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    Class Activity (Theories & Problems) (1)

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    9 views7 pages

    Class Activity (Theories & Problems)

    Uploaded by

    Raymundo Eirah
    act

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 7
    Discussion Question ncadons of deductions. L eso eae ded¥ IOS. Dare pers princes of aoe deductible los in estate taxation, irs th one etucon of non-resident lien decedents, 1 Djscoss the ems of deduction ‘racer Fase Them of eduction mse supported by documents 2 oTiaseatar re alowed they are taken fom gross esate ora Ghaatiet poset. male detucton se alwedin esate nation, Formard decedent deductions repressed common unless proven brescve, Vann ediciones deduct. ‘Theshar fhe ving spouse Wo te husbands excosve propery (Ordinary deducnsnomaly rev in reduction nthe hereditary ea Spec anaconda ede hereditary eat the es Sectl deductions are alowed ol to resdent or cen decedent Nowresient decedent caer Cm the il amount of erdhay deacons 1. Dalian of he surviving spouse ae deductions against gross 12. The dfacton fr sre of sarin spouse des fat spy tana 15, The estate tr ay ofthe decedent is deductible i iy fhe decedent is educibl 1“ ‘Reving nnn pln he previous et pld et 15, The rmihing deduction appable only to tasin apple only to properties inherited by be Tesco Fae ‘in ser {er expense may be deducted through claim against 2 faders 3 Retr st tr taco, surviving spouse. cannot claim deductions for the share of the Oy et a Sg i Ang aes death are deduce rom #28 ls of epee «cammonproperdesofthe pene’ Sctdent is not deduce agains grenen the computation f ‘ S64 copter 14~ Estate Ta Deductions tom Gos tete ‘he loss of separate properties & pains gross estate oe ag mou nt duce The standard deduction i dae re Without the need to prove enter ym SSE oF cen ¢. Afamly home sa caimaledasren gestae ire Reto ory Eas dh i tenet andectie = Se eet oe ew ae seer ne «reno (ene oe lee 15 Vanlohing deducuons ts apple ery so vous lyon properties std nthe Multiple Choice - Theory: Part 1 1. Which is correct regarding deductible obligation tbe esate? 2 Itmust always be notarized. bh Iemust be incurred before fling ofthe eae tax return. Itmust be pald belore the fling othe esate tr rear. 4 Itmust be Incurred before the death ofthe decedent. 2. Which ofthe following losses isnot deductble? 12 Losses of properties compensated for by insurance ‘Losses arising from fres © Losses arising from thet or embezalement 4 Losses arising from storms or shipwreck 3. Which ofthese donot diminish the hereditary estat ofthe dcr? 4 Judllal expense « Medical expense pai tefore deat 1b Transfer for public used Funeralexpense 44 Which ofthe following decedent aot aim spec deduction er an home? 4 Resident ctizen Resident allen Nonresident Gi Norresdentcien ings? 5. Which isnot considered in computag te share of 778 Claim against esate Sundar edu 1 Transferforpublicue ¢ Vansine Scanned with CamScanner & Soaerrey tte vos Sorte nroig Pose anncentive deduction? 7. Which ote folowing saminda, a Famly home Standard deduction d.Allofthese tn comping table net eta, clams against the erate are deductiy aginst ‘A exctasiv property ofthe decedent 1B common property ofthe spouses ‘Wich best completes the statement? 2 key Either Aor B & Bony Nether Anor B 9. Which isnot nordinary deduction? 