Which is NOT necessary for vanishing deductions to be allowed as deductions from the gross estate of a decedent?Select one:a.The property previously taxed must have been identified as the one originally received or one which was received in exchange thereof.b.The donor's tax or estate tax on the property previously taxed must have been paid before the death of the current decedent.c.The said property must be received by the current decedent within five (5) years before his death.d.The said property must be received by the current decedent five (5) years after the death of the prior decedent.Clear my choice

Which is NOT a major class of deduction from the gross estate of a resident decedent?Select one:a.Vanishing deductionb.Retirement benefits received by the heirs under RA 4917c.Judicial expensesd.Medical expenses

Which is NOT a requisite for claims against the estate to be deductible from the gross estate?Select one:a.They must be reasonably certain in amount.b.They were conducted in good faith.c.They must be existing against the estate.d.They must be contracted within three (3) years before the death of the decedent.

Which is NOT a requisite in order that claims against the decedent's estate may be deductible?Select one:a.They must be enforced by the claimants.b.They must be existing against the estate.c.They must be reasonably certain as to amounts.d.They must have been prescribed.

Which is not included as part of gross estate for purposes of determining the net estate subject to estate tax?Select one:a.Conjugal assets of the spousesb.Exclusive assets of the decedentc.Share of decedent in properties jointly owned with a third persond.Capital of the surviving spouseClear my choiceQuestion 32Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich deductions from the gross estate is allowable provided that the amount shall not be over Php 1,000,000?Select one:a.Standard deductionsb.Family home allowancec.Funeral expensesd.Medical expensesClear my choiceQuestion 33Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDone not involving, occurring in, or forming part of a legal proceedinga.Sociedad Anonimab.Inter vivosc.Mortis causad.ExtrajudiciallyClear my choiceQuestion 34Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe following are the amounts of total invoice  costs/prices:Mr. A, a non-VAT taxpayer, sells to Mr. B, a VAT taxpayer   Php 27, 500Mr. B, a VAT taxpayer, sells to Mr. C, a VAT taxpayer   Php 44, 000Mr. C, a VAT taxpayer, sells to Mr. D, a VAT taxpayer and an exporter   Php 77, 000Mr. D, a VAT taxpayer, exports   Php 137, 500Compute for the value added tax of Mr. B.Select one:a.Php 1, 650 b.Php 1, 500 c.Php 5, 280d.Php 3, 000 Clear my choiceQuestion 35Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 95,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 37,000.00a.Php 6,216.28b.Php 6,214.38c.Php 6, 214.28d.Php 6,215.28Clear my choiceQuestion 36Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much is the inspection fee for cigarettes?Select one:a.Php 0.10 per thousand sticks or fraction thereofb.Php 0.03 per kilogram or fraction thereofc.Php 0.50 per thousand pieces or fraction thereofd.Php 0.02 per kilogram or fraction thereofClear my choiceQuestion 37Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich refers to the tax on the right of the deceased individual to transmit his estate to his lawful heirs and beneficiaries?Select one:a.Income taxb.Property taxc.Donor's taxd.Estate taxClear my choiceQuestion 38Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means taking all units as a whole.a.Uncombinedb.Particularc.Individuald.AggregateClear my choiceQuestion 39Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto, by any person regardless of whether or not the person engaged therein is a nonstock, nonprofit private organization (irrespective of the disposition of its net income and whether or not it sells exclusively to members or their guests), or government entity.a.in the course of compensation and benefitsb.in the course of trade and businessc.in the course of agricultured.in the course of real estateClear my choiceQuestion 40Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT exempted from the excise tax?Select one:a.Petroleum products from exempt entities or agencies covered by tax treaties, conventions and other international agreements for their use or consumptionb.None of the abovec.Petroleum products sold to international carriers of Philippine or foreign registry on their use or consumption outside the Philippinesd.Petroleum products from entities which are by law exempt from direct and indirect taxes

Which deductions from the gross estate is deductible without amount limitations?Select one:a.Medical expensesb.Family home allowancec.Funeral expensesd.Judicial expenses