. d. Devisee

7. It is a mode of acquisition by virtue of which the 13. Succession which results from the designation of an
property, rights and obligations to the extent of the value heir, made in a will executed in the form prescribed by
of the inheritance, of a person are transmitted through his law
a. Legal or intestate succession
 b. Testamentary succession b. the intangible personal property is in the
c. Mixed succession Philippines and the reciprocity clause of the
d. Ordinary succession estate tax law applies.
c. the tangible personal property is in the
14. The portion of the decedent’s estate which the law Philippines.
reserves to his compulsory heirs is called: d. the personal property is shares of stock of a
a. Legitime domestic corporation 90% of whose business is in
b. Free portion the Philippines.
c. Legacy 21. All of the following are considered intangible in the
d. Bequest Philippines, except:
a. Franchise which must be exercised in the
15. Which of the following is a valid will? Philippines.
a. That which reduces the legitime of compulsory b. Shares, obligations or bonds issued by aby
heirs corporation or Sociedad anonima organized or
b. That which increase the share of one heir without constituted in the Philippines in accordance with
impairing the legitime of the other heirs. its laws.
c. That which transfer the legitime of one heir to the c. Shares, obligations, or bonds by any foreign
other heir. corporation 75% of the business of which is
d. That which impair the legitime of compulsory located in the Philippines.
heirs. d. Shares, obligations of bonds issued by any
foreign corporation if such shares, obligations, or
16. A person who inherits specific personal property thru bonds have acquired business situs in the
a will: Philippines.
a. Devisee
b. Legatee 22. Part of the estate left by A are preference shares of
c. Heir Maynilad. The shares are listed and traded in the PSE.
d. Successor Which of the following rules of valuation is correct?
a. The preference shares will be valued using the
arithmetic mean between the highest and lowest
17. A person who inherits specific real property thru a quotation at the date nearest the date of death, if
will: none is available on the date of death itself.
a. Devisee b. The preference shares will be valued based on
b. Legatee their book value.
c. Heir c. The preference shares will be valued based on
d. Successor their par value.
d. The preference shares will be valued based on
18. Succession wherein the decedent did not leave any their fair market value as determined by the
will: Commissioner of Internal Revenue.
a. Voluntary succession
b. Legal succession 23. Binat died on April 13, 2018, leaving the following
c. Mixed succession properties:
d. Testamentary succession • Common stock of Chris Corporation, 2,000
shares, listed in the PSE, highest – P 40; lowest –
19. One of the following is subject to estate tax on P 39
properties situated within the Philippines only • Common stocks of Cristina Corporation, 1,500
a. Resident citizen shares, not listed in the stock exchange. Cost – P
b. Resident alien 50 per share; book value – P 45 per share;
c. Non-resident citizen • Preference shares of Christopher Corp., 3,000
d. Non-resident alien shares, not listed in the stock exchange. Cost – P
70 per share; book value – P 60 per share; par
20. The personal properties of a non-resident citizen, not value – P 50 per share
citizen of the Philippines, would not be included in the • Car, cost P 600,000; book value – P 350,000;
gross estate if: market value – P 400,000.
a. the intangible personal property in the • Real Properties, zonal value – P 120,000; assessed
Philippines. value – P 72,000.

The gross estate of Binat is –

 a. P 817,500 c. P 824,000 c. Transfer under special power of appointment
b. P 816,500 d. P 846,500 d. Transfer in contemplation of death

24. Nila Langaw, Filipina, died in Cambodia leaving the
following properties:
House and lot in Cambodia 1,000,000
Vacant lot in Manila 2,000,000
Shares of stock in a domestic
Corp., 60% of the business is
Located in the Philippines 100,000
Shares of stock in a foreign
Corp., 70% of the business is
Located in the Philippines 200,000
Car in Manila 500,000
How much is the gross estate?
