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Part I: Transfer Taxes A. Introduction

This document provides an overview of estate taxes under Philippine law, including: 1) It defines estate tax and discusses its nature and purposes. Estate tax accrues upon a person's death and is assessed on the value of their estate. 2) It outlines what is included in the gross estate, such as real and personal property, life insurance proceeds, and property over which the decedent held a general power of appointment. It also discusses deductions allowed from the gross estate. 3) It discusses administrative requirements for estate tax, including filing a notice of death, estate tax returns, and payment of the tax within a certain period. Failure to pay the full amount due can result in penalties.

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Kyla Isidro
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38 views2 pages

Part I: Transfer Taxes A. Introduction

This document provides an overview of estate taxes under Philippine law, including: 1) It defines estate tax and discusses its nature and purposes. Estate tax accrues upon a person's death and is assessed on the value of their estate. 2) It outlines what is included in the gross estate, such as real and personal property, life insurance proceeds, and property over which the decedent held a general power of appointment. It also discusses deductions allowed from the gross estate. 3) It discusses administrative requirements for estate tax, including filing a notice of death, estate tax returns, and payment of the tax within a certain period. Failure to pay the full amount due can result in penalties.

Uploaded by

Kyla Isidro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PART I: TRANSFER TAXES g.

Amount received by heirs under RA


4917
A. INTRODUCTION h. Surviving spouse's net share in the
1. Transfer tax, defined conjugal property
2. Nature of transfer tax 13. Deductions allowed to the estate
3. Kinds of transfer taxes under the NIRC decedents non-resident aliens
4. Governing law a. Expenses, losses, indebtedness
5. Situs of transfer taxes and taxes
b. Property previously taxed
B. ESTATE TAX (Read: Revenue Regulations (Vanishing Deductions)
2-2553, and Sections 84-97 NIRC Inclusive) c. Transfers for public use
d. Surviving spouse's net share in the
1. Succession, basic concepts: Art. 774-782, conjugal property
796-803, 886-887, 915-923 and 96o-969, 14. Tax credit for estate taxes paid to a foreign
Civil Code Order of Intestate Succession country
2. Estate tax, definition 15. Exemption of certain acquisitions and
3. Nature of estate tax transmissions (Sec. 87 NIRC)
4. Purposes of imposing estate tax a. Merger of usufruct in the owner of
5. Law that governs the imposition of estate the naked title.
tax b. Transmission or delivery of the
6. When estate tax accrues inheritance or legacy by the
7. Rates
fiduciary heir or legatee to the
8. Situs of estate taxation
fideicommissary
9. Gross estate
c. Transmission from the first heir,
a. Real property
b. Personal property legatee, or done in favor of another
i. Tangible personal property beneficiary, in accordance with the
ii. Intangible personal property desire of the predecessor
10. Kinds of estates of decedents for the d. All bequests, devises, legacies or
purpose of imposing estate tax transfers to social welfare, cultural
a. Estate of decedent resident citizen, and charitable institutions
non-resident citizens and resident e. Exempt acquisitions and
aliens transmissions of intangible
b. Estates of decedent non-resident personal property under the
aliens principle of reciprocity
11. Gross estate of decedent resident citizen, 16. Common valuation rules for all gross
non-resident citizens and resident aliens estates whether of decedent Filipinos,
(within and without the PH) and non- resident or non-resident aliens
resident aliens (within the PH) a. Date of death valuation rule
a. Decedent's interest b. Rationale for date of death
b. Transfer in contemplation of death valuation rule
c. Revocable transfer 17. Administrative requirements
d. Property passing under general a. Notice of death
power of appointment i. Instances when required to
e. Proceeds of life insurance be filed
f. Prior interest ii. Who should file
g. Transfers for insufficient iii. Period for filing
consideration b. Estate tax returns
h. Capital of the surviving spouse i. Instances when required to
12. Deductions allowed to the estate of be filed
decedents resident citizen, non-resident ii. Who should file
citizen and resident alien. iii. Period for filing
a. Expenses, losses, indebtedness iv. Extension of time for filing
and tax. 18. Payment of estate tax
b. Property previously taxed a. When paid
b. Place of payment
(Vanishing Deductions)
c. Effects of payment, deficiency in
c. Transfers for public use
d. Family home payment or failure to pay the
e. Standard deduction estate tax
f. Medical expenses

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