Chapter 1 Succession and Transfer Taxes Part 3 PDF

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Estate a. Is the sum of all the property of a deceased individual which are available for disposition to his heirs, successors or beneficiaries, represented by an executor or administrator as the case may be. b. Is a person designated in the last will and testament to carry out the provisions of the...

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10. Estate a. Is the sum of all the property of a deceased individual which are available for disposition to his heirs, successors or beneficiaries, represented by an executor or administrator as the case may be. b. Is a person designated in the last will and testament to carry out the provisions of the decedent's will. c. Is a person who performs a fiduciary duty such as taking care of the decedent's estate prior to final disposition to the heir(s). d. Is a person appointed by the court and performs the same duty, in lieu of an executor, if the latter refused to accept the appointment, failed to qualify under the law or the last will and testament did not appoint one. 11. Statement 1: Inheritance refers to all the property, rights and obligations of a person which are not extinguished by death and all which have accrued thereto since the opening of succession. Statement 2: Rights which are purely personal are not transmissible for they are extinguished by death. a. Statements 1 & 2 are false b. Statement 1 is true but statement 2 is false c. Statement 1 is false but statement 2 is true d. Statements 1 and 2 are true 12. Which is not true about inheritance? a. Inheritance includes property, rights, and obligations of a person that have accrued since the opening of the succession. b. Inheritance includes devise and legacy. c. Inheritance includes property, rights, and obligations extinguished by a person's death. d. Inheritance includes property, rights, and obligations of a person existing at the time of death. 13. Heirs, for estate tax purposes are classified as I. Voluntary heirs II. Compulsory heirs III. Legal or intestate heirs a. T only b. T and Il only c. All of the above d. None of the above 14. Heir who inherits personal property by will is known as: a. Devisee b. Legatee c. Compulsory heir d. Donee 15. Which of the following is not a compulsory heir? a. Legitimate children and descendants, with respect to their legitimate parents or ascendants

b. In default of letter a, legitimate parents or ascendants, with respect to their legitimate children or descendants c. Widow or widower d. Relative by affinity 16. The compulsory heirs are classified as: I. Primary - legitimate children and/or descendants II. Secondary - legitimate parents and/or ascendants; illegitimate Parents III. Concurring - surviving spouse; illegitimate children and/or descendants a. I only b. I and Il only c. All of the above d. None of the above 17. A person appointed by the testator to carry out the provisions of the will is called: a. Administrator b. Executor c. Enforcer d. Beneficiary Classification of Succession 18. Which of the following could legally effect transfer of properties through succession? a. By virtue of a will b. By operations of law c. By onerous transfer d. By both a and b 19. Which among the following are the kinds of succession? I. Testamentary or testate succession II. Legal or intestate succession III. Mixed succession a. I only b. I and Il only c. All of the above d. None of the above 20. Succession which results from the designation of an heir, made in a will executed in the form prescribed by law is known as: a. Legal or interstate succession b. Testamentary succession c. Mixed succession d. Ordinary succession....