a. P 3,800,000 c. P 2,500,000
b. P 2,600,000 d. P 2,000,000
25. Based on the preceding number, but assuming the
decedent is a non-resident alien, the gross estate is:
a. P 3,800,000 c. P 2,500,000
b. P 2,600,000 d. P 2,000,000
26. Continuing number 25, and the rule of reciprocity
applies, the gross estate is:
a. P 3,800,000 c. P 2,500,000
b. P 2,600,000 d. P 2,000,000
27. Lolo Sot, 95 years old, had been suffering from various
ailments. Motivated by thought of death, he decided to
dispose all his properties to his children and relatives. He
executed a last will and testament disposing all his
properties in the Philippines to his relatives. On the same
day, he made donations inter-vivos to his other relatives
as to his properties in the United States. Lolo Sot died
three months after disposing all his properties. Should
the properties donated by Lolo Sot to his other relatives
be included in the gross estate upon his death?
a. No, because they were not his properties
anymore at the time of death.
b. Yes, because the donations were donations
mortis causa and should be governed by the rules
on estate taxation.
c. No, if the donor’s tax had been paid already on
the donations.
d. No, because they were not transfer in
contemplation of death, since the donations were
not simultaneous with the execution of the last
will and testament.
28. One of the following donations is not included as part
of gross estate.
a. Revocable transfers
b. Transfers with revocation of certain rights
29. 1st statement: 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, 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.
2nd statement: During A’s lifetime, he decided to give B
his (A) car subject to the condition that if B does not
become a CPA within 3 years, A shall revoke the transfer.
In the second year however, A died. The car should form
part of A’s gross estate.
a. True, true c. True, false
b. False, False d. False, true
30. Pedro, decedent, owns a property valued at P
1,500,000 at the time of his death. The said property was
sold by Pedro during his lifetime to Juan for P 700,000
when its value was P 1,200,000. It was agreed by Pedro
and Juan that the former will enjoy the income of the
property as long as he lives. For Philippine estate tax
purposes, how much will be included in determining
gross estate?
a. P 500,000 c. P 800,000
b. P 1,200,000 d. P 0
31. Based on the preceding number, if the fair market
value of the property at the time of death is only P 600,000,
how much is the gross estate?
a. P 500,000 c. P 800,000
b. P 1,200,000 d. P 0
32. Yna died on October 20, 2018. During his lifetime,
upon knowing that he had stage 4 cancer, sold his car to
his son for P4M. The fair market value of the car at the
time of sale is P 3,000,000 while it is already valued at P
5,000,000 at the time of death. The amount that will be
added to gross estate is:
a. P 1,000,000 c. P 2,000,000
b. P 5,000,000 d. nil
33. Based on the preceding number, if the consideration is
fictitious, how much is the gross estate?
a. P 1,000,000 c. P 2,000,000
b. P 5,000,000 d. 0
34. Which of the following life insurance proceeds shall
not be included in the computation of gross estate?
a. Beneficiary is the estate, executor, administrator
and the designation of the beneficiary is
revocable.
 b. Beneficiary is the estate, executor, administrator
and the designation of the beneficiary is
irrevocable.
c. Beneficiary is other than the estate, executor,
administrator and the designation of the
beneficiary is revocable.
d. Beneficiary is other than the estate, executor,
administrator and the designation of the
beneficiary is irrevocable.
35. The list provided below is exempt from the gross
estate, except.
a. Share in common properties of the surviving
spouse.
b. Exclusive property of the surviving spouse
c. Properties outside the Philippines of a non-
resident alien decedent
d. Intangible personal property in the Philippines of
a non-resident alien when the rule of reciprocity
applies.
36. The following are transactions and acquisitions
exempt from transfer tax, except:
a. transmission from the first heir or donee in favor
of another beneficiary in accordance with the
desire of the predecessor
b. Transmission or delivery of the inheritance or
legacy by the fiduciary heir or legatee to the
fideicommissary.
c. The merger of usufruct in the owner of the naked
title.
d. All bequest, devises, legacies, or transfers to
social welfare, cultural and charitable
institutions.
