Estate and Donor's Taxation Quiz Part 2

What is the kind of donation that is made between living persons and is subject to donor's tax?

• Donation inter vivos

• Donation mortis causa

• Transfers in contemplation of death

• Revocable transfers

When is the estate tax payable within?

• 5 years

• 2 years

• 1 year

• 30 days

What is the nature of a donation mortis causa?

• It is revocable

• It is subject to donor's tax

• It is made between living persons

• It takes effect upon the death of the donor

What is the purpose of vanishing deductions in estate taxation?

• To reduce the estate tax rate

• To exempt certain properties from the gross estate

• To maximize the estate tax payable

• To minimize the effects of a double tax on the same property within a short period of time

What is the maximum amount deductible for a family home in estate taxation?

• P10 million

• P20 million

• P5 million

• P1 million

What is the rate of donor's tax?

• 6%

• 5%

• 7%

• 4%

What is the exemption amount for gifts made to non-profit institutions?

• P100,000

• P300,000

• P250,000

• P200,000

When is the valuation date for the gross estate in estate taxation?

• Date of death of the decedent

• Date of retirement of the decedent

• Date of birth of the decedent

• Date of marriage of the decedent

What is the tax credit for estate tax paid to a foreign country available for?

• Non-resident aliens

• Resident citizens

• No one

• Both non-resident aliens and resident citizens

What is the primary obligation of the executor or administrator in estate taxation?

• To pay the estate tax

• None of the above

• To file the estate tax return

• Both to file the estate tax return and to pay the estate tax