TAX. M-1401 Estate tax Basic Terminologies DOCX

Title	TAX. M-1401 Estate tax Basic Terminologies
Author	J. Montealegre
Pages	26
File Size	48.2 KB
File Type	DOCX
Total Downloads	61
Total Views	240

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TAX. M-1401 Estate tax Basic Terminologies 1. 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 efect after his death. A. will C. legitime B. Succession D. device 2. The person whose property is transmitted through succession, whether or not he left a will. A. successor C. legatee B. heir D. decedent 3. The person called to the succession, either by the provision of a will or by operation of law. A. Heir C. devisee B. legatee D. decedent 4. Succession which results from the designation of an heir, made in a will executed in the form prescribe by law. A. Testamentary C. intestate succession B. mixed succession D. legal succession 5. Transmission of properties where there is no will, or if there is a will, the same is void or nobody succeeds in the will. A. testamentary succession C. legal succession B. mixed succession D. escheat 6. Transmission of properties which is efected partly by will and partly by operation of law. A. testamentary succession C. legal succession B. mixed succession D. intestate succession 7. An heir to a particular personal property given by virtue of will. A. Legacy C. devisee B. successor D. legatee 8. An heir to particular real property given by virtue of will. A. devise C. successor B. devisee D. legatee 9. Part of the testator's property which he cannot dispose of because the law has reserved it for certain heirs who are called compulsory heirs. A. legitimate C. free portion B. legitime D. estate 10.A will which is entirely written, dated and signed by the testator. A. hieloglyphics C. holocaust B. holographic D. own will Problem 1 Liwayway died leaving the fo;;owing properties: a. House and lot in the Philippines (mortgaged for P300,000) 1,250,000 b. Condominium unit in Hongkong 1,000,000 c. Car in Philippines 70,000 d. Car in Hongkong 60,000 e. Franchise exercised in the Philippines 300,000 f. Franchise exercised in New York, USA 25,000 g. Domestic shares, certifcate kept in New York, USA 55,000 h. Foreign shares, 90% of business in the Philippines 60,000 i. Foreign shares, 30% of business in the Philippines, with business situs in the Philippines. 15,000 j. Foreign shares, 60% of business in the Philippines 75,000...