37. Statement 1: A devised in his will a piece of land;
naked title to B and usufruct to C for as long as C lives
thereafter to B. The transmission from A to B and C is
subject to estate tax but the merger of the usufruct and the
naked title to B upon the death of C is exempt.
Statement 2: X devised in his will real property to his
brother Y who is entrusted with the obligation to preserve
and transmit the property to Z, a son of Y, when Z
becomes of age. The transmission from Y to his son Z is
subject to tax.
a. First statement is correct, second statement is
wrong.
b. Both statements are not correct.
c. Both statements are correct.
d. First statement is wrong, second statement is
correct.
38. Statement 1: In the absence of marriage settlement
executed before the marriage, the property relationship
between husband and wife shall be governed by local
custom and by the provision of law, respectively.
Statement 2: Claims against insolvent persons may be
charged against exclusive property
a. Only statement 1 is correct
b. Only statement 2 is correct
c. Both statements are correct
d. Both statements are incorrect
39. One of the following is a conjugal property of the
spouses
a. That which is brough to the marriage as his or her
own
b. That which each acquires during the marriage by
inheritance.
c. The fruits of an exclusive property.
d. Fruits of the property inherited before marriage.
40. One of the following is not a community property of
the spouses.
a. Property inherited by the husband before
marriage
b. Winnings in gambling
c. Fruits of property inherited during the marriage
d. Fruits of property inherited before the marriage
41. If the decedent is married under CGP, vanishing
deduction shall be chargeable against?
a. Exclusive properties
b. Conjugal properties
c. Either exclusive or conjugal properties
d. Neither exclusive or conjugal properties.
The next four (4) questions are based on the data provided
below:
Mr. J Chavez die leaving the following properties:
Rest house in Cebu, acquired before marriage, P 6M
Income from rest house in Cebu, P 600,000
Condominium in Davao, brough to marriage by wife,
P3.6M
Income from condominium in Davao, P 360,000
Town house in Quezon City, acquired during marriage,
P10.5M
Income from town house in Quezon City, P 1,050,000
Car, inherited by wife during marriage (the decedent
provided in his will that it shall form part of the common
properties of the spouses), P 1.3M
Jewelry, acquired during marriage for exclusive use of the
wife, P 200,000
42. How much is the conjugal properties under CGP?
a. P 12,510,000 c. P 18,510,000
b. P 22,310,000 d. P 23,610,000
43. How much is the gross estate under CGP?
 a. P 12,510,000 c. P 18,510,000
b. P 22,310,000 d. P 23,610,000
44. How much is the community properties under ACP?
a. P 12,510,000 c. P 18,510,000
b. P 22,310,000 d. P 23,610,000
45. How much is the gross estate under ACP?
a. P 12,510,000 c. P 18,510,000
b. P 22,310,000 d. P 23,610,000
50. Deductible claims against the estate or indebtedness is
respect of property may arise out of, except
a. Contract
b. Tort
c. Operation of law
d. None of the choices
54. The following data were taken from estate of Pedro:
• Claims against Juan (insolvent), P 100,000 fully
uncollectible.
• Claims against Manuel (insolvent), P 200,000,
50% collectible.
• Claims against a person who absconded, P
300,000.
Based on the data provided, how much should be
deducted from the gross estate?
a. P 600,000 c. P 200,000
b. P 500,000 d. P nil
55. Which statement is incorrect about claim against
insolvent persons?
a. They must be included in the gross estate even if
uncollectible.
b. They must be duly notarized as a rule.
c. The deduction is only the uncollectible portion.
d. The insolvency of the debtor must be established.
56. The following are the requisites in order for the claims
against the estate may be deductible except which one?
a. They must be personal debt of the decedent.
b. They must be enforceable in court.
c. They may have been condoned prior to death.
d. If the loan was contracted 3 years before death,
submit statement showing the disposition of the
proceeds.
57. Mr. Pobre is in need of money to start a small business.
However, he has no property to secure a loan from a bank
so he sought the help of his good friend, Mr. Rich. Mr.
