Which is FALSE in partial disposition of estate? Group of answer choices The estate is still required to file the estate tax return within the prescriptive period In case of failure to pay, total estate tax due shall be immediately due and demandable without penalties if taxpayer has justifiable reason The taxpayer is required to execute an undertaking that the proceeds shall be exclusively used for the payment of estate tax The BIR may allow the sale of a portion of property without payment of estate tax provided the proceeds shall be used for the payment of estate tax

Which is FALSE in partial disposition of estate? Group of answer choices The estate is still required to file the estate tax return within the prescriptive period In case of failure to pay, total estate tax due shall be immediately due and demandable without penalties if taxpayer has justifiable reason The taxpayer is required to execute an undertaking that the proceeds shall be exclusively used for the payment of estate tax The BIR may allow the sale of a portion of property without payment of estate tax provided the proceeds shall be used for the payment of estate tax

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 6BCRQ

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In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.
Which is FALSE in partial disposition of estate? O The taxpayer is required to execute an undertaking that the proceeds shall be exclusively used for the payment of estate tax O In case of failure to pay, total estate tax due shall be immediately due and demandable without penalties if taxpayer has justifiable reason O The estate is still required to file the estate tax return within the prescriptive period The BIR may allow the sale of a portion of property without payment of estate tax provided the proceeds shall be used for the payment of estate tax
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 true
3-Which one of the following tax is payable by executors on the value of the estate of a deceased person? a. Inheritance tax b. Property tax c. Capital gain tax d. None of the options
Select one of choices (estate tax, inheritance tax, and gift tax) for the blank. ( ) is a tax on the right to receive property from a decedent. ( ) is a tax levied on the right to transfer property during a taxpayer’s lifetime. ( ) is a tax that imposed on the right to pass property at death. ( ) is imposed on transfers made during the owner’s life time. ( ) is imposed on the transferor at death. ( ) is imposed on the recipient.
24 These statements are presented to you for evaluation:Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor.Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.
Which is false? a. The estate tax is computed based on the net estate or taxable estate. b. The net estate is determined by subtracting from the gross estate the deductions authorized by law. C. Both a" and D d. Neither a" nor "b"
ESSAY QUESTION NO. 01 Which among the items mentioned below reduces the gross value of the estate but not the net value of the estate of a citizen of the Philippines for purposes of Estate Taxation? Explain. Transfer for Public Purpose, Property Previously Taxed (Vanishing Deduction), Life Insurance, or Capital of the Surviving Spouse
Why might real estate be omitted from an inventory of estate property? Choose the correct.a. Real estate is subject to a separate inheritance tax.b. State laws prohibit real property from being conveyed by an estate.c. State laws require a separate listing of all real estate.d. In some states, depending on the ownership, real estate is considered to be conveyed directly to a beneficiary at the time of death.
under what circumstances are property taxes and certain other expenses owed at death deductible on both form 706 and form 1041? a. the decedent's will did not provide instructions b. the amounts owed were paid by the estate, but could have been deducted on the decedent's return if they had been paid prior to death. c. the amounts owed were also simultaneously deducted on the decedent's final return. d. the amounts due were paid by the decedent prior to death but the payments were not received until after the decedent had passed away.
25 The statements are presented to you for evaluation:Statement I – The renunciation by the surviving spouse of his/her share in the estate of the deceased spouse in favor of all their legitimate children shall be exempt from the donor’s tax.Statement II – Donations made between spouses are void except when they were made on the occasion of a family rejoicing and the amount is moderate.In your evaluation of the foregoing statements: Group of answer choices Both statements are false. Only Statement I is true. Only Statement II is true. Both statements are true.
Which one of the following will result from the spouse of a decedent making a qualified disclaimer of property? A) It results in a taxable gift of the property by the disclaimant. B) The property is excluded from the disclaimant's gross estate. C) The property is probated in the disclaimant's estate. D) The spouse will have to report any income earned by the property prior to the disclaimer.