True or false?In practice, the estate tax applies to all people who leave inheritances to their beneficiaries, no matter how large or small.Select the correct answer below:TrueFalse

Inheritance taxes are imposed only by the state governments.Group of answer choicesTrueFalse

True or False QuestionTrue or false: If you itemize your deductions, you can deduct contributions made to charities and amounts paid for real estate taxes.True false question.TrueFalse

Distinguish between donor’s tax and estate tax

Look up the intestacy laws in your state/country.  Where will your assets go if you had a spouse and children when you passed?  Had a spouse but no children?  Had children but no spouse? If you were single with no kids? In North Carolina, the following applies if you die without a will:If you die with:here’s what happens:children but no spousechildren inherit everythingspouse but no descendants or parentsspouse inherits everythingspouse and one child or descendants of one childspouse inherits 1/2 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $60,000 or less, your spouse inherits all of it; if you have more than $60,000 worth of personal property, your spouse inherits $60,000 plus 1/2 of the balance)child or descendants inherit 1/2 of your intestate real estate and any intestate personal property remaining after the spouse’s sharespouse and two or more children or descendants of those childrenspouse inherits 1/3 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $60,000 or less, your spouse inherits all of it; if you have more than $60,000 worth of personal property, your spouse inherits $60,000 plus 1/3 of the balance)children or descendants inherit 2/3 of your intestate real estate and any intestate personal property remaining after the spouse’s sharespouse and parentsspouse inherits 1/2 of your intestate real estate and a portion of your intestate personal property (if you die with personal property worth $100,000 or less, your spouse inherits all of it; if you have more than $100,000 worth of personal property, your spouse inherits $100,000 plus 1/2 of the balance)parents inherit 1/2 of your intestate real estate and any intestate personal property remaining after the spouse’s shareparents but no spouse or descendantsparents inherit everythingTo find this information for North Carolina, I went to Google and typed in "North Carolina probate code intestate succession.”  I then chose this site: https://www.nolo.com/legal-encyclopedia/intestate-succession-north-carolina.htmlLinks to an external site.

On which situation does the designation of the beneficiary is considered irrelevant in determining whether or not the proceeds from life insurance should be included as part of the gross estate of the decedent?Select one:a.When the designation is irrevocableb.When the designation is revocablec.When the beneficiary is the decedent himselfd.When the beneficiary is a third personClear my choiceQuestion 22Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich properties or transfers are not exempt from estate tax under a special law?Select one:a.The transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryb.The transmission from the first heir, legatee, or done in favor of another beneficiary in accordance with the desire of the predecessorc.Grants and donations to the Intramuros administrationd.The merger of the usufruct in the owner of the naked titleClear my choiceQuestion 23Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is/are TRUE?I. An individual subject to execise tax is also subject to value-added tax.II. An individual subject to value-added tax is also subject to percentage tax.Select one:a.II onlyb.Both statements are incorrectc.I and IId.I only Clear my choiceQuestion 24Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?Select one:a.Expenses, losses, indebtedness, and taxesb.Property previously taxedc.Share of surviving spouse in the net conjugal estated.Standard deductionClear my choiceQuestion 25Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following acquisitions or transfers of properties is deemed taxable under estate taxation?Select one:a.All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutionsb.Transmission from the first heir or done in favor of another beneficiary in accordance with the desire of the predecessorc.Transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryd.The merger of u usufruct in the owner of the naked titleClear my choiceQuestion 26Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not an example of good or properties?a.patentb.Doctor`s visitsc.trademarkd.copyrightClear my choiceQuestion 27Not yet answeredMarked out of 1.00Flag questionTipsQuestion textLetty is a restaurant owner. What business tax is due on his business?Select one:a.Caterer's taxb.Value added taxc.Common carrier's taxd.Broker's taxClear my choiceQuestion 28Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDon Bodgie, a Filipino decedent, left the following properties:   I. Car, Manila  -- Php 275, 000   II. House and lot, Manila – Php 3, 500, 000   III. Shares of stocks, Chicago, USA – Php 125, 000   IV. Accounts receivable, insolvent debtor – Php 100, 000   V. Accounts receivable, with situs in the USA – Php 150, 000   VI. Amount received by heirs from decedent’s employer under R.A. 4917 – Php 200, 000What is the taxable gross estate?Select one:a.Php 4, 150, 000b.Php 4, 350, 000 c.Php 4, 150, 000 d.Php 3, 900, 000 Clear my choiceQuestion 29Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt is the transfer, use or consumption not in the course of business of goods or properties originally intended for sale or for use in the course of businessa.Transactions Deemed Saleb.Consultative Sellingc.Insight Sellingd.Social SellingClear my choiceQuestion 30Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT a requisite for casualty losses to be allowed as deduction from gross estate?Select one:a.Not fully compensated for by insurance and not claimed as deduction in the decedent's income tax returnb.Must be incurred during the settlement of the estate but not later than the last day as required by the law for the payment of estate tax duec.Must be arising from fire, storms, shipwreck or other casualties or from robbery, theft or embezzlementd.Fully compensated for by insurance and claimed as deduction in the decedent's income tax return