Rich obtained a loan from Banco de Oro amounting to
P1M pesos secured by a real property worth P2M to
accommodate the request of Mr. Pobre. If subsequent to
securing the loan and delivering to Mr. Pobre the
proceeds, Mr. Rich died, how much gross estate should
be reported?
a. P 100,000 c. P 3,000,000
b. P 2,000,000 d. nil.
58. Which of the following is not a requirement in
claiming unpaid mortgage as deduction for estate tax
purposes?
a. The fair market value of the mortgaged property,
net of the mortgage indebtedness, should be
included in the gross estate;
b. The fair market value of the mortgaged property
undiminished by the mortgage indebtedness
should be included in the gross estate;
c. The loan must be contracted in good faith;
d. The loan must be for an adequate and full
consideration.
59. If a loan is found to be merely an accommodation loan
where the loan proceeds went to another person, which
of the following statements is incorrect?
a. The value of the unpaid loan must be included as
a receivable of the estate.
b. If there is a legal impediment to recognize the
same as receivable of the estate, said unpaid
obligation shall not be allowed as a deduction
from gross estate.
c. In all instances, the mortgaged property, to the
extent of the decedent’ interest therein, should
always form part of the gross estate.
d. None of the choices.
60. The following are the requisites of vanishing
deduction, except:
a. The estate tax of the prior succession must have
been finally determined and paid.
b. The present decedent died within five (5) years
from the date of death of the prior decedent.
c. The property with respect to which deduction is
sought can be identified as having been received
by the present decedent from the prior decedent.
d. The property must have formed part of the gross
estate situation outside the Philippines of the
prior decedent. (inside)
61. AF, a citizen of the Philippines and resident of
Tacloban City, died testate on May 10, 2018. Among his
gross estate were properties inherited, from his deceased
father who died on April 4, 2015. What percentage of
deduction would be used in computing the amount of
vanishing deduction?
a. 80% c. 40%
b. 60% d. 20%
62. Ded Nha, a citizen of the Philippines and resident of
Manila died intestate on November 2, 2018. Among his
gross estate are properties acquired through public sale of I. Income taxes on income received after death.
properties left by Bernardo who died 4 ½ years ago. What II. Property taxes not accrued before death.
percentage of deduction will be used in computing the III. Estate tax
amount of vanishing deduction?
a. 60% c. 20% a. I and II only c. All of the above
b. 40% d. nil b. II and III only d. None of the above

67. Which of the following statements is incorrect in

connection with family home deduction?
63. Mr. Sibillo, a resident decedent, married, died, leaving a. Family home deduction shall be allowed only if
the following properties: such family home is situated in the Philippines.
• Real and personal properties acquired during the b. The total value of the family home must be
marriage, P 3M included as part of the gross estate of the
• House and lot inherited from his father one year decedent.
and 3 months before he died (FMV when c. For purposes of availing family home deduction,
inherited, P1.5M) used as the decedent’s family a person may constitute only one family home.
home, P2M d. Family home deduction may not be lower than P
• Car purchased with cash received as gift from his 10,000,000.
mother during the year he died, P 500,000
• Cash (inclusive of P 500,000 received as 68. Statement 1: For estate tax purposes, several family
inheritance from the father), P 1.5M homes may be deducted, provided that the maximum
amount is P 10,000,000. (F)
The following obligations and expenses were also made
available: Statement 2: A single individual can never claim a
• Claims against conjugal properties, P 600,000; family home allowance against the gross estate. (F)
• Unpaid mortgage on the inherited house and lot a. Only statement 1 is correct.
(original mortgage was P 600,000), P 100,000; b. Only statement 2 is correct.
c. Both statements are correct.
