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- 59 S1 - Estate tax is a tax on the transfer of estate upon death by the decedent to his beneficiaries. S2 - In all types of decedents, the basis of estate tax is net estate or net taxable estate. Group of answer choices Both are false S2 is true S1 is true Both are trueESSAY QUESTION NO. 02 Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?Question #5 of 85 Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) He will avoid gift tax liability by titling the property this way. B) The property will pass to his parents outside of probate. C) The property will receive a step-up in basis when his parents die. D) His parents will have a life estate in the property if he predeceases them.
- 45 1. S1 – nicanor sold his house and lot for Php 5,000,000.00 which is the fair market value of the property. Upon his death, no amount attributable to the property will form part of the estate. S2 – standard deduction is automatic and requires no proof Both are false Both are true S1 is true S2 is true 2. S1 – in claiming insolvency, the fact must be proven and not merely alleged. S2 – Nicanor died, his total gross estate amounted to Php 5 million. A certification by an independent certified public accountant shall be required Both are true S2 is true S1 is true Both are falseQuestion #24 of 85 Question ID: 1251785 To avoid probate, Art is contemplating the transfer of his bond portfolio to an irrevocable trust. He will retain the right to the income from the trust for a specified term of years, after which the principal is to be distributed to his grandchildren. Which of the following statements correctly describe the tax implications of the intrafamily transfer to a grantor retained income trust (GRIT) that Art is considering? Regardless of when Art dies, the total value of the trust at the time of his death will be included in his gross estate. Art is entitled to a gift tax annual exclusion for the present value of the interest that he irrevocably transferred to his grandchildren. For purposes of calculating the gift tax value, Art's retained income interest has a value of zero; therefore, he will have gift tax liability based on the total value of the assets transferred into trust. All income earned by the trust is taxable to Art each year.…MULTIPLE CHOICE 1. In determining whether the taxability of the income is derived from within or without:a. The source of the income is taken into considerationb. The income itself and not the sourcec. The location of the propertyd. All of the above 2. Jessie is a non-VAT seller of goods. Since he has no official receipts or invoices to support hisexpenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return,he intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type ofscheme:a. Capitalizationb. Shiftingc. Evasiond. Avoidance
- Question 17 The gift tax is an excise tax on the right of one person to transfer his/her property to another person and the tax must be paid by the donee. True False Question 18 True or False. One of the purposes of the gift tax, now known as the inter vivos transfer tax, is to prevent people from avoiding the estate tax by giving away their property before death. True False Question 19 The formula for computing the federal gift tax payable on taxable gifts made in 2020 has the following steps: 1. Calculate the tax on all taxable gifts. 2. Calculate the tax on all taxable gifts made in years prior to 2020. 3. Subtract the number calculated in step 2 from the number calculated in step 1. 4. Subtract the donor's unused gift tax unified credit from the number calculated in step 3. True False#54 of 85 Question ID: 1251845 Last year, your client and his wife gave their adult son a one-third interest in a commercial office building. Each has a one-third interest as tenants in common. If your client dies while still owning the property as a tenant in common, an estate tax implication of this form of property ownership is that A) one-third of the value of the property will be included in your client's gross estate. B) one-half of the value of the property will be included in your client's gross estate. C) the entire value of the property will be included in your client's gross estate because his estate cannot prove contribution by the other tenants in common. D) your client's estate will be entitled automatically to a marital deduction of one-half of the date-of-death value.Question 2 During the year ended 5 April 2022 Eric (a higher rate taxpayer) disposed of the following asset: (a) A small cottage in Devon which he had inherited in August 1988 when its value was £20,000 and he subsequently used as a holiday cottage for his own use. In September 1989 he had added a conservatory to the property at a cost of £3,500. Eric did not use the cottage as his main residence at any stage, and he sold it for £225,000 in July 2021. Eric incurred legal and estate agent’s fees of £1,500 on the disposal of the property. (b) A vacant 8-hectare plot of land for £52,800 in February 2022. The plot was part of a 12-hectare plot originally bought by Eric for £31,700 in October 1988 and not used by him as a business asset nor is it associated with a residential property. Incidental costs of disposal were £1,300. The remaining 4-hectare plot was valued at £22,000 in February 2022. © Eric sold a motor car for £18,400. The car was purchased in January 2012 for £17,800.…
