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GROSS ESTATE
1. What Law Governs the Imposition of estate tax law? What is Escheat? (1 sentence
each)
2. What is Reciprocity clause? First: relate to instance of law, second: to intangible
property?
3. What is the effect of Reciprocity clause? Give the 5 classes of Intangible Personal
property(IPP) with a Situs in the Philippines?
4. What properties comprise the Gross Estate of the decedent?
(Answer in this manner: 1. Property Valuation)
e.g.
Real property Fair market value etc etc
5. What are properties not physically in the estate but included in the computation
of gross estate?
6. What are the different regimes that govern property relations between Husband
and Wife? (just state their names)
What is the difference between disposition by will and disposition by donation of
COMMUNITY property by either spouse?( 1 sentence)
7. What it the formula to compute the net estate of a married decedent?
8. What are Exempt Transmissions? Give 4 types of exempt transmissions?
9. Compute for the Gross Estate (in good Form):
Assume:
A. Resident Citizen
B. Non resident alien (no reciprocity)
C. Non resident alien (with reciprocity)
Nata Himik, decedent, single, left the following properties:
a. Vacation house in Switzerland
b. Land in Negros Occidental
c. House in San Fernando, Pampanga
d. Jewelries in Kyoto, Japan
e. Car in Singapore
f. Tricycle in Quezon City
1,000,000
100,000
2,500,000
135,000
800,000
200,000
120,000
200,000
70,000
12. Compute for Gross Estate of the Xavier if the marriage was governed by:
A. Absolute Community of Property
B. Conjugal Partnership of Gains
Xavier and Yula are husband and wife, respectively
Cash
250,000
Accounts Receivable
78,000
Car inherited by Xavier BEFORE marriage
350,000
Car purchased by Yula DURING marriage
600,000
Fishpond acquired by Xavier when he was single
200,000
Jewelries bought by Xavier for his wife
60,000
Residential house and lot received as a gift by Yula
from her parents. The deed provides that it shall form part
of the property of the spouses.
1,500,000
Property for exclusive use of Yula
75,000
Property for exclusive use of Xavier
120,000
Beach resort acquired by Xavier DURING marriage
420,000
Cash brought into the marriage by Yula
130,000
Bank Loan acquired by Yula DURING marriage to
finance renovation of the house
150,000
Mortgage on fishpond acquired by Xavier
to finance its operation
75,000
13. What system of property relationship governs the spouses in the absence of a
marriage settlement or if the settlement they have agreed upon is VOID?