How much is the vanishing deduction? d. Both statements are incorrect.
a. P 1,530,000 c. P 1,000,000
b. P 1,080,000 d. None of the choices 69. A decedent died leaving a family home composed of
the following. Conjugal house worth P 8M, and the land
which he exclusively owned valued at P4M. He also owns
64. Teh Pok died on November 20, 2018. Some of the a vacation house in Baguio worth P7M.
properties he left are the following:
The deductible amount of family home is:
Mode of Date FMV a. P 8M c. P 19M
Asset Acquisition Acquired Acquired Death b. P 12M d. P 10M
Land Purchase 7-3-14 500,000 350,000
Car Donation 10-2-17 800,000 980,000
70. Based on the preceding number, if the house is also an
Other information: exclusive property, how much is the deductible family
a. The gross estate of the decedent, P3M home?
b. The car was mortgaged for P50,000 when it was a. P 8M c. P 19M
acquired and Teh Pok paid the same before he b. P 12M d. P 10M
died.
c. The allowable deductions totaled P125,000, 71. The following statements are correct regarding
which includes medical expenses of P 30,000. It standard deduction, except:
excludes bequest to a charitable institution in the a. A deduction in the amount of P 5M shall be
amount of P 50,000. allowed as additional deduction without need of
substantiation.
The vanishing deduction is: b. The full amount of P 5M shall be allowed as
a. P 581,000 c. P 648,783 deduction for the benefit of the decedent.
b. P 571,000 d. P 637,617 c. Standard deduction is a deduction from the
conjugal or community properties of married
65. Which of the following is not deductible from the decedents.
gross estate of the decedent?
 d. Standard deduction is allowed to decedent who 77. How much is the estate tax payable in the Philippines
are non-resident aliens. assuming the decedent is a non-resident alien?
__________________
72. Which of the following is not correct?
a. When a compulsory heir is given by will less than
his legitime, the provisions of the will should be 78. Mr. Bamboo, Filipino died on April 10, 2018 with the
modified in such a way that he will receive his following data:
legitime. Gross Estate Deductions Estate Tax Paid
b. The CIR may examine the bank deposit of a Phils. P 6,375,000 P 6,075,000 -
decedent for the purpose of determining his gross China 300,000 150,000 P 3,750
estate even if the estate did not request for a Japan 450,000 525,000 -
compromise on the ground of financial USA 600,000 225,000 P 18,000
incapacity.
c. The medical expenses are allowable deduction in Standard deduction is already included in the
computing the net estate of the decedent. deductions.
d. The sharing of heirs in testamentary succession
must satisfy the rules on legitime. The estate tax payable in the Philippines is
____________________
73. All of the following, except one, are not deductible
from the gross estate of a non – resident alien: 79. Jahaya, non-resident Japanese, died leaving the
a. Expenses, losses, indebtedness and taxes following:
b. Death benefits under RA 4917
c. Family home allowance Exclusive properties, Philippines P 10,600,000
d. None of the choices Conjugal properties, Philippines 9,200,000
Conjugal properties, abroad 1,820,000
74. One of the following cannot be claimed as deduction Unpaid L.I. T 3,510,000
from the gross estate of a non-resident alien decedent: Other losses, occurring 3 mos. after death
a. Vanishing deduction due to fire 1,200,000
b. Medical expenses Donation mortis causa to
c. Share of the surviving spouse Makati City Hall 1,800,000
d. Transfer for public use Family home (included above, located
abroad) 10,000,000
75. In computing estate tax, which of the following shall Standard deduction 5,000,000
NOT be allowed tax credit for taxes paid abroad?
a. Resident alien decedent The taxable net estate is ____________________?
b. Non-resident alien decedent
c. Resident citizen decedent 80. Based on the preceding number, the taxable net estate
d. Non-resident decedent if he is a resident citizen decedent, is _______________?
Solution:
Next two (2) questions are based on the following:

A decedent left the following: 83. Mrs. Nathy Gok died on March 20, 2018 leaving a
Philippines USA gross estate of P 12M including the land inherited from
Gross estate P 8,000,000 P 8,400,000 his uncle on October 15, 2014 and a car donated to him
Allowable deductions 6,700,000 7,300,000 on April 20, 2012. The following data pertain to the two
(inclusive of estate tax paid) properties.
