Jhonny Boi died. He is succeeded by only 2 heirs, his wife Marites, and his son Kalook. Marites renounced her share in the hereditary estate and the community property in favor of Klook. Is the renunciation subject to the donor's tax? O No, the whole renunciation is exempt from donor's tax O Yes, but only with respect to the wife's share in the community property O No, but the renunciation of the hereditary estate shall be subject to donor's tax
Jhonny Boi died. He is succeeded by only 2 heirs, his wife Marites, and his son Kalook. Marites renounced her share in the hereditary estate and the community property in favor of Klook. Is the renunciation subject to the donor's tax? O No, the whole renunciation is exempt from donor's tax O Yes, but only with respect to the wife's share in the community property O No, but the renunciation of the hereditary estate shall be subject to donor's tax
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 46P
Related questions
Question
Is the renunciation subject to the donor's tax?
Transcribed Image Text:Jhonny Boi died. He is succeeded by only 2 heirs, his wife Marites,
and his son Kalook. Marites renounced her share in the hereditary
estate and the community property in favor of Klook. Is the
renunciation subject to the donor's tax?
No, the whole renunciation is exempt from donor's tax
Yes, but only with respect to the wife's share in the community property
O No, but the renunciation of the hereditary estate shall be subject to
donor's tax
Yes, the whole renounciation is subject to donor's tax for it was made in
favor of a specific person to the exclusion of others.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT