SIR K MNEMONICS

INCLUSION IN GROSS ESTATE Lack of Acceptance

RIP C CaRe GiVeR Spouses (xpn: moderate gifts/complete separation)
Retirement benefits from employer
Insufficient consideration ORDINARY ASSETS
Proceeds of Life Ins. SIT n d RUB
Contemp. Of death Stock in trade
Cont’l transfer Inventoriable
Revoc. Transfer Depreciable
GPA RP used in bus.
Void transfer
Reserv./Retention of Rights INCLUSIONS (GROSS GIFTS)
SHARED CORE
Exclusions Spouses renounce share in common prop.
FUSS WUSS Heir renounce share in inheritance
Fiduciary heir-fideicommisary Adequate consideration (less than)
Usufruct-owner of naked title Retention/Reservation of right
SPA Reserved-ET
Social welfae, charit/cultural Xpn: Waived during lifetime – DT
War damge Unreserved (DT)
US Veterans Donations (valid/erfect/absolute)
SSS/GSIS Conditional
Revocable
CPG (EXCLUSIVE)
SO GREEM TRANSACTIONS DEEMED SALES
Spouses own SCoReCrO
Grautious title Shareholders-distrib of profits (property divs.)
Right of Redemption/Exchange Consigment
Exclusive Money Retirement/cessation from bus./VAT status
Creditor-payment (dacion en pago)
ACP (EXCLUSIVE) Originally intended for sale
GRABE U
Grat. Title
Before marriage
Exclusive/personal use

VOID DONATIONS
OFFICIALS
Public Official
Future property/inherit
Failure to comply with reqs
Incapacitated persons w/o legal reps
Criminal offense
Inexistent object
Adultery/concubinage
SIR K MNEMONICS
VAT EXEMPT TRANSACTIONS 5. PROPER RES
1. AFFECTED SA BONE Prof tools/implements
2. FEVER Personal/household effects
3. GOD COMES Requisites: Sealed in PH
4. PASS DAMI BEER Not in commercial qty
5. PROPER RES Reasonable time, tools will follow
Residential props (Lease)
1. AFFECTED SA BONE
Agri/marine food prods.
ZERO RATED SALE OF GOODS/PROPS
Fertilizers/seeds
InFoRM SA NEXT COmInG
Feeds-livestock, poultry, fish xpn: specialty feeds
Intl air/ship ops
Coops-agri/credit
Foreign county bound
Threshold-below 3M
Raw Mats
Drugs and meds (diabetes, hypertension, cholesterol)
Special aws
Special Laws
Intl Agreements
International Agree
TIEZA
Books
Customs territory
Newspaper
Omnibus
Gold to BSP (TRAIN:Exempt)
2. FEVER
Fuel-import of fuel for int’l ops
OMNI CODE
Export sales by nonvat
BODIES
Vessels/vehicles-domestic transport/intl ops
Bonded trading/mnfg warehouse
Real Properties
Diplomatic missions
Export process zones
3. GOD COMES
SBMA
Gold to BSP
Differently abled
ZERO RATE SERCIVES AND LEASE
Coops-non agri, credit, electric (members contib. Less
SA NExT Train, Bus, CaR
than 15k)
Special laws
Merger and consolidation
Intl agreements
Senior Citizens
Non-resident outside PH not engaged in trade/bus
Export-oriented enterprise
4. PASS DAMI BEER
TIEZA
Percentage tax
Transport by domestic air/sea carrier (foreign bound)
Assoc dues
Intl air/ship ops
Senior citizens
Business outside
Differently abled
Customs territory
Agri conract growers
Renewable source of energy
Medical,dental, hosps. Vets institute. (xpn:prof fee)
Int’l transport ops of passengers/cargo
Banks an non-banks performing quasi banking
Educ insti.
Employer-employee relationship
RAHQs
SIR K MNEMONICS
AMUSEMENT TAX IAET
BEx BaCa MuKa Co JR ADD: FENCE
Boxing 10 Final Taxes (Income)
Basketball games 15 Excluded in GI (income)
Cabarets 18 NOLCO deducted
Music Louge 18 CGT (income)
Karaoke/Videokes 18 Exempted (income)
Cockpits 18
Jai Alai 30 DEDUCT: REDI
Race tracks 30 Retention for reasonable needs
Dividents actually/constructively paid
INSURANCE Income tax paid
HAIR Pin (2%)
Health and accident ins. DEMINIMIS
Reissuance/Reinstatement/renewal fees CuTe SmALL CRiMe
Penalties Clothing and Uniform – 6000/yr
Investment Income Tangible: employee achievement award – 10k/yr
Shift:Night/graveyard
MaRe CO (VAT) Meal allowance
Mngt fees Anniv celeb of entity (major)
Rental fees Laundry allowance
Commisions Leaves (monetized unused)
Others (unrelated) Private: VL – 10 days
Govt – VL and SL – unlimited
INCOME TAX INCLUSIONS CBA -10k/employee
ROYAL CoBRA PEPSI DD Rice subsidy 2000/mo. Or 1 sack/mo.
Royalties Medical benefits
Compensation Employee 10k/yr
Bus/trade Dependents 350/mo.
Rentals
Annuties
Pensions
Prize/winnings
Share of partners from distib
Interest
Dividends
Gains on Dealings in props