Estate tax paid 100,000 Unpaid FMV upon FMV upon
Mortgage receipt death
Standard deductions already included in the allowable Land P 100,000 P 1,800,000 P 1,250,000
deductions. Car 50,000 300,000 400,000

76. How much is the estate tax payable in the Philippines
assuming the decedent is a non-resident citizen?
___________________
The decedent was able to pay ½ of the unpaid mortgage
on the land before his death. The deductions are:
• Expenses, Losses, indebtedness, taxes (excluding
the unpaid mortgages above but including
 actual funeral expenses of P 300,000 and medical
expenses of P 600,000), P 1.2M
• Standard deduction, P5M
• Transfer to Government, included above, P
300,000
• Family home, included above 2,000,000.
The allowable vanishing deduction is ___________?
84. The taxable net estate based on the preceding
number ___________?
85. Mr. Nakalimot Huminga, head of the family died on
January 15, 2018, leaving the following properties and
obligations:
Cash in bank, 50%, donated mortis causa to Nat’l Govt;
50% to QC Govt., P 300,000
House and lot in Makati, family home, P 1.5M
Personal properties, P 2.5M;
Farm lot, P 4M;
Claim against an insolvent debtor, P 225,000
Transfer in contemplation of death (gratuitous), P 1.5M
Transfer passing under general power of appointment, P
75,000
Deductions claimed:
Funeral expenses, P 575,000
Judicial expenses, 67,500
Donation mortis causa to QC govt., 150,000
Unpaid mortgage on the farm lot, 75,000
Medical expenses, 225,000
The farm lot was inherited 5 1/2 years ago by the
decedent before his death with a value then of P 3M and
a mortgage indebtedness of 150,000.
The taxable net estate is ___________________?
87. Lolo Sot died leaving a gross estate amounting to P
150,000 only. No estate tax is due based on the tax code.
The gross estate is composed of a second hand car worth
P 80,000, shares of stocks valued at P 50,000 and P 20,000-
time deposit. The administrator believes that only notice
of death should be filed since the value of the gross estate
is exempt from tax. What will you tell him?
a. Estate Tax Return has to be filed because the
gross estate, though below P 5,000,000, is consists
of registered or registrable properties.
b. Notice of death is required to file because the
gross estate is below P 5,000,000.
c. Notice of death and estate tax return have to be
filed because the gross estate comprises of
registered or registrable properties.
d. None of the choices.
88. Who of the following shall file the Estate tax Return?
a. Executor c. Administrator
b. Any of the legal heirs d, Any of them
90. In case of a resident decedent, the administrator or
executor shall register the estate of the decedent and
secure new TIN from the
a. Office of the Commissioner.
b. RDO where the administrator or executor is
registered.
c. RDO where the decedent was domiciled at the
time of his death.
d. Duly authorized treasurer of the city or
municipality where the decedent is domiciled at
the time of his death.
91. Can the estate tax be paid in installment?
a. Yes, in case the available cash of the estate is not
sufficient to pay its estate tax liability.
b. Yes, at the option of the heirs with corresponding
interest charges.
c. No, tax is the lifeblood of the State, hence
collection cannot be delayed under any
circumstances.
d. None of the above.
92. 1st statement: The court may authorize the executor or
administrator to distribute the estate if in its sound
discretion it believes that the heir badly needs the share.
2nd statement: The administrator or any of the heirs
may however, upon authorization of BIR withdraw from
the decedent bank up to P 50,000 even without the
required certification that the estate tax has been paid.
a. True, true c. True, false
b. False, false d. False, true
93. In filing the estate tax return, a CPA certificate is
required when:
a. Gross estate exceeds P 5,000,000.
b. Gross estate reaches P 5,000,000.
c. Gross estate does not exceed P 5,000,000.
d. None of the choices.
94. A died leaving a house and lot to B on March 31, 2018
which was questioned by C and it is under litigation, but
subsequently, the parties executed an extra – judicial
settlement. The last day for filing the estate tax return is:
___________________?
95. The last day for payment of estate tax may be extended
until ___________?