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Interview

THREEFOLD MISSION

CASTILLO-LABATETE-TAN-ZABALA-TRABUCO
Introduction
Parish:
San Antonio De Padua Parish

Parish Priest:
Rev. Fr. Felipe Pedraja
Questions

EST 2018
What
Whatare
arethe
themissions
missionsand
andgoals
goals
of
ofthe
theParish?
Parish?
A. ELITe
1. Funeral Expense
-INCLUDES:
A. MOURNING APPAREL (ON THE OCCASION OF THE
BURIAL) OF THE SURVIVING SPOUSE AND
UNMARRIED MINOR CHILDREN OF THE DECEASED
B. EXPENSES OF THE WAKE PRECEDING THE
BURIAL
C. FEES FOR RELIGIOUS RITES AND CEREMONIES
PRIOR TO THE INTERNMENT
D. COST OF BURIAL PLOT, TOMBSTONE,
MAUSOLEUM BUT NOT THEIR UPKEEP.
A. ELITe
1. Funeral Expense

-INCLUDES:
E. PUBLICATION AND TELECOMMUNICATION
CHARGES FOR DEATH NOTICES
F. INTERNMENT AND/OR CREMATION CHARGES
G. ALL OTHER EXPENSES INCURRED FOR THE
PERFORMANCE OF THE RITES AND CEREMONIES
INCIDENT TO INTERNMENT
A. ELITe
1. Judicial Expense
REFER TO EXPENSES OF TESTAMENTARY OR
INTESTATE PROCEEDINGS FOR THE BENEFIT OF
THE ESTATE, INCURRED IN THE INVENTORY-
TAKING OF ASSETS COMPRISING THE GROSS
ESTATE, THEIR ADMINISTRATION, THE PAYMENT
OF DEBTS OF ESTATE, AS WELL THE
DISTRIBUTION OF ESTATE AMONG THE HEIRS
“DURING THE SETTLEMENT PERIOD”.
A. ELITe
1. Judicial Expense
SETTLEMENT PERIOD: NOT BEYOND 6 MONTHS FROM
DEATH OR THE EXTENSION THEREOF WHICH IS
NOT MORE THAN 30 DAYS AFTER THE LAPSE OF
SIX MONTHS
A. ELITe
1. Judicial Expense
- INCLUDES:
A. ACTUAL JUDICIAL OR COURT EXPENSES
B. ATTORNEY’S FEES
C. EXPENSES OF ADMINISTRATION SUCH AS
(NOT LIMITED TO)
• INVENTORY TAKING OF ASSETS COMPRISING
THE GROSS ESTATE
• PAYMENT OF DEBTS OF THE ESTATE
• DISTRIBUTION OF THE ESTATE AMONG THE
HEIRS
A. ELITe
1. Judicial Expense
C. EXPENSES OF ADMINISTRATION SUCH AS
(NOT LIMITED TO)
• ACCOUNTANT’S FEES
• FEES OF EXECUTOR/ ADMINISTRATOR
• APPRAISER’S FEES
• CLERK’S HIRE
• COST OF PRESERVING AND DISTRIBUTING THE
ESTATE
• COST OF STRING OR MAINTAINING THE
PROPERTY OF THE ESTATE
• BROKERAGE FEES
A. ELITe
1. Judicial Expense
NONDEDUCTIBLE JUDICIAL EXPENSES
EXPENSES NOT ESSENTIAL IN THE PROPER
SETTLEMENT OF THE ESTATE BUT INCURRED FOR THE
INDIVIDUAL BENEFIT OF THE HEIRS, LEGATEES OR
DEVISEES ARE NOT ALLOWED AS DEDUCTIONS.
• ATTORNEY'S FEES PAID BY THE HEIRS TO
THEIR RESPECTIVE LAWYERS ARISING FROM
CONFLICTING CLAIMS
• PREMIUMS PAID BY A JUDICIAL ADMINISTRATOR
ON HIS BOND
• COMPENSATION OF TRUSTEES
A. ELITe
3. Indebtedness or claims
CLAIMS ARE GENERALLY CONSTRUED TO MEAN
DEBTS OR DEMANDS OF A PECUNIARY NATURE
WHICH COULD HAVE BEEN ENFORCED AGAINST THE
DECEASED IN HIS LIFETIME AND COULD HAVE
BEEN REDUCED TO SIMPLE MONEY JUDGMENT
A. ELITe
3. Indebtedness or claims
CLAIMS MAY ARISE OUT OF THE FOLLOWING
SOURCES:
• CONTRACT
• TORT
• OPERATION OF LAW
A. ELITe
3. Indebtedness or claims
REQUISITES FOR DEDUCTIBILITY
a. VALID AND ENFORCEABLE IN COURT (ALIVE)
b. MUST NOT HAVE BEEN CONDONED BY THE
CREDITOR
c. IF INDEBTEDNESS ARISES FROM A DEBT
INSTRUMENT = NOTARIZED

EXCEPTION: LOANS GRANTED BY FINANCIAL


INSTITUTIONS WHERE NOTARIZATION IS NOT
PART OF THE BUSINESS PRACTICE/POLICY OF
THE FINANCIAL INSTITUTION/LENDER.
A. ELITe
3. Indebtedness or claims
REQUISITES FOR DEDUCTIBILITY
d. IF CONTRACTED WITHIN 3 YEARS BEFORE THE
DEATH OF THE DECEDENT = STATEMENT UNDER
OATH (BY THE EXECUTOR/ADMINISTRATOR)
MUST BE EXECUTED AND MUST BE ATTACHED
THEREWITH A STATEMENT SHOWING THE
DISPOSITION OF THE PROCEEDS OF THE LOAN.
A. ELITe
3. Indebtedness or claims
SUBSTANTIATION REQUIREMENTS:
IN CASE OF SIMPLE LOAN (INCLUDING ADVANCES):

1. DEBT INSTRUMENT MUST BE DULY NOTARIZED AT


THE TIME THE INDEBTEDNESS WAS INCURRED
EXCEPT FOR LOANS GRANTED BY FINANCIAL
INSTITUTIONS WHERE NOTARIZATION IS NOT
PART OF THE BUSINESS PRACTICE/POLICY OF
THE FINANCIAL INSTITUTION/LENDER.
A. ELITe
3. Indebtedness or claims
SUBSTANTIATION REQUIREMENTS:
IN CASE OF SIMPLE LOAN (INCLUDING ADVANCES):

2. DULY NOTARIZED CERTIFICATION FROM THE


CREDITOR AS TO THE UNPAID BALANCE OF THE
DEBT, INCLUDING INTEREST AS OF THE TIME
OF DEATH.
A. ELITe
3. Indebtedness or claims
SUBSTANTIATION REQUIREMENTS:
IN CASE OF SIMPLE LOAN (INCLUDING ADVANCES):

3. PROOF OF FINANCIAL CAPACITY OF THE


CREDITOR TO LEND THE AMOUNT AT THE TIME
THE LOAN WAS GRANTED, AS WELL AS ITS
LATEST AUDITED BALANCE SHEET WITH A
DETAILED SCHEDULE OF ITS RECEIVABLE
SHOWING THE UNPAID BALANCE OF THE
DECEDENT-DEBTOR.
A. ELITe
3. Indebtedness or claims
SUBSTANTIATION REQUIREMENTS:
IN CASE OF SIMPLE LOAN (INCLUDING ADVANCES):

4. A STATEMENT UNDER OATH EXECUTED BY THE


ADMINISTRATOR OR EXECUTOR OF THE ESTATE
REFLECTING THE DISPOSITION OF THE
PROCEEDS OF THE LOAN IF SAID LOAN WAS
CONTRACTED WITHIN 3 YEARS PRIOR TO THE
DEATH OF THE DECEDENT.
A. ELITe
3. Indebtedness or claims
IF THE UNPAID OBLIGATION AROSE FROM PURCHASE
OF GOODS OR SERVICES:

1. PERTINENT DOCUMENTS EVIDENCING THE


PURCHASE OF GOODS OR SERVICE AS DULY
ACKNOWLEDGED, EXECUTED AND SIGNED BY THE
DECEDENT-DEBTOR AND CREDITOR, AND
STATEMENT OF ACCOUNT GIVEN BY THE
CREDITOR AS DULY RECEIVED BY THE
DECEDENT-DEBTOR.
A. ELITe
3. Indebtedness or claims
IF THE UNPAID OBLIGATION AROSE FROM PURCHASE
OF GOODS OR SERVICES:

2. DULY NOTARIZED CERTIFICATION FROM THE


CREDITOR AS TO THE UNNPAID BALANCE OF THE
DEBT, INCLUDING INTEREST AS OF THE TIME
OF DEATH.
A. ELITe
3. Indebtedness or claims
IF THE UNPAID OBLIGATION AROSE FROM PURCHASE
OF GOODS OR SERVICES:

3. CERTIFIED TRUE COPY OF THE LATEST AUDITED


BALANCE SHEET OF THE CREDITOR WITH A
DETAILED SCHEDULE OF ITS RECEIVABLE
SHOWING THE UNPAID BALANCE OF THE
DECEDENT-DEBTOR.
A. ELITe
3. Indebtedness or claims
IF THE UNPAID OBLIGATION AROSE FROM PURCHASE
OF GOODS OR SERVICES:

4. WHERE THE SETTLEMENT IS MADE THROUGH THE


COURT IN A TESTATE OR INTESTATE
PROCEEDING, PERTINENT DOCUMENTS FILED
WITH THE COURT EVIDENCING THE CLAIMS
AGAINST THE ESTATE, AND TH COURT ORDER
APPROVING THE SAID CLAIMS, IF ALREADY
ISSUED.
A. ELITe
4. Claims against the insolvent person
REQUISITES FOR DEDUCTIBILITY
FOR PURPOSES OF ESTATE TAXATION, A JUDICIAL
DECLARATION OF INSOLVENCY IS NOT REQUIRED

1. INCAPACITY OF THE DEBTOR TO PAY HIS


OBLIGATION SHOULD BE PROVEN.
2. FULL AMOUNT OWED BY THE INSOLVENT MUST
FIRST BE INCLUDED IN THE DECEDENT'S GROSS
ESTATE AND THE AMOUNT UNCOLLECTIBLE SHALL
BE ALLOWED AS DEDUCTION.
A. ELITe
5. Unpaid Mortgage
• PROPERTY ENCUMBERED BY MORTGAGE OR
INDEBTEDNESS CONTRACTED IN GOOD FAITH AND
FOR ADEQUATE AND FULL CONSIDERATION
• FMV OF THE PROPERTY MUST FIRST BE INCLUDED
IN GROSS ESTATE
• AMOUNT ALLOWED AS DEDUCTION WOULD BE THE
OUTSTANDING DEBT OR MORTGAGE.
• VERIFICATION MUST BE MADE AS TO WHO WAS
THE BENEFICIARY OF THE LOAN PROCEEDS
A. ELITe
5. Unpaid Mortgage
ACCOMMODATION OF THE LOAN (PROCEEDS WENT TO
ANOTHER PERSON)

• UNPAID LOAN MUST BE INCLUDED AS


RECEIVABLE OF THE ESTATE
• NOT ALLOWED AS DEDUCTION FROM GROSS
ESTATE
A. ELITe
5. Unpaid Mortgage
MORTGAGE PROPERTY

• TO THE EXTENT OF THE DECEDENT'S INTEREST


THEREIN SHOULD ALWAYS FORM PART OF THE
GROSS ESTATE
• CLAIMS ARISING AFTER DEATH ARE NOT
ALLOWED AS DEDUCTION
• DEBTS FROM WAGERING AND GAMBLING LOSSES
ARE NOT ALLOWED AS DEDUCTION FROM GROSS
ESTATE
A. ELITe
6. Taxes
-UNPAID TAXES THAT ACCRUED PRIOR TO THE
DEATH OF THE DECENDENT.

NOT ALLOWED AS DEDUCTION:


• INCOME TAX ON INCOME RECEIVED AFTER
DEATH
• PROPERTY TAXES ACCRUED AFTER DEATH
• ESTATE TAX
A. ELITe
6. Taxes
EXAMPLE: ALLOWED AS DEDUCTION

• UNPAID DONOR’S TAX ON DONATIONS MADE-PREVIOUS YEAR


• UNPAID DONOR’S TAX ON DONATIONS MADE-CURRENT YEAR
• UNPAID INCOME TAX ON DECEDENT'S INCOME BEFORE DEATH
• UNPAID BUSINESS TAXES BEFORE DEATH
• UNPAID MUNICIPAL TAXES
• UNPAID IMPORT DUTIES
• TAX ASSESSMENT/DEFICIENCIES PRIOR TO DEATH
A. ELITe
7. Losses
• STORM
• SHIPWRECK
• ROBBERY
• THEFT
• EMBEZZLEMENT
• AMOUNT OF DEDUCTIBLE IS THE AMOUNT OF
PROPERTY LOST
A. ELITe
7. Losses
REQUISITES FOR DEDUCTIBILITY

Arising exclusively from:


 Acts of God such as fire storm,
storm, shipwreck and other similar
casualty
 Acts of man such as robbery, theft,
embezzlement
A. ELITe
7. Losses
REQUISITES FOR DEDUCTIBILITY

 NOT COMPENSATED BY INSURANCE OR OTHERWISE


 NOT CLAIMED AS DEDUCTION IN AN INCOME TAX
RETURN OF THE ESTATE SUBJECT TO INCOME TAX
 OCCURRED DURING THE SETTLEMET OF THE
ESTATE (NOT BEYOND THE LAST DAY TO FILE
AND PAY THE ESTATE TAX: 6 MONTHS FROM
DEATH, 30 DAYS AFTER LAPSE)
A. ELITe
7. Losses
 FMV OF PROPERTY MUST BE INCLUDED IN GROSS
ESTATE AT THE TIME OF DEATH
 ALLOWABLE DEDUCTION IS THE DIFFERENCE ON
THE FMV BEFORE AND AFTER INCURRING THE
LOSS
 NO DEDUCTION IF LOSS IS FULLY COMPENSATED
BY INSURANCE
B. TRANSFER FOR PUBLIC USE

IN FAVOR OF THE GOVERNMENT OF THE


PHILIPPINES OR ANY POLITICAL SUBDIVISION
THEREOF FOR PUBLIC PURPOSE

IT MUST EB INCLUDED FIRST IN THE GROSS


ESTATE BEFORE ALLOWING IT AS A DEDUCTION.
C. VANISHING DEDUCTIONS

DEDUCTION FOR “PROPERTY PREVIOUSLY TAXED”

RECEIVED FROM PRIOR DECEDENT BY:


A. GIFT
B. BEQUEST, DEVICE OR INHERITANCE

REMEDY AGAINST DOUBLE TAXATION


B. TRANSFER FOR PUBLIC USE
REQUISITES FOR DEDUCTIBILITY

1. DEATH
2. IDENTITY OF PROPERTY
3. LOCATION
4. INCLUSION OF THE PROPERTY
5. PREVIOUS TAXATION OF THE PROPERTY
6. NO PREVIOUS DEDUCTION ON THE PROPERTY

RATES:
PERIOD FROM RECEIPT OF DECEDENT’S RATE
DEATH
Within 1 year 100%
Beyond 1 year; within 2 years 80%
Beyond 2 year; within 3 years 60%
Beyond 3 year; within 4 years 40%
Beyond 4 year; within 5 years 20%
B. TRANSFER FOR PUBLIC USE
PRO-FORMA COMPUTATION OF VANISHIN DEDUCTIONS

VALUE TO TAKE
(LOWER AMOUNT OF THE PROPERTY)
LESS: MORTGAGE PAID
-----------------------------------
INITIAL BASIS
LESS: **PROPORTIONATE DEDUCTION
-----------------------------------
FINAL BASIS
X VANISHING DEUCTION %
-----------------------------------
VANISHING DEDUCTION

**PROPORTIONATE DEDUCTION
=(INITIAL BASIS/ GROSS ESTATE) X ELITe
Special
DEDUCTIONS

EST 2017
A. STANDARD DEDUCTIONS

1,000,000
DEDUCTION FOR THE BENEFIT OF THE DECEDENT
B. FAMILY HOME

THE DWELLING HOUSE, INCLUDING THE LAND ON


WHICH IT IS SITUATED, CHARACTERIZED BY
PERMANENCY WHERE THE HUSBAND AND WIFE, OR A
HEAD OF THE FAMILY, AND MEMBERS OF THEIR
FAMILY RESIDE, AS CERTIFIED TO BY THE
BARANGAY CAPTAIN OF THE LOCALITY. (ARTS. 152
& 153, FAMILY CODE)
B. FAMILY HOME

THE ALLOWABLE DEDUCTION THAT WOULD BE THE


FMV OR 1,000,000 WHICHEVER IS LOWER AT THE
TIME OF THE DECEDENT'S DEATH, OF THE FAMILY
HOME AND THE LAND ON WHICH IT STANDS.

LIMITATION:
-A PERSON MAY CONSTITUTE ONLY ONE (1) FAMILY
HOME FOR PURPOSES OF AVAILING A FAMILY HOME
DEDUCTION TO THE EXTENT ALLOWABLE.
B. FAMILY HOME
REQUISITES FOR DEDUCTION:

1.THE DECEDENT WAS MARRIED OR IF SINGLE, WAS


A HEAD OF THE FAMILY
2.ALONG WITH THE DECEDENT, EITHER OF THE
FOLLOWING PERSONS MUST BE DWELLING IN THE
FAMILY HOME:

A.SPOUSE
B.PARENTS OR ASCENDANTS
C.CHILDREN OR DESCENDANTS
D.BROTHERS AND SISTERS
B. FAMILY HOME
REQUISITES FOR DEDUCTION:

3.THE FAMILY HOME AS WELL AS THE LAND ON


WHICH IT STANDS MUST BE OWNED BY THE
DECEDENT. THEREFORE, THE FMV OF THE FAMILY
HOME SHOULD HAVE BEEN INCLUDED IN THE
COMPUTATION OF THE DECEDENT’S GE.

4.THE BARANGAY CAPTAIN OF THE LOCALITY WHERE


IT IS LOCATED MUST CERTIFY IT AS A FAMILY
HOME.
B. FAMILY HOME
REQUISITES FOR DEDUCTION:

5.THE TOTAL VALUE OF THE FAMILY HOME MUST BE


INCLUDED AS PART OF THE GROSS ESTATE OF THE
DECEDENT

6.ALLOWABLE DEDUCTION IS EITHER EQUIVALENT


TO THE CURRENT FMV OF THE FAMILY HOME OR
THE EXTENT OF THE DECEDENT'S INTEREST
(WHETHER CONJUGAL/COMMUNITY/ OR EXCLUSIVE
PROPERTY) WHICHEVER IS LOWER BUT NOT
EXCEEDING 1,000,000.
B. FAMILY HOME
THE AMOUNT OF FAMILY HOME ALLOWABLE AS A
DEDUCTION WOULD BE WHICHEVER IS LOWER OF:

1.P 1,000,000 OR

2.FMV, AT THE TIME OF THE DECEDENT’S DEATH,


OF THE FAMILY HOME AND THE LAND ON WHICH
IT STANDS
C. MEDICAL EXPENSE
ALL MEDICAL EXPENSES (PAID OR UNPAID)
INCURRED WITHIN ONEYEAR BEFORE THE DEATH OF
THE DECEDENT SHALL BE ALLOWED AS A DEDUCTION

PROVIDED:
-DULY SUBSTANSTIATED BY RECEIPTS
-DOES NOT EXCEED 500,000
D. AMOUNTS RECEIVED BY HEIRS UNDER RA 4917

ANY AMOUNT RECEIVED BY THE HEIR(S) FROM THE


DECEDENT'S EMPLOYER AS A CONSEQUENCE OF THE
DEATH OF THE DECEDENT-EMPLOYEE IN ACCORDANCE
WITH RA 4917, PROVIDED THAT THE AMOUNT OF
SEPARATION BENEFIT IS INCLUDED AS PART OF THE
GROSS ESTATE OF THE DECEDENT.