2 Fanlyhome 1B Vanishing deduction Share of surviving spouse & Casual losses estate properties 10. Which onary deducion Is Teast ly deducted against common aoe Tio otcnnal pop 3 Camaganstthe exe Communal propre previ a ‘Transfer for pubic we — Maltiple Chole -Theory: Part 2 1 Losses of separate properties ofthe su are le "Eat peneyate esa Pom deductible agaist oper etthesease © Bothawap serous Nether Ano B 2. Whe ofthe fobowing csi £ laser cineinte monet oe © (aus sarie rte deat rere so monts of 4 Lamesa proper ete death 566 14—Estate coapter Tas Deductions rom Gos ste 4 Which deductible by anon ren, pope ia ee + pao mmm tnt nt Spee Ghee «mgr ect : harmdvats + oe manetist Ce eee ee ce por 5 Pow am 17. The allowable deductible amount of faly hone is 2 SWofgrossestate — « PS000000 ‘ P2000,000 410000200 Af the family home is 2 conjugal or commaniy propery, what the ‘maximum allowable deduction? 2 S%ofgrossestte — Funeral expense Judicial expense amet - Indebtedni , > Lnecee ess and taxes 150,000 250,000 Compute the deductio a P550,000 n for the hare Of the surviving spouse. b. P575,000 ¢P-800,000 4.P 1,050,000 Maltinin ov _. Scanned with CamScanner aenr 35 Ene Tx eable Dian yma ett aE 1. Masta the competion Sra of the limits or fren taxes pa 2 re hecomensnl ge oft tbl ee, 2 Seman oe Te, dle cnt one ‘Muliple-Choee - Theory |. The taxable estate of the following includes all properties where, stout, excepts Resident citizen Non-resident alien ¢ Resdenalien Non-resident alien 2. Which ofthe llowing is normally deductible aguinst common properties? ‘2 Medical expenses Standard detections Panera expenses 4 Vanishing dedections 3. Which snot considered inthe computation of the share of the surviving spouse? 2 Medical expenses & Family home © Obligations Standard deductions ‘4. Which is incaded inthe net tanabe estate? ‘2 Family home in exes of 10,000,000 ‘a Share the surviving spouse a? ann otc © tnmet Fenty tone se chapter 15 ~ Estate Tax Payable Wilh snide net tbe a © 2 tices ofan hone ata iy 5. Lstet of properit cn wr 1 et da etre Claims against the estate bec) it 1° No estate tax is due on an 1. Statement {due on an eae wih #20000 wero pe sent 2: An estate with See at ty ne Which is correc? a. Statement 1 Both statements b Statement 2 4 Nether satement 18 Statement 1: An estate with several properties but wth neptine table estate Is not required tole an esate tax return, ‘Staterent 2: The BIR shal be noid ofthe death of the decedent he has properties exceeding P1,000.000, Which is incorrect? a. Statement 1 Both statements b. Statement Nether satement We ofthese srr ene reat & icing ot arated EARS nde ee ort 8 DAS cSe hea pee wer 2000 & Alero 10, Which decedent cannot clam deduction fo tx credit? 2 Resident ctizen 1 Non-resident alien © Resident alien 4 Non-residentalien share of the suring 11. Whe score regaing he detucen fe sare 1 ondary deta FP Ste al ofthe reese ae ot prope oh 1B One half ofthe common properties uv CE ayn POPE se of mR One-half ofthe net common POPS Weise actual sare whic properties. 39 Scanned with CamScanner ‘Chapter 15 - Estate Tax Payable — 12. Wines ates A soar or ceca Redeem Tess te ote 113, ACPA Certification is required A raccsorigooso8 b Serco Se pc wos Ho the ao = 14, decedent dad witha ross esate of P4000,000. Which ofthe folowing required? Notice of death b Esate caret © CPacertifiation 4 Alolthese 15. The esate tax return shal be led within ‘2 30 days rom the date of death 1B 45 days from the date of death © Gmoaths from the date of death. 41 year from the date of death, 16, Whats the maximum ertension allowable in fling ofthe estate tax return? bist Conca tim oan 17. Wie min pra of een paying eat ine coe ee aS oan 18. Tests eo onde alan decedent ed with r hancetied ortent wma Cohen ee cenit ase 14000000, {Sih and ote pero prope

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