Bam 208 P1 (Q2)
Bam 208 P1 (Q2)
Bam 208 P1 (Q2)
2. Assume Mr. X died on Nov. 1, 2018, how much is the funeral expense that can be
claimed
in computing the taxable net estate?
B. P250,000
C. P200,000
D. nil
3. Mr. X, a citizen of the Philippines and resident of Iloilo City, died testate on May 10,
2018.
Among his gross estate were properties inherited from his deceased father who died on
April 4,
2014. What percentage of the deduction would be used in computing the amount of
vanishing
deduction?
A. nil
B. 20%
C. 40%
D. 60%
4. If the decedent died before 2018, the estate tax return should be filed
A. At the time of death
B. Within 30 days after death
C. Within six months after death
D. Within one (1) year after death
5. The following statements are correct regarding standard deduction under the TRAIN
LAW,
except.
A. A deduction in the amount of P5,000,000 shall be allowed as an additional deduction
without need of substantiation.
B. The full amount of P5,000,000 shall be allowed as deduction for the benefit of the
decedent.
C. Standard deduction is not allowed to decedents who are non-resident aliens.
D. None of the above
6. Statement 1: Estate Tax credit refers to the taxpayer's right to deduct from the tax
due the
amount of tax it has paid to a foreign country.
Statement 2: Estate Tax credit could be claimed as a deduction if such taxes pertain to
properties which are not included in the gross estate for Philippine estate tax
computation.
A. Only statement 1 is correct
B. Only statement 2 is correct
C. Both statements are correct
D. Both statements are incorrect
7. If the decedent died on or after January 1, 2018, the estate tax return should be filed
A. At the time of death
B. Within 30 days after death
C. Within six months after death
D. Within one (1) year after death
8. Decedent died leaving a family home composed of the following; House, conjugal
property worth P800.000, and the land in which he exclusively owned valued at
P400.000.
He also owns a vacation house in Baguio worth P700,000.The deductible amount of
family home:
A. 1,900,000
B. 1,200,000
C. 1,000,000
D. 800.000
Obligations:
Funeral expenses incurred in Canada 250,000
Other deductible expenses 650,000
The deduction for family home is –
A. P2.500,000
B. P1,250,000
C. P1,000,000
D. None
10. Bibo, single and a resident citizen, died with properties constituting his gross estate
of
P8,000,000. Actual funeral expenses amounted to P150,000 and other charges against
the estate amounted to P210,000. The net taxable estate is (RPCPA)
A. 7,790,000
B. 7,640,000
C. 6,790,000
D. None of these
Use the following data for the next two (2) questions:
Indebtedness to:
Government (unpaid taxes) 40,000
Mr. Dela Cruz 80,000
Other Creditors 20,000
The deductible claims against insolvent person is
A. P29,285
B. P32,000
C. P80,000
D. None of these
14. Mr. Nama Tay died on November 20, 2018. Some of the properties he left are the
following:
Market Value Mode of Acquisition Date Acquired Date Acquired Date of Death
Land Purchase 7-3-14 500,000 350,000
Car Donation 10-2-17 800,000 980,000
Other information:
The gross estate of the decedent amounts to P3,000,000.
The car was mortgaged for P50,000 when it was acquired and Mr. Nama Tay paid the
same is before he died.
The allowable deductions totaled P325,000, which includes judicial expenses of
P30,000
and funeral expenses of P150,000.
The vanishing deduction is –
A. P581,000
B. P571,000
C. P648,783
D. P637,617
Use the following data for the next two (2) questions:
The following information were from the estate of a married citizen decedent who died
on June 2020
Property:
Family home 12,000,000
Domestic shares inherited 6 years ago during marriage 6,000,000
Bank deposit, representing dividend earned during marriage 1,000,000
Jewelry received as gift 8 years ago during marriage 1,000,000
Expenses:
Claim against the estate 4,000,000
Funeral expenses 1,000,000
Judicial 500,000
Medical expenses 1,500,000