The heirs are allowed to withdraw from the decedent’s bank account withoutpresenting proof of payment of the estate tax, i.e., eCAR issued by the CIR or his duly authorizedrepresentative, provided the withdrawal will be subjected to a final withholding tax of six percent(6%)oftheamount tobewithdrawn.
The heirs are allowed to withdraw from the decedent’s bank account withoutpresenting proof of payment of the estate tax, i.e., eCAR issued by the CIR or his duly authorizedrepresentative, provided the withdrawal will be subjected to a final withholding tax of six percent(6%)oftheamount tobewithdrawn.
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 6BCRQ
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Question
First Statement – The heirs are allowed to withdraw from the decedent’s bank account withoutpresenting proof of payment of the estate tax, i.e., eCAR issued by the CIR or his duly authorizedrepresentative, provided the withdrawal will be subjected to a final withholding tax of six percent(6%)oftheamount tobewithdrawn.Second Statement - Cash in bank, withdrawn within 1 year from the death of the decedent, and subjected to the 6% withholding tax, is nolonger required to be added in the grosse state in the course of filing the estate tax return.
a. True,True
b. True,False
c. False,False
d. False, True
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT