University of St.
La Salle
STUDENT HANDOUTS
TAXATION
TAX.201—ESTATE TAX
LEARNING OBJECTIVES
1. Gross estate 5.
2. Deductions allowed to estate 6.
3. Tax credit 7.
4. Venue and time of filing of tax returns
REVIEW NOTES
INTRODUCTION TO ESTATE TAX
Nature of Estate Tax
1. It is a tax on the right to transfer property at death
(succession) and on certain transfers which are made by
law the equivalent of testamentary disposition and is Elements of Succession
measured by the value of the property.
2. It is an excise tax, the object of which is the shifting of 1.
economic benefits and enjoyment of property from the dead
to the living.
3. It accrues as of the death of the decedent, notwithstanding 2.
the postponement of the actual possession or enjoyment of
the estate by the beneficiary. 3.
4. The taxpayer in the estate taxation is the estate of the
decedent represented by the administrator, executor or
legal heirs.
Kinds of Succession
Concept of Succession
1.
Succession - 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 or others either by will or by operation of law (Art. 774,
Civil Code of the Philippines).
Will - an act whereby a person is permitted with the formalities
prescribed by law, to control to a certain degree the disposition
of his estate, to take effect after his death (Art. 783, CCP) from
the moment of the death of the decedent, the rights to the
succession are transmitted, and the possession of the hereditary
property is deemed transmitted to the heir (Art. 777, CCP).
Kinds of Wills:
1. Notarial or Ordinary or Attested Will – is one which is
executed in accordance with the formalities prescribed by
Art. 804 to 808 of the New Civil Code. It is a will that is
created for the testator by a third party, usually his lawyer,
follows proper form, signed and dated in front of the
required number of witnesses (3 or more witnesses) and
acknowledged by the presence of a notary public.
2. Holographic Will – is a written will which must be entirely
written, dated and signed by the hand of the testator
himself, without the necessity of any witness. This kind of
will does not need formalities because many people can
recognize his handwriting and it can be verified by a
penmanship expert.
M.V.U. SIA
SY 2021-2022 2nd SEMESTER
Venue and time of payment
Modes of payment
Administrative requirements
Codicil – a supplement or addition to a will, made after the
execution of a will and annexed to be taken as a part thereof,
by which any disposition made in the original will is
explained, added to or altered.
Decedent - the person whose property is transmitted
through succession, whether or not he left a will (Art. 775,
CCP).
Heir - the person called to the succession either by the
provision of a will or by operation of law (Art. 782, CCP).
Estate - refers to all the property, rights and obligations of a
person which are not extinguished by his death (Art. 776,
CCP).
Testamentary - succession which results from the
designation of an heir, made in a will executed in the form
prescribed by law (Art. 779, CCP).
While the decedent may dispose of his properties in a last
will and testament, he must, however, reserve some for
certain persons who are called by law as compulsory or
forced heirs.
Kinds of successors in a testamentary succession:
a. Legatee, an heir to a particular personal property given
by virtue of a will.
b. Devisee, an heir to a particular real property given by
virtue of a will.
Executor is the person nominated by a testator to carry out
the directions and request in his will and to dispose of his
property according to his testamentary provisions after his
death.
Compulsory or Forced Heirs:
a. legitimate children and descendants
b. In default of the foregoing, legitimate parents or
ascendants
c. Widow or widower; and
d. Illegitimate children
Under testamentary succession, the mass of properties left
by the decedent may be classified into:
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TAXATION | TAX.201—ESTATE TAX University of St. La Salle

a. Legitime is the portion of the testator’s property which settle intestate estate and such testate estate as no
could not be disposed of freely because the law has competent executor was designated by the testator.
reserved it for the compulsory heirs. (Art. 886, CCP).
b. Free portion is that part of the whole estate which the 3. Mixed - transmission of properties, which is effected partly
testator could dispose of freely through written will by will and partly by operation of law.
irrespective of his relationship to the recipient.
Format of Computation
2. Legal or Intestate - transmission of properties where there
is no will, or if there is a will, the same is void or lost its Single Decedent
validity, or nobody succeeds in the will. Gross Estate PXXX
Ordinary Deductions (XXX)
In intestate succession, the entire estate of the decedent is Special Deductions (XXX)
distributed to the heirs. The compulsory heirs in Net Taxable Estate PXXX
testamentary succession are also heirs in intestate Rate 6%
succession. However, intestate heirs include, brothers and Estate Tax Due PXXX
sisters, collateral relatives within the fifth civil degree, and Less: Tax Credit (XXX)
the state. Estate Tax Payable PXXX

Administrator is a person appointed by the court, in

accordance with the governing statute, to administer and
Married Decedent
EXCLUSIVE COMMON TOTAL
Gross Estate PXXX PXXX PXXX
Less: Ordinary Deductions (XXX) (XXX) (XXX)
PXXX PXXX* PXXX
Less: Share of Surviving Spouse (Net Common Estate*/2) (XX)
PXXX
Less: Special Deductions (XXX)
Net Taxable Estate PXXX
Rate 6%
Estate Tax Due PXXX
Less: Tax Credit (XXX)
Estate Tax Payable PXXX

GROSS ESTATE 4. Shares, obligations, or bonds issued by any foreign

Gross Estate – consists of all properties and interests in
properties of the decedent at the time of his death as well as
properties transferred during lifetime (only in form), but in
substance was only transferred at the time death.
corporation if such shares, obligations, or bonds have
acquired a business situs (used in the furtherance of its
business in the Philippines) in the Philippines;
5. Shares or rights in partnership, business or industry
established in the Philippines.

Classification of Decedent: Components of the Gross Estate:

1. Citizen or Resident (RC/NRC/RA) 1. Properties existing at the time of death such as:
2. Non-resident Alien (NRA) a) Real Property
i. With reciprocity b) Tangible Personal Property
ii. Without reciprocity c) Intangible Personal Property

Reciprocity Clause – No tax shall be imposed with respect to
intangible personal properties of a NRA situated in the
Philippines:
1. When the foreign country, where such NRA is a resident and
citizen, does not impose transfer tax with respect to
intangible personal properties of Filipino citizens not
residing in that country; or
2. When the foreign country imposes transfer taxes, but grants
similar exemption with respect to intangible personal
properties of Filipino citizens not residing in that country.
Intangible Properties considered Located in the Philippines:
1. Franchise which must be exercised in the Philippines;
2. Shares, obligations or bonds issued by any corporation or
sociedad anonima organized or constituted in the
Philippines;
3. Shares obligations or bonds issued by any foreign
corporation, at least 85% of the business of which is located
in the Philippines;
2. Decedent’s Interest – Refers to the extent of equity or
ownership participation of the decedent on any property
physically existing and present in the gross estate, whether
or not in his possession, control or dominion. It also refers
to the value of ANY INTEREST IN PROPERTY OWNED OR
POSSESSED by the decedent at the time of his death
(interest having value or capable of being valued,
transferred).
Example:
- Dividends declared before his death but received after
death.
- Partnership profit which has accrued before his death
- Usufructuary rights, etc.
3. Properties transferred gratuitously during lifetime, but in
substance, transferred upon death:
a) Transfer in contemplation of death – the thought of
death must be the impelling cause of the transfer.

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Exception (not in contemplation of death): 5. Units of participation in any association, recreation or

i. To relieve the donor from the burden of amusement club (such as golf, polo, or similar clubs) – bid
management. price nearest the date of death published in any newspaper
ii. To save income or property taxes. or publication of general circulation.
iii. To settle family litigated and un-litigated
disputes. EXEMPTIONS AND EXCLUSIONS FROM GROSS ESTATE
iv. To provide independent income for
dependents. 1. Under Section 85 and 86, NIRC
v. To see the children, enjoy the property while a) Capital or exclusive property of the surviving spouse
the donor is still alive. b) Properties outside the Philippines of a non-resident
vi. To protect the family from the hazards of alien decedent
business operations. c) Intangible personal property in the Philippines of a
vii. To reward services rendered. non-resident alien when the rule of Reciprocity applies.

4. Transfer with retention or reservation of certain rights –
allows the transferor to continue enjoying, possessing or
controlling the property (beneficial ownership) because
only the naked title has been transferred.
5. Revocable transfer – decedent transfers the enjoyment of
his property to another, subject to his right to revoke the
transfer at will, with or without notifying the transferee, any
time before he dies.
6. Property passing under general power of appointment
7. Transfers for insufficient consideration – sale of property
below fair market value (FMV) under the cases in letters a
to d above.
2. Under Section 87, NIRC
a) The merger of the usufruct (right to use) in the owner
of the naked title (without right to use).
b) The transmission or delivery of the inheritance or
legacy of the fiduciary heir or legatee to the
fideicommissary.
c) The transmission from the first heir, legatee or donee
in favor of another beneficiary, in accordance with the
will of the predecessor.
d) All bequests, devices, legacies or transfers to social
welfare, cultural and charitable institutions, provided:
i. No part of the net income of said institutions
inure to the benefit of any individual;
ii. Not more than 30% of such transfers shall be
used for administration purposes.

Amount included in gross estate: 3. Under Section 97, NIRC, as amended by TRAIN
FMV at the time of death PXXX
Less: Selling Price (XXX) Withdrawal from bank deposit account subjected to 6%
Included in Gross Estate PXXX final withholding tax.

4. Under Special Laws

8. Proceeds from life insurance – the following are included in
the gross estate: a) Proceeds of life insurance and benefits received by
a) Whether REVOCABLE or IRREVOCABLE, when the members of the GSIS (RA728).
beneficiary is the: b) Benefits received by members from the SSS by reason
i. Estate of the deceased of death (RA1792).
ii. His executor; or c) Amounts received from Philippine and United States
iii. Administrator governments for war damages.
d) Amounts received from United States Veterans
b) When the beneficiary is a third person, only if Administration.
REVOCABLE. e) Benefits received from the Philippines and US
government for damages suffered during World War II
Valuation of Gross Estate – the items comprising the gross estate (RA227).
shall be valued at the time of death or date nearest such date. f) Retirement benefits of officials/employees of a private
1. Usufruct – based on latest Basic Mortality Table to be firm (RA4917).
approved by the Secretary of Finance, upon g) Payments from the Philippines of US government to the
recommendation of the Insurance Commissioner. legal heirs of deceased of World War II Veterans and
deceased civilian for supplies/services furnished to the
2. Real Property – the higher amount between: US and Philippine Army (RA136).
a. Fair Market Value h) Personal Equity and Retirement Account (PERA) asset
b. Zonal Value of the decedent-contributor (Section 14, RA 9505)

3. Personal Properties – Fair market value

4. Shares of stock
a. Traded in the Local Stock Exchange (LSE) – mean
between the highest and lowest quotations, at a date
nearest the date of death, if none is available at the date
of death itself (RR 2-2003/RR 12-2018).

b. Not traded in the local stock exchange:

i. Common (ordinary) shares – Book value
ii. Preferred (preference) shares – Par Value

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TAXATION | TAX.201—ESTATE TAX University of St. La Salle

GROSS ESTATE BASED ON CITIZENSHIP & RESIDENCE

Real Property Tangible Personal Property Intangible Personal

Property
Decedent w/in w/out w/in w/out w/in w/out
Citizen or √ √ √ √ √ √
Resident
NRA w/o √ X √ X √ X
reciprocity
NRA w/ √ X √ X X X
reciprocity

PROPERTY RELATIONSHIP BETWEEN SPOUSES 5. Those acquired through occupation such as fishing or
hunting;
Components of Gross Estate of a Married Decedent 6. Livestock existing upon dissolution of the partnership in
excess of the number of each kind brought to the
Exclusive Properties of the Decedent PXXX marriage by either spouse; and
Add: Common Properties (100%) XXX 7. Those acquired by chance, such as winnings from
Gross Estate PXXX gambling or betting. However, losses therefrom shall be
borne exclusively by the loser-spouse.
NOTE: Exclusive properties of the surviving spouse are
excluded in computing gross estate. Absolute Community of Property (ACOP)

Conjugal Partnership of Gains (CPOG) Community Properties:

Exclusive Properties:
1. That which is brought to the marriage as his or her own;
2. That which each acquires during marriage by gratuitous
title;
3. That which is acquired by right of redemption, by barter
or by exchange with property belonging to any one of the
spouses; and
4. That which is purchased with exclusive money of the wife
or of the husband.
Conjugal Properties:
1. Those acquired by onerous title during marriage at the
expense of the common fund, whether the acquisition be
for the partnership, or for only one of the spouses;
2. Those obtained from labor, industry, work or profession
of either or both spouses;
3. The fruits, natural or industrial, or civil, due or received
during marriage from common property, as well as the
net fruits from the exclusive property of each spouse;
4. The share of either spouse in the hidden treasure which
the law awards to the finder or owner of the property
where the treasure is found;
1. All properties owned by the spouses at the time of
celebration of the marriage; or
2. Acquired thereafter
Exclusive Properties:
1. Property acquired during marriage by gratuitous title by
spouse, and the fruits as well as the income thereof.
EXCEPTION: unless it is expressly provided by the donor,
testator or grantor that they shall form part of the
community property.
2. Property for personal and exclusive use of either spouse.
EXCEPTION: jewelry shall form part of the community
property.
3. Property acquired before the marriage by either spouse
who has legitimate descendants by the former marriage,
and the fruits as well as the income, if any of such
property.

Similarities between CPOG and ACOP

Property CPOG ACOP

1. Property inherited or received as donation during Exclusive Exclusive
marriage
2. Property acquired during marriage (other than Conjugal Community
inheritance or donation)
3. Property acquired from labor, industry, work or Conjugal Community
profession of spouses
4. Fruits or income due or derived during the marriage Conjugal Community
coming from common property

Difference between CPOG and ACOP

Property CPOG ACOP

1. Property before marriage or brought to the marriage Exclusive Community
2. Fruits or income due or derived during the marriage Conjugal Exclusive
coming from exclusive property
Rules In Determining the Property Relationship
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If NO agreement on marriage settlement

Date of Marriage Regime

Before August 3, 1988 CPOG
On or After August 3, 1988 ACOP

DEDUCTIONS indebtedness should be included in the gross

estate;
Deductions are items which the law on estate tax allows to 2. Contracted in good faith; and
be subtracted from the value of the gross estate in order to 3. For an adequate and full consideration.
arrive at the net taxable estate.
e) Unpaid Taxes
As a rule, deductions from gross estate are presumed to be
common deductions unless specially identified as exclusive. Requisite – the tax must have accrued before the
death of the decedent.
Classification of Deductions
1. Ordinary deductions The following are not deductible:
2. Special Deductions 1. Any income tax upon income received after
3. Share of the surviving spouse death;
2. Property taxes not accrued before death; and
ORDINARY DEDUCTIONS – classified as exclusive or 3. Estate tax from the transmission of his estate.
common deduction.
2. Transfer For Public Use
1. Losses, Indebtedness, Taxes (LIT)
Requisites:
a) Casualty Losses a) Given to the Government of the Philippines
(National or local);
Requisites: b) Must be testamentary in character; or
1. Incurred during the settlement of the estate; c) By way of donation mortis causa executed by the
2. Arising from fires, storms, shipwreck, or other decedent before his death;
casualties, or from robbery, theft or d) Exclusively for public purpose.
embezzlement;
3. Not compensated by insurance; 3. Property Previously Taxed/Vanishing Deduction
4. Not claimed as deduction for income tax
purposes; Requisites:
5. Incurred not later than the last day for the a) The decedent died within 5 years from receipt of
payment of the estate tax. the property from a prior decedent or donor;
b) The property on which the vanishing deduction is
b) Claims Against Insolvent Persons being claimed is located in the Philippines.
c) The property must have formed part of the taxable
Requisites: estate of the prior decedent or the taxable gift of the
1. Value of the claims is included in the gross donor and the transfer tax relative thereto had
estate; and been paid;
2. The insolvency of the debtor must be d) The property on which vanishing deduction is
established. being taken must be identified as the one received
from the prior decedent, or from the donor, or
c) Claims Against the Estate something acquired in exchange therefore;
e) No vanishing deduction on the property was
Requisites: allowable to the estate of the prior decedent.
1. Personal debt of the decedent existing at the
time of his death; Amount deductible:
2. Contracted in good faith; Proforma Computation
3. Must be valid in law and enforceable in court; Initial Value PXXX
4. Must not have been condoned by the creditors; Less: Mortgage paid by present
5. Must not have prescribed; decedent (XXX)
6. Debt instrument must be notarized; Initial Basis (IB) PXXX
7. If the loan was contracted 3 years before death, Less: Proportional Deduction
submit statement showing the disposition of [(IB/GE) x (LIT+TPU)] (XXX)
the proceeds. Final Basis PXXX
Rate X%
d) Unpaid Mortgage Vanishing Deduction PXXX

Requisites:
1. The fair market value of the mortgaged
property undiminished by the mortgage Interval Of Acquisition and Death of Rate
Present Decedent

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Within 1 year 100% d) The value of the family home is included in the
More than 1 year but not more than gross estate; and
2 years 80% e) Must not exceed the limit set by law.
More than 2 years but not more than
3 years 60% Amount Deductible:
More than 3 years but not more than a. Actual Interest vs. whichever
4 years 40% b. Limit is lower
More than 4 years but not more than
5 years 20% LIMIT = P10,000,000

Classification Of Ordinary Deductions for Rule in Determining Actual Interest

Married Decedent Exclusive Property 100%
Casualty Losses Common or Common Property 50%
Exclusive
Claims against insolvent Common or
persons Exclusive 2. Standard Deduction – the amount deductible without
Claims against the Common or any required substantiation is:
estate Exclusive - Decedent is a citizen or resident = P5,000,000
Unpaid Mortgage Common or - Decedent is NRA = P500,000
Exclusive
Unpaid Taxes Common or 3. Amount Received by heirs under R.A. 4917
Exclusive
Transfer for public use Exclusive Requisite – Include such amount in the gross estate.
Vanishing Deduction - Under CPOG –
exclusive Amount Deductible – amount received by the heirs
- Under ACOP – from the decedent’s employer as a consequence of the
exclusive or death of the decedent-employee.
common
Allowed only to citizen and resident decedents
SPECIAL DEDUCTIONS
SHARE OF THE SURVIVING SPOUSE – applicable only to
1. Family Home Allowance - allowed only to citizen and married decedents.
resident decedents
Amount Deductible:
Requisites:
a) The decedent is married or head of a family; Common Properties PXXX
b) The family home must be the actual residential Common Deductions (XXX)
home of the decedent and his family at the time of Net Common Properties PXXX
his death, as certified by the Brgy. Captain of the Multiply by: 50%
locality the family home is situated; Share of the Surviving Spouse PXXX
c) It is located in the Philippines;

SUMMARY RULES ON DEDUCTIBILITY BASED ON RESIDENCE AND/OR CITIZENSHIP

Decedent is Resident or Decedent is Nonresident Alien

Items of Deduction Citizen
1. LIT (Losses, Indebtedness and Taxes) Deductible Phil. GE X LIT WORLD
Total GE
2. Vanishing Deduction Deductible Deductible
3. Transfer for Public Purpose Deductible Deductible
4. RA 4917 Deductible Non-Deductible
5. Share of the Surviving Spouse Deductible Deductible
6. Family Home Deductible Non-Deductible
7. Standard Deduction Deductible (5M) Deductible (500,000)

a. Only one foreign country is involved

TAX CREDIT FOR ESTATE TAX PAID TO A FOREIGN
COUNTRY Net Estate, foreign Philippine Estate Tax
X
World Net Estate
Only resident or citizens can claim tax credit.

Amount Deductible: b. Two or more foreign countries are involved (whichever is

a. Actual estate tax paid abroad lower of the following):
whichever is
b. Limit
lower
Limit A – Per Foreign Country
Limit:

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TAXATION | TAX.201—ESTATE TAX University of St. La Salle

Net Estate, per foreign the estate tax due through the following options, including
X Philippine Estate Tax
World Net Estate the corresponding terms and conditions:
a) Cash installment
Limit B – By Total 1. The cash installments shall be made within two (2)
years from the date of filing of the estate tax return;
Net Estate, all foreign countries Philippine 2. The estate tax return shall be filed within one (1)
X
World Net Estate Estate Tax year from the date of decedent’s death;
3. The frequency (i.e., monthly, quarterly, semi-
COMPLIANCE REQUIREMENTS annually or annually), deadline and amount of each
installment shall be indicated in the estate tax
ESTATE TAX RETURN return, subject to the prior approval by the BIR;
4. In case of lapse of two years without the payment
1. When is it required? of the entire tax due, the remaining balance thereof
a) In all cases of transfer subject to estate tax; shall be due and demandable subject to the
b) Regardless of the amount of the gross estate, where it applicable penalties and interest reckoned from
consists of registered or registrable property. the prescribed deadline for filing the return and
payment of the estate tax; and
2. Who shall file? 5. No civil penalties or interest may be imposed on
a) Executor estates permitted to pay the estate tax due by
b) Administrator installment. Nothing in this provision, however,
c) Any of the legal heirs prevents the Commissioner from executing
enforcement action against the estate after the due
3. When is the deadline? date of estate tax.

Within one year after death. It can be extended not
exceeding 30 days if authorized by the BIR Commissioner.
4. When shall certification by a Certified Public Accountant
(CPA) needed?
It shall be supported with a statement duly certified to by a
CPA when the estate tax return shows a gross value
exceeding P5,000,000.
5. Place of filing the return:
a) In case of a resident decedent:
1. Authorized agent bank; or
2. Revenue District Officer; or
3. Collection Officer; or
4. Duly authorized Treasurer of the city or
municipality
In which the decedent was domiciled at the time of his
death.
b) In case of a non-resident decedent:
1. Revenue District Office where the executor or
administrator is registered
2. Revenue District Office having jurisdiction over the
executor or administrator’s legal residence (if
executor or administrator is not registered)
3. Office of the BIR Commissioner (RDO No. 39 –
South Quezon City) if the estate does not have an
executor or administrator in the Philippines.
6. Payment of Estate Tax
Estate tax shall be paid at the time the return is filed (Pay as
you file)
Allowed extension:
a) 5 years if settled judicially
b) 2 years if settled extra-judicially
7. Payment of the estate tax by installment and partial
disposition of estate.
In case of insufficiency of cash for the immediate payment
of the total estate tax due, the estate may be allowed to pay
b) Partial disposition of estate and application of its
proceeds to the estate tax due
1. The disposition, for purposes of this option, shall
refer to the conveyance of property, whether real,
personal or intangible property, with the
equivalent cash consideration;
2. The estate tax return shall be filed within one year
from the date of decedent’s death;
3. The written request for the partial disposition of
the estate shall be approved by the BIR. The said
request shall be filed, together with a notarized
undertaking that the proceeds thereof shall be
exclusively used for the payment of the total estate
tax due;
4. The computed estate tax due shall be allocated in
proportion to the value of each property;
5. The estate shall pay to the BIR the proportionate
estate tax due of the property intended to be
disposed of.
6. An electronic Certificate Authorizing Registration
(eCAR) shall be issued upon presentation of the
proof of payment of the proportionate estate tax
due of the property intended to be disposed.
Accordingly, eCARs shall be issued as many as there
are properties intended to be disposed to cover the
total estate tax due, net of the proportionate estate
tax(es) previously paid under this option; and
7. In case of failure to pay the total estate due out from
the proceeds of the said disposition, the estate tax
due shall be immediately due and demandable
subject to the applicable penalties and interest
reckoned from the prescribed deadline for filing
the return and payment of the estate tax, without
prejudice of withholding the issuance of eCAR(s)
on the remaining properties until the payment of
the remaining balance of the estate tax due,
including penalties and interest.
8. Request for Extension of Time, Installment Payment and
Partial Disposition of Estate.
The request for extension of time to file the return,
extension of time to pay estate tax and payment by
installment shall be filed with the Revenue District Office
(RDO) where the estate is required to secure its TIN and file

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TAXATION | TAX.201—ESTATE TAX
the estate tax return. This request shall be approved by the
Commissioner or his duly authorized representative.
DUTIES OF CERTAIN OFFICERS AND PERSONS
1. No judge shall authorize the executor or judicial
administrator to deliver a distributive share to any party
interested in the estate, unless a certification from the
Bureau of Internal Revenue (BIR) that the estate tax has
been paid is shown.
2. Register of Deeds shall not register in the registry of
property any transfer of real property or real rights therein,
or any mortgage, by way of donation mortis causa or
inheritance, without a certification from the BIR of payment
of estate tax, and they shall immediately notify the BIR of
non-payment of tax discovered by them.
3. Any lawyer, notary public or any government officer who,
by reason of his official duties, intervenes in the preparation
or acknowledgment of documents regarding partition or
disposal of donations inter vivos or mortis causa, legacy or
inheritance shall furnish the BIR with copies of such
documents and any information whatsoever which may
facilitate the collection of the estate tax.
4. There shall be no transfer to any new owner in the books of
any corporation, sociedad anonima, partnership, business,
or industry organized or established in the Philippines any
share, obligation, bond or right by way of gift inter-vivos or
mortis causa, legacy or inheritance, unless an eCAR is issued
by the Commissioner or his duly authorize representative.
5. If bank has knowledge of the death of a person who
maintained a bank account alone, or jointly with another, it
DISCUSSION QUESTIONS
Introduction to Estate Tax
1. Estate tax is _____
a) a property tax because it is imposed on the property
transmitted by the decedent to his heirs.
b) an indirect tax because the burden of paying the tax is
shifted on the executor or any of the heirs of the
decedent.
c) an excise tax because the object of which is the shifting
of economic benefits and enjoyment of property from
the dead to the living.
d) a poll tax because it is also imposed on residents of the
Philippines whether Filipino citizens or not.
2. Estate tax accrues from:
a) The moment of death of the decedent
b) The moment the notice of death is filed
c) The moment the estate tax return is filed
d) The moment the properties are delivered to the heirs
3. The taxpayer in estate tax is:
a) The decedent
b) The estate as a juridical entity
c) The heirs or successors
d) The administrator or executor
4. Who has the primary personal liability to pay estate tax?
a) The decedent
b) The estate as a juridical entity
c) The heirs or successors
d) The administrator or executor
5. An executor or administrator, after paying the estate tax,
and to escape a future liability for a deficiency estate tax,
University of St. La Salle
shall allow the withdrawal from said deposit account,
subject to a final withholding tax of 6% of the amount to
be withdrawn, provided, that the withdrawal shall only be
made within one year from the date of said decedent.
In all cases, the final tax withheld shall not be refunded, or
credited on the tax due, on the net taxable estate of the
decedent.
In instances where the deposit accounts have been duly
included in the gross estate of the decedent and the estate
tax due thereon paid, the executor, administrator, or any of
the legal heirs shall present the eCAR issued for the said
estate prior to withdrawing from the bank deposit account.
Such withdrawal shall no longer be subject to the 6%
withholding tax.
must secure a written discharge from personal liability
from:
a) The heirs.
b) The Commissioner of Internal Revenue.
c) The court where the estate was being settled.
d) Need not secure a written discharge as long as he has a
receipt on payment of the estate tax.
6. 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.
a) Succession c. Prescription
b) Donation d. Exchanges
7. It is a well settled rule that estate taxation is governed by
the statute in force at the time of:
a) Creation of the last will testament or death of the
decedent in case of intestate succession
b) Death of the decedent
c) Filing of estate tax return
d) Either letter “b” or “c” whichever will result to higher
estate tax liability
8. Which statement is false about succession:
a) The successor inherits all the transmissible property of
a decedent including his liabilities.
b) The successor can be made liable for the obligations of
the decedent beyond the value of the asset he received.
c) In succession, fruits and credits maturing after the
death of the decedent pass to the heirs even if they were
not subjected to estate tax.
d) In succession, the successor can refuse the inheritance.
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9. Which of the following could legally effect transfer of b) Shares, obligations or bonds issued by any corporation
properties through succession? or sociedad anonima organized or constituted in the
I. By virtue of a will Philippines in accordance with its laws
II. By operations of law c) Shares, obligations or bonds by any foreign corporation
III. By onerous transfer 75% of the business of which is located in the
a) I only c. I and III only Philippines
b) I and II only d. I, II and III d) Shares, obligations of bonds issued by any foreign
corporation if such shares, obligations or bonds have
10. An act whereby a person is permitted, with the formalities acquired a business situs in the Philippines
prescribed by law, to control to a certain degree the
disposition of his estate, to take effect after his death. 20. Lolo Sot, 95 years old, was diagnosed of various ailments on
a) Contract c. Will January 1, 2018. Motivated by thought of death, he decided
b) Trust d. Legacy to dispose all his properties to his children and relatives. He
executed a last will and testament disposing all his
11. The following are the elements of succession, except: properties in the Philippines to his children. On the same
a) Decedent c. Heir day, he made donations inter-vivos to his other relatives as
b) Estate d. Executor to his properties in the United States. Lolo Sot died a month
after disposing all his properties. Should the properties
12. Succession which results from the designation of an heir, donated by Lolo Sot to his other relatives be included in his
made in a will executed in the form prescribed by law is gross estate upon his death?
known as: a) No, because they were not his properties anymore at
a) Legal or intestate succession the time of death.
b) Testamentary succession b) Yes, because the donations were donations mortis
c) Mixed succession causa and should be governed by the rules on estate
d) Ordinary succession taxation.
c) No, if the donor’s tax had been paid already on the
13. The portion of the decedent’s estate which the law reserves donations.
to his compulsory heir is called: d) No, because they were not transfers in contemplation
a) Legitime c. Legacy of death, since the donations were not simultaneous
b) Free portion d. Bequest with the execution of the last will and testament.

14. Which of the following is a valid will?
a) That which reduces the legitime of compulsory heirs.
b) That which increase the share of one heir without
impairing the legitime of the other heirs .
c) That which transfer the legitime of one heir to the other
heir.
d) That which impair the legitime of compulsory heirs.
15. A person who inherits specific personal property thru a
will:
a) Devisee c. Heir
b) Legatee d. Successor
16. A person who inherits specific real property thru a will:
a) Devisee c. Heir
b) Legatee d. Successor
Gross Estate
17. One of the following is subject to estate tax on properties
situated within the Philippines on:
a) resident citizen c) non-resident citizen
b) resident alien d) non-resident alien
18. The personal properties of a non-resident, not citizen of the
Philippines, would not be included in the gross estate if:
a) The intangible personal property is in the Philippines
b) The intangible personal property is in the Philippines
and the reciprocity clause applies
c) The tangible personal property is in the Philippines
d) The personal property is shares of stock of a domestic
corporation 80% of whose business is in the
Philippines.
21. The following are subject to estate tax, except:
a) While still alive, the decedent donated property where
the donation will take effect at the time of his death.
b) The decedent transferred a property in the regular
course of the business operation.
c) The decedent donated a property with the condition
that he/she will enjoy the fruits of such while he/she is
still alive.
d) The decedent transferred a property to take effect after
his/her death
22. One of the following donations is not included in computing
gross estate:
a) Revocable transfers
b) Transfers with reservation of certain rights
c) Transfers under special power of appointment
d) Transfers in contemplation of death
23. Pedro, decedent, owns a property valued at P1,500,000 at
the time of his death. The said property was sold by Pedro
during his lifetime to Juan for P700,000 when its value was
P1,200,000. It was agreed by Pedro and Juan that the former
will enjoy the income of the property as long as he lives. For
estate tax purposes, how much will be included in
determining gross estate?
a) P500,000 c) P800,000
b) P1,200,000 d) P0
24. Based on the preceding number, if the fair market value of
the property at the time of death is only P600,000, how
much will form part of gross estate?
a) P500,000 c. P800,000
b) P1,200,000 d. P0

19. All of the following are considered intangible in the 25. Vlad died on October 20, 2018. During his lifetime, upon
Philippines, except: knowing that he had Stage 4 cancer, sold his Lamborghini
a) Franchise which must be exercised in the Philippines car to his son for P4,000,000. The fair market value of the
car at the time of sale is P3,000,000. However, it is already

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TAXATION | TAX.201—ESTATE TAX
valued at P5,000,000 at the time of death. The amount that
will be added to gross estate is:
a) P1,000,000 c. P2,000,000
b) P5,000,000 d. nil
26. Based on the preceding number, if the consideration is
fictitious, how much will form part of gross estate?
a) P1,000,000 c) P2,000,000
b) P5,000,000 d) nil
27. Which of the following life insurance proceeds shall NOT be
included in the computation of gross estate?
a) Beneficiary is the estate, executor or administrator and
the designation of the beneficiary is revocable
b) Beneficiary is the estate, executor or administrator and
the designation of the beneficiary is irrevocable
c) Beneficiary is other than the estate, executor or
administrator and the designation of the beneficiary is
revocable;
d) Beneficiary is other than the estate, executor or
administrator and the designation of the beneficiary is
irrevocable.
28. Part of the estate left by A are preference shares of
MERALCO. The shares are listed and traded in the
Philippine Stock Exchange. 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
quotation at the date nearest the date of death, if none
is available on the date of death itself.
b. The preference shares will be valued based on their
book value.
c. The preference shares will be valued based on their par
value.
d. The preference shares will be valued based on their fair
market value as determined by the Commissioner of
Internal Revenue
29. Binat died on April 13, 2018, leaving the following
properties:
Common stocks of Sunchamp Corporation (2,000 shares) -
listed in the Philippine Stock Exchange (highest - P40;
lowest - P39).
Common stocks of AgriNurture Corporation (1,500 shares)
- not listed in the stock exchange. Cost - P50 per share; book
value - P45 per share.
Preferred stocks of Greenergy Inc. (3,000 shares) – not
listed in the stock exchange. Cost - P70 per share; book
value - P60 per share; par value – P50 per share
Car (cost - P600,000; book value - P350,000; market value -
P400,000)
Real properties (zonal value - P120,000; assessed value -
P72,000)
The gross estate of Binat is –
a. P817,500 c) P824,000
b. P816,500 d) P846,500
30. Lina Lamay, Filipina, died in Syria leaving the following
properties:
House and Lot in Syria P1,000,000
Vacant Lot in Manila 2,000,000
Shares of stock in a domestic corp., 60% of 100,000
the business is located in the Philippines
University of St. La Salle
Shares of stock in a foreign corp., 70% of 200,000
the business is located in the Philippines
Car in Manila 500,000
How much is the gross estate?
a. P3,800,000 c. P2,500,000
b. P2,600,000 d. P2,000,000
31. Based on the preceding number, but assuming the decedent
is a non-resident alien, the gross estate is:
a. P3,800,000 c. P2,500,000
b. P2,600,000 d. P2,000,000
32. Continuing number 31 and the rule of reciprocity applies,
the gross estate is:
a. P3,800,000 c. P2,500,000
b. P2,600,000 d. P2,000,000
Exemptions and Exclusions from Gross Estate
33. Who among the following transferors is NOT liable for
estate tax on the property transferred during his lifetime?
a. The testator who bequeaths property to his heirs in a
last will and testament executed and probated during
his lifetime.
b. The donor who reserves his right to amend or revoke
the donation of property in favor of the donee.
c. The donee of an appointed property who is required
under a power of appointment to transfer such
property upon death to his eldest child.
d. The transferor of personal property who sold it for
insufficient consideration.
34. Statement 1: Estinelly devised in her will a piece of land;
naked title to Ronnie and usufruct to Roy for as long as Roy
lives, thereafter to Ronnie. The transmission from Estinelly
to Ronnie and Roy is subject to estate tax but the merger of
the usufruct and the naked title to Ronnie upon the death of
Roy is exempt.
Statement 2: Rodrigo devised in his will real property to his
brother Bongbong who is entrusted with the obligation to
preserve and transmit the property to Sarah, daughter of
Bongbong, when Sarah becomes of age. The transmission
from Bongbong to her daughter Sara is subject to tax.
a) Only statement 1 is correct
b) Only statement 2 is correct
c) Both statements are correct
d) Both statements are incorrect
35. 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 bequests, devises, legacies or transfers to social
welfare, cultural and charitable institutions
36. Which of the following should not be included in the
computation of gross estate?
a) Bank deposit subjected to 6% withholding tax
b) Transfer under general power of appointment
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TAXATION | TAX.201—ESTATE TAX
c) Both “a” and “b”
d) Neither “a” nor “b”
37. The list provided below is NOT included in the gross estate
of a decedent, 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
Property Relationship Between Spouses
38. Statement 1: In the absence of marriage settlements
executed before the marriage, the property relationship
between husband and wife shall be governed by local
custom and by the provisions of law, respectively.
Statement 2: If the parties entered into a marriage
settlement, then the property relationship agreed upon by
the parties, regardless of date of marriage, shall govern.
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 brought 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) That which is purchased with the exclusive property of
the wife.
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
Use the following data for the next two questions:
Pedro, married to Susan, died leaving the following:
Car acquired before marriage by Pedro P300,000
Car acquired before marriage by Susan 450,000
House and lot acquired during marriage 1,500,000
Jewelries of Susan purchased using her exclusive 100,000
funds
Personal properties inherited by Pedro during 250,000
marriage
Land inherited by Susan during marriage 1,000,000
Rental income on land inherited by Susan (25% 200,000
of which was earned after Pedro’s death)
Benefits from SSS 350,000
Retirement benefits 480,000
Proceeds of group insurance taken by Juan’s 175,000
employer
41. How much is the correct gross estate if the property
relationship is conjugal partnership of gains?
a) P1,950,000 c. P2,600,000
b) P2,200,000 d. P3,600,000
42. How much is the correct gross estate if the property
relationship is absolute community of property?
University of St. La Salle
a) P1,950,000 c) P2,600,000
b) P2,200,000 d) P3,600,000
Deductions
43. Which of the following is NOT a requisite in claiming
casualty losses in the determination of estate tax?
a) Not compensated by insurance
b) Not claimed as deduction for income tax purposes
c) Incurred not later than the last day for the payment of
the estate tax
d) None of the choices
44. Pido Dedu, a Filipino resident, died on November 5, 2018,
and his estate incurred losses:
First loss: from fire on November 2, 2019 of improvement
on his property, not compensated by insurance;
Second loss: from flood on December 25, 2019 of household
furniture also not compensated by insurance.
Which of the above losses is/are deductible?
a) First loss only c. Both losses
b) Second loss only d. Neither loss
45. The following data were taken from the estate of Oslo:
- Claims against Helsinki (insolvent), P100,000, fully
uncollectible.
- Claims against Denver (insolvent), P200,000, 50%
collectible.
- Claims against Arturo, who absconded, P300,000.
Based on the data provided, how much should be deducted
from Pedro’s gross estate?
a) P600,000 c) P200,000
b) P500,000 d) nil
46. Which statement is incorrect about claims 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.
47. Deductible claims against the estate or indebtedness in
respect of property may arise out of, except:
a) Contract
b) Tort
c) Operation of law
d) None of the choices
48. The following are the requisites in order for claims against
the decedent's estate may be deductible, except which one?
a) They must be the 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.
49. 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
then obtained a loan from Banco de Uro amounting to
1million pesos secured by a real property worth 2million
pesos to accommodate the request of Mr. Pobre. If after
obtaining the loan and delivery of the proceeds to Mr.
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Pobre, Mr. Rich died, how much gross estate should be b) P571,000 d) P637,617
reported?
a) P1,000,000 c) P3,000,000 55. If the decedent is married under the conjugal partnership of
b) P2,000,000 d) nil gains, vanishing deduction shall be chargeable against?
a) Exclusive Properties
50. Based on the preceding number, how much is the ordinary b) Conjugal Properties
deduction of the estate of Mr. Rich? c) Either Exclusive Properties or Conjugal Properties
a) P1,000,000 c. P3,000,000 d) Neither Exclusive nor Conjugal Properties
b) P2,000,000 d. nil
56. Which of the following statements is incorrect in connection
51. Which of the following is NOT deductible from the gross with family home?
estate of a decedent? a) Family home deduction shall be allowed only if such
I. Income taxes on income received after death family home is situated in the Philippines
II. Property taxes not accrued before death b) The total value of the family home must be included as
III. Estate Tax part of the gross estate of the decedent
a) I and II only c) All of the choices c) For purposes of availing family home deduction, a
b) II and III only d) None of the choices person may constitute only one family home
d) Family home deduction may not be lower than
52. Joby, a citizen of the Philippines and resident of Quezon City P10,000,000
died intestate on November 2, 2020. Among her gross
estate are properties acquired through public sale of 57. Nikki died on Nov. 1, 2018 leaving a family home composed
properties left by her father who died 4½ years ago. What of the following: Conjugal house worth P8,000,000, and the
percentage of deduction will be used in computing the land which she exclusively owned valued at P4,000,000. She
amount of vanishing deduction? also owns a vacation house in Baguio worth P7,000,000.
a) 60% c) 20%
b) 40% d) nil The deductible amount of family home is:
a) P8,000,000 c) P4,000,000
53. Mr. Sabillo, resident decedent, married, died, leaving the b) P12,000,000 d) P10,000,000
following properties:
Real and personal properties acquired P 3,000,000 58. Based on the preceding number, if the house is also an
during the marriage exclusive property, how much is the deductible family home
House and lot inherited from his father 2,000,000 allowance?
one year and 3 months before he died a) P8,000,000 c) P4,000,000
(FMV when inherited, P1,500,000) used b) P12,000,000 d) P10,000,000
as the decedent's family home
Car purchased with cash received as gift 500,000 59. The following statements are correct regarding standard
from his mother during the year he died deduction, except:
Cash (inclusive of P500,000 received as 1,500,000 a) A deduction in the amount of P5,000,000 shall be
inheritance from the father) allowed to a resident or citizen decedent as an
additional deduction without need of substantiation.
The following obligations and expenses were also made b) Standard deduction is not allowed to decedents who
available: are non-resident aliens.
Claims against conjugal properties P600,000 c) Standard deduction is not considered in computing
Unpaid mortgage on the inherited house and 100,000 share of the surviving spouse
lot (original mortgage was for P600,000) d) None of the above

How much is the vanishing deduction? 60. All of the following, except one, are not deductible from the
a) P1,530,000 c) P1,000,000 gross estate of a non-resident alien:
b) P1,080,000 d) None of the choices a) Standard deduction
b) Death benefits under RA 4917
54. Vice died on November 20, 2018. Some of the properties he c) Family home allowance
left are the following: d) None of the choices
Mode Market Value
of Date Date Date of 61. One of the following cannot be claimed as deduction from
Asset Acquisition Acquired Acquired Death the gross estate of a non-resident alien decedent:
Land Purchase 7-3-14 500,000 350,000 a) Vanishing deduction
Car Donation 10-2-17 800,000 980,000 b) Family home allowance
c) Share of surviving spouse
Other information: d) Transfer for public use
a) The gross estate of the decedent amounts to
P3,000,000. 62. Kenshin, non-resident Japanese, died on May 1, 2018
b) The car was mortgaged for P50,000 when it was leaving the following:
acquired and Vice paid the same before he died. Exclusive properties, Philippines P5,600,000
c) The allowable deductions totaled P325,000, which Conjugal properties, Philippines 4,200,000
includes judicial expenses of P30,000 and funeral Conjugal properties, Abroad 18,200,000
expenses of P150,000. Claims against insolvent persons 1,000,000
Funeral expenses 200,000
The vanishing deduction is – Judicial expenses 850,000
a) P581,000 c) P648,783 Claims against the estate 1,500,000

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TAXATION | TAX.201—ESTATE TAX University of St. La Salle

Losses: occurring 8 mos. after death due 1,700,000

to fire 69. In case of a resident decedent, the administrator or executor
Donation mortis causa to Makati City Hall 1,800,000 shall register the estate of the decedent and secure new TIN
Family Home, located abroad 10,000,000 from the
Standard deduction 10,000,000 a) Office of the Commissioner.
b) RDO where the administrator or executor is registered.
The taxable net estate is: c) RDO where the decedent was domiciled at the time of
a) P5,165,000 c) P4,165,000 his death.
b) P4,665,000 d) P21,000,000 d) Duly authorized treasurer of the city or municipality
where the decedent is domiciled at the time of his
63. If decedent is a Filipino citizen, the taxable net estate is: death.
a) P11,490,000 c) P4,100,000
b) P12,645,000 d) P7,900,000 70. Can the estate tax be paid in installment?
a) Yes, in case the available cash of the estate is not
Tax Credit sufficient to pay its estate tax liability.
b) Yes, at the option of the heirs with corresponding
64. In computing estate tax, which of the following shall not be interest charges.
allowed to claim tax credit for taxes paid abroad? c) No, tax is the lifeblood of the State, hence, collection
a) Resident alien decedent cannot be delayed under any circumstance.
b) Non-resident alien decedent d) None of the above
c) Resident citizen decedent
d) Non-resident citizen decedent 71. Statement 1: If a bank has knowledge of the death of a
person, who maintained a bank account alone, or jointly
Next two (2) questions are based on the following: with another, it shall allow the withdrawal from said
A citizen-decedent died in 2020 with the following data: deposit account, subject to a final withholding tax of 6% of
Philippines USA the amount to be withdrawn, provided, that the withdrawal
Gross Estate P14,200,000 P4,400,000 shall only be made within one year from the date of said
Allowable Deductions 6,400,000 2,200,000 decedent.
(excluding standard Statement 2: In all cases, the final tax withheld shall not be
deduction) refunded, or credited on the tax due, on the net taxable
Estate tax paid - 150,000 estate of the decedent.
a) Only statement 1 is correct
65. How much is the estate tax payable in the Philippines b) Only statement 2 is correct
assuming the decedent is a non-resident citizen? c) Both statements are correct
a) P168,000 c. P150,000 d) Both statements are incorrect
b) P132,000 d. P300,000
72. Which of the following statements is correct?
66. How much is the estate tax payable in the Philippines a) There shall not be transferred to any new owner in the
assuming the decedent is a non-resident alien? books of any corporation, sociedad anonima,
a) P168,000 c. P150,000 partnership, business, or industry organized or
b) P438,000 d. P300,000 established in the Philippines any share, obligation,
bond or right by way of gift inter-vivos or mortis causa,
Compliance Requirements legacy or inheritance, unless an eCAR is issued by the
Commissioner or his duly authorize representative.
67. Lola Trining died in 2019 leaving a gross estate amounting b) In instances where the deposit accounts have been duly
to P150,000 only. No estate tax is due based on the Tax included in the gross estate of the decedent and the
Code, as amended. The gross estate is composed of a estate tax due thereon paid, the executor,
second-hand car worth P80,000, shares of stocks valued at administrator, or any of the legal heirs shall present the
P50,000 and P20,000 time deposit. The administrator eCAR issued for the said estate prior to withdrawing
believes that only notice of death should be filed since the from the bank deposit account.
value of the gross estate is exempt from tax. What will you c) The withdrawal describe in letter b shall no longer be
tell him? subject to the 6% withholding tax by the bank.
a) Notice of death and estate tax return have to be filed. d) All of the above
b) Only notice of death is required.
c) Neither notice of death nor estate tax return need to be 73. In filing the estate tax return under the TRAIN Law, a CPA
filed in this particular case. certificate is required when:
d) Only estate tax return has to be filed. a) Gross estate exceeds P2,000,000
b) Gross estate exceeds P5,000,000
68. Statement 1: Any amount paid beyond the statutory due c) Gross estate exceeds P10,000,000
date of the tax, but within the extension period, shall be d) Gross estate reaches P2,000,000
subject to interest but not to surcharge.
Statement 2: No extension for payment of estate tax shall 74. A died leaving a house and lot to B on March 31, 2018 which
be granted where the request for extension is by reason of was questioned by C and it is under litigation but,
negligence, intentional disregard of rules and regulations, subsequently, the parties executed an extra-judicial
or fraud on the part of the taxpayer. settlement. The last day for filing the estate tax return is
a) Only statement 1 is correct a) April 30, 2018 c) September 30, 2018
b) Only statement 2 is correct b) April 30, 2019 d) March 31, 2019
c) Both statements are correct
d) Both statements are incorrect

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75. The last day for the payment of estate tax may be extended, a) March 31, 2021 c. September 30, 2019
until; b) September 30, 2021 d. March 31, 2024

- END -

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