Estate Tax and Succession Quiz

Which of the following is true about a holographic will?

• It can be made before the preparation of the original will

• It can only be made by the family of the testator

• It is not a valid form of will

• Notarization is not required,

What is one of the primary compulsory heirs?

• Siblings of the decedent

• Surviving spouse

• Grandnephew of the decedent

• Cousins of the decedent

When does inheritance take place?

• Upon the approval of the family

• Upon the death of the decedent

• Upon actual possession of the property

• Upon the drafting of the will

What is the estate tax rate effective January 1, 2018?

• 6%

• 10%

• 8%

• 4%

What is the primary responsibility to file and pay the estate tax?

• The lawyer of the decedent

• Any of the heirs

• The government

• Executor or administrator

What is the time of filing the estate tax return?

• Within 5 years from the decedent's death

• Within 1 year from the decedent's death

• Within 6 months from the decedent's death

• Within 2 years from the decedent's death

What is the classification of decedents for estate tax purposes?

• Non-resident Alien only

• Resident Alien only

• All of the above

• Citizens only

What is the theory justifying the imposition of estate tax based on the ability to pay?

• Benefit-received theory

• Privilege or state partnership theory

• Ability to pay theory

• Redistribution of wealth theory

What is included in the gross estate of a decedent?

• None of the above

• Both real and personal property

• Only personal property

• Only real property

What is the situs of receivables for estate tax purposes?

• Location of the property

• Residence of the debtor

• Location of the decedent's home

• Location of the depository bank