Reviewer Tax

In: Business and Management

Submitted By epsylon
Words 4504
Pages 19


-refers to the burden imposed upon the right to gratuitously transfer or transmit property, tangible or intangible from one person to another. Filing: within 6 months from the date of death

Filing: within 30 days from the date of donation -are taxes imposed upon the gratuitous disposition of private property. ESTATE TAX


Donation mortis causa
Tax levied on the transmission of properties from decedent to his heirs
Tax on the privilege to transmit property at death Excise tax or privilege tax Effective upon death
Tax base is the net estate Net estate amounting to P200,000 is exempted 20% highest rate


Donation inter vivos
Tax levied on the transmission of properties from a living person to another living person.

Gross Estate (Sec. 85)



Ordinary Deductions (Sec. 86)_____________

Equals: Net Estate before share of surviving spouse

Share of surviving spouse________________

Equals: Net estate before special deductions

Special deductions______________________

Equals: Net taxable estate
Multiply:Tax Rate (Sec 84)______________________
Equals: Estate Tax Payable
If there’s tax credit available:

Excise tax or privilege tax
Effective during the life time of the donor
Tax base is the net gift within the calendar year
Net gift amounting to
P100,000 is exempted highest rates:

Estate tax payable
Less: Tax credit____________
Equals: Final estate tax payable
-statute in force at the time of death of the decedent governs.






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